Passive investments used actively, efficiently manages the big rocks first. Putting smaller rocks first takes up resources (more space). Putting the big rocks first, then pouring the small rocks over the big rocks to fill the spaces between the big rocks creates an efficient and solid foundation. ETF Strategists and active manager’s allocation to big rocks (i.e. stocks vs bonds, U.S. vs International, Government vs Corporate, size, style, quality, and others) will be the largest contributors to performance differences to the benchmark. Efficiency of ETF’s to deliver the big rocks Strategists and active managers want in their portfolios versus the benchmark is driving passive sales. In a way, technology is replacing people in our industry. The need to create and manage factors is now available in an ETF package. Asset Allocation track records will become more valuable as individual style boxes continue to be commoditized. Investment Consultants will be held accountable for their asset allocation advice as each style box becomes an ETF. As Morningstar’s only 5-star Global Balanced ETF Landscape Strategist (3/30/17), CKW believes asset allocation can add value overtime using just big rocks.