Problem: Ricardo is a financial planner who always begins the investment plan by formulating an appropriate asset allocation for each client based on their risk tolerance questionnaire. His clients often have several sources of retirement income, including defined benefit pensions. In what way might DBPs affect the asset allocation? DBPs should be considered equivalent to fixed income in the asset allocation. DBPs should only be included in the asset allocation if the client chooses the commuted value and the proceeds are managed by Ricardo. DBPs should be considered equivalent to equities in the asset allocation. DBP should not be considered as part of an asset allocation.