Still, that’s by no means a massive shift. And a spot check of financial planners and wealth management advisors in Southern California showed all were keeping roughly the same amount of cash as a percentage of their clients’ portfolios, a percentage that’s typically in the single digits because most of the money is invested in stocks and bonds.

The rise in rates is “just not enough to change the equation at this point,” said Stuart Blair, director of research at Canterbury Consulting, a Newport Beach firm that manages $18.5 billion of assets.