The stock market has gone up dramatically — probably pushed, to a degree, by the unprecedented infusion of liquidity into the economy by the Fed. As the Fed reduces that support, interest rates could rise and the stock market could be vulnerable.
"It's no secret that most people think interest rates will probably go up from here," Auslander said. "But I don't think we have to worry about it for a year or longer."
Given that the Barclays Capital Aggregate Bond Index outperformed the S&P 500 in the first quarter, advisors aren't in any rush to unload their fixed-income holdings.
Read MoreAdvisors say keep bonds but stay alert
"The primary purpose of fixed income for us is risk reduction in a portfolio," Maurer said. "We stay high quality and relatively short term in most market situations."
Brown said that bond allocations are the ballast for client portfolios.
"When the stock market gets volatile, we can take money from our bond positions and put it back into lower-priced stocks," he said.
That opportunity may now be presenting itself.
—By Andrew Osterland, Special to CNBC.com