Sooner or later, except for a Japanese-style deflation, interest rates will rise from their current historic low levels. That will cause bond prices to fall. Even if bonds are held to maturity, interest would be below market. Rising interest rates, moderate inflation and a growing economy are bad for bonds and good for stocks. As stock earnings rise, so do dividends.
Given the increased uncertainty about markets in recent years, given that most of our clients have completed the accumulation stage of their financial lives, and given the great run we have had with bonds, we think a tilt toward cash income from stocks with somewhat less reliance on bonds and capital gains is the prudent thing to do. A bird in the hand may be worth two in the bush, if the things fall apart again.