Enterprising Investor

Enterprising Investor is the flagship podcast of CFA Institute and an extension of the Enterprising Investor blog. The show features thoughtful conversations with leading voices across finance, exploring the ideas, challenges, and trends shaping the investment profession. Each episode offers practical insights and real-world perspectives to help investment professionals make informed, ethical decisions and support CFA Institute’s mission to build a better world for investors. Each episode of Enterprising Investor is also eligible for Continuing Education (CE) credit for CFA Institute members. [Note: Enterprising Investor was formerly named Take 15 and Guiding Assets before being rebranded Enterprising Investor.]

Roger Urwin: What a Total Portfolio Approach Looks Like in Practice 02/15/2026

Roger Urwin: From Strategic Asset Allocation to a Total Portfolio Mindset Description 02/01/2026

Roger Urwin: From Strategic Asset Allocation to a Total Portfolio Mindset Description 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 /episode/index/show/take15audio/id/39926565