How practical (and how widespread) is the use of an after-tax risk measure?

As given in the Asset Allocation with Real World Constraints chapter, investors are advised to use the after-tax standard deviation to analyse the risk of an asset in order to determine the optimal asset allocation.

How practical is this? And for those of you who work in asset management / portfolio management, is this really done?

I’m sure that it’s quite practical.

I have no idea how widespread it is.