A guard is functional, keeps your hand from slipping onto the blade. A bolster, which may include a guard, is largely ornamental on a fixed blade, IMHO. I see little functional point to them other than to bring weight/balance back towards the handle end. Similarly, I think rear bolsters are mostly there for asthetic balance. Folders such as the classic Buck 110 have both bolsters, because the design almost demands them for strength. They add a lot of weight, and frankly I've handled some very finely-made knives that balanced about like a handful of brick due to the big chunks of NS or brass in the handle. A matter of preference, I suppose. I like to feel where the blade is, rather than have all the weight in my palm.
I have a sneaky suspicion that bolsters as we think of them today, are in large part due to the evolution of full-tang knives, where they are the simplest way to add a guard (pretty difficult to slide a "standard" slotted guard on most full-tang knives, where the butt is wider than the hilt). They also call to mind classics like the 110 and others. Of course, a lot of knives where made with both bolsters before the 110 was ever dreamed up.