Do structured products fit within an adviser's portfolio construction mandate?

There are essentially four main asset types; cash/ cash plus assets, equity assets, real assets, and alternative assets; all carrying different risk premia together with a variety of different return profiles. Note that I haven't included structured products within this list. They are not a separate asset class but simply a means of accessing asset class returns in a different, sometimes more efficient way. The adviser's job, often with the help of a computerised modelling tool, is to balance the asset weighted portfolio against the clients assessed risk profile. Admittedly, this does sound...