Warm broth in a pot over medium heat. Keep warm until ready to use.
In a large, heavy skillet or saucepan heat 2 tablespoons of butter over medium heat. Add shallots and rice and lightly saute to toast the rice. Cook until rice becomes translucent and shallots soften, stirring continuously.
Add wine and deglaze the pan. Allow to cook until mostly absorbed.
Add stock, 1 ladle-full at a time, stirring constantly. As broth absorbs, add the next ladle-full and repeat until all broth is absorbed, simmering until rice is soft and creamy.
Meanwhile, add 2 tablespoons of butter to a separate skillet over medium heat. Add sage and stir until crisp, about 10 minutes. Add diced pears and warm about 5 minutes.
Stir butternut squash puree and Parmesan into risotto and simmer until cheese is melted and puree is absorbed. Gently stir in sage and pears.
Serve immediately, warm!