Well like a lot of these questions, the best answer is to do both. It's good to have the mortgage paid down, and also good to save the money. There are advantages and drawbacks to each. If you need money after you put it against the mortgage it can be really difficult to get at it; you can't pull down your eavestrough to pay for an unexpected expense. However adding more to the mortgage payment means that through time your monthly cash flows are better because that expense is eventually gone.
One of the challenges of planning in this area is discerning the goals and wishes of your clients. So while some people are both willing and able to put money in the market and wait out the potential volatility, others prefer to pay down the mortgage.
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