Roger Urwin: What a Total Portfolio Approach Looks Like in Practice

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