I must stop in more often. Good dialogue here. I wanted to make a few points to those reading the thread. While it is true that with the higher expected returns of an all small cap portfolio, to use an extreme, is superior to a more conservative portfolio, let's not forget other risks. Three jump to mind instantly.
Clients get statements every month.
Second, with the added uncertainty comes the higher probability of failing quicker. The implication, if you allow this or skip this in the advisory process, is that the all small is not much riskier. From that perspective alone that's true. However, in addition to the more distressing short term swings, it will also be true that failed trials will start to fail at younger ages with the more aggressive portfolio. So, you may end up showing similar percentages of trial succeeding but you also increase the odds that the client may run out at an earlier age.