Enterprising Investor

Market volatility and relentless news cycles can cause even confident investors to second-guess their risk tolerance. Raluca Filip, CFA, joins guest host Cathy Scott to explore why clients hesitate, reverse decisions, or suddenly reassess their appetite for risk — and how advisors can respond in those pivotal moments. Drawing on her work with financial professionals, Filip explains the psychology behind shifting risk perceptions, particularly among investors shaped by prolonged bull markets. She highlights the gap between imagining a downturn and actually living through one, and why traditional risk questionnaires often fall short when emotions take hold. The conversation offers practical strategies to help advisors guide clients through hesitation and emotional reversals, support better decision-making under pressure, and strengthen long-term trust in the advisory relationship.

Stefan Sharkansky, principal of Useful Work and author of a Financial Analysts Journal article, is a retirement planning researcher and tool creator. He presents a flexible two-asset spending framework using TIPS for secure base income and stocks for variable bonus payouts. He discusses matching spending shapes, TIPS ladder trade-offs, implementation tips and his Best Third tool for practical decumulation design.

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, a strategy and transactions manager at EY Parthenon, dives into the ethical foundations of AI in finance. She discusses the balance between creative AI applications and necessary governance, emphasizing fairness and transparency. Anna also addresses the evolving global regulation landscape, sharing insights on how firms can navigate compliance challenges. Her practical tips on using AI responsibly cover areas such as credit scoring and fraud detection, while advocating for inclusive practices that foster trust in technology.

In this extended deep dive, guest host Raymond Pang, Senior Researcher at CFA Institute, speaks with Greg Fisher, CFA, about how complexity science can offer a richer lens for understanding uncertainty, market behavior, and the limitations of traditional financial models. Building on themes explored in our recent episode with Richard Bookstaber and Genevieve Hayman — including feedback loops, emergent dynamics, and the need for more adaptive approaches to risk — Fisher expands the discussion to the historical roots of the mechanistic mindset and why a systems-based perspective may benefit investment practitioners. The conversation explores how narratives, structural change, and evolving patterns shape asset prices, and how asset managers can incorporate complexity-informed insights into their research and decision-making. Listen and follow the podcast, and explore our report Reframing Financial Markets as Complex Systems for additional insights: https://rpc.cfainstitute.org/research/reports/2025/reframing-financial-markets-as-complex-systems.

Victor Haghani — co-founder of Long-Term Capital Management and founder of Elm Wealth — joins host Mike Wallberg, CFA, to discuss the ideas behind his book The Missing Billionaires: A Guide to Better Financial Decisions. Using the "missing billionaires" puzzle as a starting point, Haghani explores why so many investors struggle with risk sizing, how our instincts often sabotage long-term results, and why dynamic asset allocation makes more sense than sticking to static rules. Listen now to learn how understanding "how much" to invest can be the key to lasting financial success.

Richard Bookstaber, a seasoned risk expert and former regulator, joins Genevieve Hayman to discuss the failures of traditional financial models. He highlights how human behavior and complex interactions drive market crises, using the nightclub analogy for emergence. Bookstaber critiques equilibrium models and explains the importance of incorporating networks and contagion into risk management. The conversation touches on the revolutionary role of AI in creating realistic market simulations through agent-based modeling, emphasizing the need for new financial education that addresses complexity.

Christine Mahoney, a Senior Partner at Mercer with over 30 years in pension consulting, delves into the Mercer CFA Institute Global Pension Index 2025. She highlights how 52 retirement systems are evaluated on adequacy, sustainability, and integrity. The conversation covers the impact of government on pension investments, innovative policy reforms, and the necessity of balancing fiduciary duties with national economic goals. Additionally, Christine advocates for democratizing private asset access in defined contribution plans, emphasizing flexible guidance over mandates.