This Week’s Blog Is Written By Matt Totsky, CFA®, IAG Wealth Platform Manager
March 18, 2026

Selection Committee

This past Sunday, twelve athletic directors and commissioners from various Division I conferences gathered to select the 68 teams that would compete in the men’s NCAA tournament which kicked off yesterday.

31 schools received automatic bids for winning their conference tournaments, while the other 37 slots were available to schools “on the bubble” who waited to have their fates decided by these men and women.

They evaluated each team’s merits based on records, strength of schedules, and several computer models to determine who would have the right to make it to “The Big Dance.”

The committee also assigned seeds (1-16 within four separate regions) and an overall rank (which they began in 2004) from 1 to 68 for each team that makes the tournament. In those 21 tournaments, the #1 overall ranked team has only cut down the nets four times (a less than 20% hit rate). Perhaps consider that fact when contemplating picking top-ranked Duke to prevail in your friendly office pool this year…

When making the at-large selections and setting up all the initial matchups based on seeding and rankings, the committee members are not infallible. Despite their depth of knowledge of the teams, complex models to aid in their decisions, and a desire to make the “correct” picks, chaos can quickly ensue when the games are played. No one anticipates that a 15-seed will take down a 2-seed in the first round, but that’s happened 11 times since 1985.

Similarly, next week, our investment team will conduct its regular review of the managers on our platform. We evaluate each strategy using a consistent set of criteria (e.g., mandate fit, risk characteristics, fees, and adherence to stated process) and consider whether current allocations continue to align with client objectives and risk tolerance. Allocation changes, when appropriate, follow our established oversight and governance process

This will begin our updated selection process. We review factors such as historical data, performance trends, portfolio characteristics, and risk metrics, along with analytical tools to evaluate which managers may be included in your portfolio and which may be adjusted or removed over time.

Unlike a short-term competition our approach focuses on selecting investments that are intended to complement one another within a diversified portfolio. The goal is to align your portfolio with your long term financial objectives while managing risk across changing market conditions.

With the “field” set, certain managers will have their “One Shining Moment” and be standouts. Others may continue to play their intended role within the portfolio over time. And still others will not execute as anticipated and somewhere down the line we’ll be upset. But that simply gives us another opportunity to evaluate new potential managers and tweak the participants within your portfolio as part of an ongoing review process.

We know that we’ll never have a 100% success rate with our picks, but your investment selection committee is always looking for the next Cinderella to step in for an ugly stepsister to dance. And we’ll be prepared to keep our heads and try to make the best decisions for you when the madness inevitable hits the markets again – in March or any other time of year.

Quote of the week: Morgan Housel: “A plan is only useful if it can survive reality. And a future filled with unknowns is everyone’s reality.”

Securities offered through LPL Financial. Member FINRA/SIPC. Investment advice offered through IAG Wealth Partners, LLC, (IAG) a registered investment advisor and separate entity from LPL Financial.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All performance referenced is historical and is no guarantee of future results.

Any opinions are those of IAG and not necessarily those of LPL Financial. Expressions of opinion are as of this date and are subject to change without notice. This information is not intended as a solicitation or an offer to buy or sell any security referred to herein. No strategy assures success or protects against loss. Investing involves risk including loss of principle.

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Photo Credit: iStock 1307406709