Worth noting is that 30 percent of those planners surveyed said they had no tactical weighting at this time.
"Questions about tactical asset allocation are a good way to start a fight in a room full of financial planners," Moisand said. "You won't find a lot of planners who will move large percentages of their clients' assets into one asset class or another."
Indeed, the general consensus among certified financial planners surveyed appears to be that a disciplined commitment to rebalancing their client portfolios back to target allocations is about as tactical as they want to get.
That would necessarily mean shifting funds away from hot markets such as U.S. stocks and into poorly performing sectors such as emerging markets.
(Read more: Alternatives growing on investors)
Yeske, for one, has been selling large-cap and small-cap U.S. stocks and buying global real estate, emerging-market stocks and even bonds over the last six months.
He said that many of his clients are still traumatized by the financial crisis of 2008 and want to get out of the U.S. market after the recent run-up.
"I agree, but we do it according to plan," he said. "It's all about rebalancing."
—By Andrew Osterland, Special to CNBC.com