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¿Cómo obtengo una fecha promedio ponderada adecuada en SQL?

Lo más probable es que algunos de sus ChargeOffDate son NULL , pero sus FaceValues no lo son.

Estos registros no contribuyen a la primera suma pero contribuyen a la segunda.

WITH    q (ChargeOffDate, FaceValue) AS
        (
        SELECT  CAST('20030101' AS DATETIME), 1.0
        UNION ALL
        SELECT  CAST('20030201' AS DATETIME), 2.0
        UNION ALL
        SELECT  CAST('20030301' AS DATETIME), 3.0
        UNION ALL
        SELECT  NULL, 4.0
        )
SELECT  CONVERT(DATETIME, SUM(CONVERT(FLOAT, ChargeOffDate) * FaceValue) / SUM(FaceValue))
FROM    q

----
1961-11-12 21:36:00.000

Usa esto:

WITH    q (ChargeOffDate, FaceValue) AS
        (
        SELECT  CAST('20030101' AS DATETIME), 1.0
        UNION ALL
        SELECT  CAST('20030201' AS DATETIME), 2.0
        UNION ALL
        SELECT  CAST('20030301' AS DATETIME), 3.0
        UNION ALL
        SELECT  NULL, 4.0
        )
SELECT  CONVERT(DATETIME, SUM(CONVERT(FLOAT, ChargeOffDate) * FaceValue) / SUM(FaceValue))
FROM    q
WHERE   ChargeOffDate IS NOT NULL

----
2003-02-09 20:00:00.000