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.

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