I raised this issue before but didn't get much response. I would like to try again. For those professional planners out there: when you consult with your clients about an appropriate asset mix do you take the fact that they may have a pension into account? I am familiar with the concept of efficient return/risk but it seems to me that in retirement the receipt of a pension (fixed income stream) should skew the allocation of the retirement portfolio towards equities. Do any of you take this into account with your clients and if so how? Haven't seen anything relating to this in print. Always apprecite the thoughtful responses I get here. Thanks in advance.