Enterprising Investor

Is it time to move beyond the 4% rule?
Stefan Sharkansky joins host Mike Wallberg, CFA, to discuss his Financial Analysts Journal article, "The Only Other Spending Rule Article You Will Ever Need," and why retirement income planning may require a more flexible approach. Sharkansky outlines a framework that separates secure, predictable income from market-driven spending—aiming to provide both stability and upside potential throughout retirement.
He explains how his model addresses real-world retirement spending patterns, market uncertainty, and the trade-offs between safety and growth. The conversation also explores practical implementation considerations for advisors and thoughtful DIY investors looking to design more resilient decumulation strategies.
Listen to the full episode for a fresh take on retirement spending—and be sure to read Stefan Sharkansky's article in the Financial Analysts Journal to explore the research in depth.

What does a total portfolio approach look like inside an investment organization?
Roger Urwin, Global Head of Investment Content at Willis Towers Watson, describes how TPA functions in practice, from new roles like the Chief Total Portfolio Officer to the governance structures, data, and decision frameworks that shape portfolio-wide thinking. Speaking with Mona Naqvi, Managing Director of Research, Advocacy, and Standards at CFA Institute, he discusses the guardrails that support disciplined decision-making, the skills and mindsets required to operate across silos, and why resilience, foresight, and systems thinking are becoming core investment competencies. Listen to the episode to understand how asset owners are applying a total portfolio lens in real-world investment organizations.
00:00 – The Evolution of Total Portfolio Approach (TPA) in 2025
01:56 – Crossing the Chasm: TPA Moves Into Mainstream Institutional Investing
07:06 – What Is Top-Down Total Portfolio Approach (Level 3 TPA)?
10:50 – CIO vs. Chief Total Portfolio Officer: Rethinking Portfolio Leadership
19:05 – Dynamic Asset Allocation: How TPA Changes Investment Decisions
26:42 – Governance, Risk Guardrails & Real-Time Portfolio Data
34:28 – Investment Skills for TPA: Systems Thinking & Strategic Foresight
41:20 – From Asset Allocation Model to Investment Operating System

Roger Urwin, Global Head of Investment Content at Willis Towers Watson, reflects on how leading asset owners are rethinking strategic asset allocation amid faster regime change, rising systemic risk, and growing complexity. In a conversation hosted by Mona Naqvi, Managing Director of Research, Advocacy, and Standards at CFA Institute, he draws on decades of experience advising global funds to explain why a total portfolio mindset is gaining traction—and how it reframes goals, governance, and investment decision-making. The discussion explores what it means to invest through a truly holistic lens, why mindset and organizational design matter as much as models, and how the investment profession may need to evolve for a more uncertain world. Listen to the episode to hear Roger Urwin's perspective on the shift from strategic asset allocation to a total portfolio approach.
 
Chapter Markers 
00:00 Introduction and Welcome
01:12 Roger Irwin's Career and Industry Background
04:02 Why Total Portfolio Approach Matters Now
04:58 Origins of Strategic Asset Allocation (SAA)
09:32 Benchmarks, Universality, and Communication Challenges
12:01 How TPA Addresses Complexity
14:47 Accessibility vs Flexibility: SAA vs TPA
16:13 Governance Trade-offs and Organizational Design
17:53 Systems Thinking and Market Disruption
19:16 Ecosystem Thinking, Reflexivity, and Risk Models
21:21 Recalibrating Investment Frameworks
22:56 Is TPA More Resilient Than SAA?
24:27 People, Incentives, and Cultural Barriers
28:49 AI, Human Intelligence, and the Future Analyst
30:46 Human + Artificial Intelligence in Investing
34:48 Managing Systemic Risk and Long-Term Horizons
40:57 Value Creation in a World of Real-Time Information
43:55 Stewardship, System-Level Investing, and Externalities
45:00 Can SAA and TPA Coexist?
47:29 Industry Momentum and What Comes Next
49:36 Closing Thoughts and Series Preview

Great management isn't a "soft skill" — it's a measurable performance lever. Ashley Herd, founder and CEO of Manager Method and author of The Manager Method: Practical Strategies to Lead with Purpose and Confidence, joins host Mike Wallberg, CFA, to unpack why communication sits at the heart of effective leadership and how small managerial choices ripple through engagement, retention, and profitability. Drawing on her experience as a lawyer, in-house leader, and advisor who has trained more than 250,000 managers, Herd explains why promoting top performers into management roles so often backfires, how leaders can avoid micromanagement without disappearing, and why her "pause, consider, act" framework helps managers handle everything from delegation to performance conversations. The discussion also explores what investors and analysts can learn about management quality by listening closely to leadership behavior — not just the numbers — and why culture and innovation are inseparable from long-term returns.
Listen to the full episode of Enterprising Investor to hear practical insights on building better managers, stronger teams, and more resilient businesses.

Anna Martirosyan, strategy and transactions manager at EY Parthenon, speaks with guest host Lotta Moberg, CFA, about the ethical foundations of AI in finance, including fairness, transparency, model governance, and the risks that arise as firms automate more decisions. Drawing on her chapter in AI in Asset Management: Tools, Applications, and Frontiers, Anna explains how practitioners can use AI responsibly while navigating evolving global regulations.
Tune in to hear their full conversation.
Read the complete book online: https://rpc.cfainstitute.org/themes/technology/ai-in-asset-management
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