We investigate the role of financial advisors in shaping clients' asset allocation during retirement. Using data on more than 37,000 advised Canadian retirees, we document that advised retirees maintain high equity shares of 60--70 percent well into old age. This share of risky assets is roughly twice the level prescribed by common rules of thumb, target-date funds, or life-cycle models calibrated to non-advised portfolios. Conflicts of interest are unlikely to explain this risk-taking, as retired advisors hold similarly high equity shares in their own portfolios. We show that the observed portfolios are consistent with a standard life-cycle model featuring moderate risk aversion and modest financial wealth levels. Under a ``money doctor'' interpretation, advisor-induced beliefs about market returns can rationalize advisor fees of up to 140 basis points per year.