Podcast

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.

We are excited to welcome Joe Davis for this episode, currently Vanguard’s Global Chief Economist and Global Head of the Investment Strategy Group. Many of you likely know various iterations of the Vanguard story, but most of the professionals I know do not know how big a research team they have. Joe has a big influence on the company because he is also chairs the firm’s Strategic Asset Allocation Committee. Ok, that was exhausting listing all of his titles, he is a busy person. Before that, he was still busy; he earned his M.A. and Ph.D at Duke University and is a graduate of the Advanced Management Program at the Wharton School of U Penn. Joe is a frequent keynote speaker and currently serves on the editorial boards of the Journal of Portfolio Management and the Journal of Fixed Income. In this episode, we are all over the place (which is normal), ranging from Vanguard’s 50+ year history as a disruptor, to how many CFA charter holders are at Vanguard now (hint: a lot), their vast and under the radar research group, new CEO Salim Ramji, patents that Vanguard created in ETF space, the breakdown of active vs. passive funds in their lineup (which surprises many) and Joe’s new book on AI. This was a great segue into the markets, with the impact of AI, Fed independence being potentially disrupted, a new multi-polar world, expected returns, potential market scenarios, and more. Today’s hosts are Steve Curley, CFA (Co-Managing Principal, 55 North Private Wealth) & co-host Chris Cannon, CFA (CIO/Principal, FirsTrust). Please enjoy the episode. You can follow us on Twitter & LinkedIn or at investorsfirstpodcast.com

Tracie McMillion, CFA, is Head of Global Asset Allocation Strategy at Wells Fargo Investment Institute, a subsidiary of Wells Fargo & Company.  We talk with Tracie about global asset allocation and historical lessons, how portfolios are impacted by inflation, geopolitical risks and exogenous shocks, and her latest findings on women and investing.  

Tracie McMillion is focused on delivering the highest quality investment expertise and advice to help investors manage risk and succeed financially. Wells Fargo Investment Institute serves Wealth and Investment Management, a division of Wells Fargo & Company, and is comprised of Wells Fargo Private Bank and Wells Fargo Advisors businesses.

In her current role, Ms. McMillion leads a team that develops capital market assumptions and asset allocation recommendations. She also writes market commentary and analysis. She is frequently quoted in the national media, including The Wall Street Journal, Reuters, Bloomberg Television, and CNBC.

Prior to her current role, she served as an asset allocation strategist and a senior investment research analyst for Wells Fargo and predecessor firms. Earlier in her career, she managed assets for high-net-worth clients and philanthropic organizations.

Tracie earned a Bachelor of Arts in Economics and a Master of Business Administration from the College of William and Mary in Virginia. She is a CFA® charterholder and member of the CFA Society North Carolina. Ms. McMillion is located in Winston-Salem, North Carolina.

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