The strength of all associations comes from the passion and commitment of its members.

The IPA is no exception and the members of the Association have stepped up to lead efforts in the committees outlined below. Want to get involved? We would love to have you. Participation on Committees provides great networking opportunities, professional development experiences and increases your visibility in the Association. Just contact the IPA office or the Committee Chair of your choice and get involved!

SELECT A COMMITTEE TO LEARN MORE GET INVOLVED!

BDCs and Closed End Funds

BDCs and Closed End Funds

Chair: Zachary Klehr, Franklin Square Capital Partners | 215-495-1150 | zachary.klehr@franklinsquare.com


The IPA Business Development Company and Closed End Fund Committee coordinates the resources of the IPA and its members to educate members and the general investing public regarding business development companies and to advocate on their behalf through the legal and regulatory processes.

This committee is open to all IPA members who are interested in joining.

2016 Committee Initiatives:

  1. Prepare for NASAA BDC Guidelines Response
  2. Development of Performance Standards Provided by Task Force
  3. Implementation of FINRA Customer Account Statement Rule Changes

Broker Dealer Advocacy

Broker Dealer Advocacy

Chair: Randy Agnew, Cetera Financial Group | 770-778-6180 | randy.agnew@cetera.com


The primary mission of the Broker Dealer Advocacy Committee is to ensure the interests of Broker Dealers on all matters involving the Association are heard and addressed within the IPA. In addition, the Committee works with the Program Committee and Membership Committee to build programs and benefits that add value and enhance the Broker Dealer membership experience with the Association.

This committee is limited to Traditional Broker-Dealer firms only.

2016 Committee Initiatives:

  1. Continue increased participation of BDs at IPA Fall forum
  2. Increase awareness and usage of DTCC’s AIP Platform
  3. Continue development of a Direct Investments sales practice guideline publication
  4. Prepare for FINRA 15-02 BD implementation (training, etc).
  5. Sponsor Firm and Product Concentration Limits
  6. Multi-class shares development, acceptance, and implementation
  7. NASAA Guideline implementation and guidance
  8. Performance Benchmarks

Communications

Communications

Chair: Rebecca Cleary, NorthStar Asset Management Group, Inc. | 720-897-4843 | ryoung@nrfc.com


The Communications Committee serves the IPA members and the Board of Directors. It ensures that IPA communications are timely, relevant and of value to the Association body. Responsibilities include providing strategic counsel on what issues are of importance to the membership, acting as an editorial board for select publications and serving as liaison between the Membership and the Board of Trustees to ensure that open dialogue exists.

This committee is open to all IPA members who are interested in joining.

2016 Projects/Deliverables:

  1. Pro-actively position the alternative industry and reinforce positive experience for investors and advisors through performance based educational materials, articles and communications.
  2. Continue to focus on 1502 education, as well as develop educational based on T shares and 40 act funds as the industry evolves and sponsors introduce new product types.
  3. Increase social media program and enhance LinkedIn page

Compliance

Compliance

Chair: Mark Power, Carey Financial, LLC | 212-899-4433 | mpowers@wpcarey.com

Chair Elect: Lauri Friel, CNL Securities | 407-450-6217 | Lauri.Friel@cnl.com


The Compliance Committee seeks to promote awareness, understanding and impact of current regulatory matters relating to compliance through the exchange of information and resources by and through its members and other IPA Committees. In doing so, the Compliance Committee shall develop, promote and/or enhance industry best practices for compliance relating to Direct Investment Products.

This committee is open to all IPA members who are interested in joining.

2016 Committee Initiatives:

  1. BDC Marketing Guidelines. This initiative, which began in Q3 2015, will carry over into 2016. Essentially, the Committee is planning to work with other IPA constituents, principally the BDC committee, in order to develop a set of advertising guidelines for BDCs, similar to what exists for non-traded REITs thru FINRA Notice to Members 13- 18. The committee has already approached FINRA about helping to produce these guidelines and the conversation is well underway.
  2. Social Media Best Practice Guidelines. As the financial services industry moves to adopt the use of social media to communicate for business purposes, compliance professionals continue to be vexed by which rules (if any) apply to social media communications and what are the best practices for supervising a salesforce that is utilizing social media to sell product. Assuming the appetite from the IPA membership is there, the Compliance Committee is endeavoring to complete a “Best Practices Guide” for the compliant use of social media. This project first began with the creation of a social media survey distributed to IPA membership, and based on that feedback, the committee will determine how best to construct the guidelines.
  3. Participation on the IPA’s Regulatory Liaison Team. In connection with our IPA liaison, Matt Tramel, the Compliance Committee has set out to create a series of regularly scheduled meetings/discussions with our various regulators (FINRA, SEC and the states-NASAA) to facilitate conversation. The idea as it stands now is to conduct 2 in- person meetings at the IPA executive summit and the annual IPA conference. These two in-person meetings would be supplemented by 2 conference calls, which will occur during the quarters where there is no in-person meeting. The idea is that the IPA would cultivate an agenda for the meetings in advance by appealing to the various committees, and then the Chair and Chair-Elect of the participating committees would take part in the meetings and relay any issues or information back to the rest of the committee.

Due Diligence

Due Diligence

Chair: Bart Malcom, Triloma | 770-634-2243 | bmalcom@triloma.com
Chair Elect: John Kearney, SK Research, LLC | 443-917-4300 | jkearney@skre.com
Co-Chair Elect: Chari Graham, Factright, Inc. | 847-805-6234 | chari@factright.com


The Due Diligence Committee provides input and guidance to the IPA Board and membership regarding the due diligence process.

This committee is open to all IPA members who are interested in joining.

2016 Committee Initiatives

  1. Clearly define the purpose and mission of the IPA Due Diligence Committee
  2. Offer educational support for broker-dealer due diligence departments on new alternative products:
  • Credit/equity product analysis
  • Real estate product analysis
  • Private equity/hedge fund analysis
  1. Describe and inform the Sponsor community on broker-dealer due diligence practices
  2. Evaluate how/if investment research may be integrated into initial and ongoing duediligence reviews
  3. Determine “what’s next” for due diligence and define 2017 initiatives

Education

Education

Chair: Melissa Wall, CNL | 866-650-0650 | melissa.wall@cnl.com
Chair Elect: TBD


The Education Committee is to develop educational initiatives and programs that increase awareness and understanding of direct investments and their application in an investor’s portfolio. In addition, the Education Committee may explore and create programs that are eligible for professional Continuing Education Credits.

This committee is open to all IPA members who are interested in joining.

2016 Committee Initiatives:

  1. Update Course 1 & 2 – Content will have to be reformatted from Flash to HTML5 to make content more mobile and easier to edit in the future along with update.
  2. Update Guide to Direct Investments
  3. Non-REIT Real Estate – Develop individual modules and pieces around other real estate structures with the intention of aggregating content for development of an additional E-Learning course.
  4. Retirement Income Planning Utilizing Alternatives – Develop Suite (Whitepaper, Brochure, Certification Course and Online Course) #6 of 8

Energy

Energy

Chair: Jack Hollander, Atlas Energy, L.P. | 212-506-3804 | jhollander@atlasenergy.com
Co-Chair: Wally Kinsman, Kunzman & Bollinger, Inc. | 405-942-3501 | wkunzman@kunzboll.net


This committee is open to all IPA members who engage in Energy deals.

The purpose of the Energy Committee is to create an open forum for sharing information and best business practices among all IPA members regarding the overall energy markets and specifically energy related investments. We will achieve this goal of education and awareness by providing informational materials and sessions that provide all spectrums and viewpoints on best practices within energy investments.

2016 Committee Initiatives:

  1. Execute marketing plan for energy education outreach –ie. broker-dealers, due diligence officers, registered reps through existing education partnerships
  2. IPA Energy Symposium prior to a 2016 IPA conference –provide training and education initiatives for BD DD officers looking for educational assistance in this growing sector
  3. Recruitment of additional Energy sponsor members

Legal and Regulatory Affairs

Legal and Regulatory Affairs

Chair: Wally Kunzman, Kunzman & Bollinger, Inc. | 405-942-3501 | wkunzman@kunzboll.net


The Legal and Regulatory Affairs Committee reviews and evaluates regulatory issues that may affect the business objectives of our members. It seeks to educate industry participants about trends and issues and as appropriate, prepare responses and/or position papers by the IPA that have broad industry acceptance. Among the Committee’s interests are NASAA, FINRA and the SEC.

This committee is limited to practicing and non-practicing lawyers who have been admitted to any state or foreign bar association.

Subcommittees of the Legal and Regulatory Affairs Committee include:

  • NASAA
  • SEC – Michael Choate, Proskauer Rose, LLP, 312-836-4066
  • FINRA – Wally Kunzman, Kunzman & Bollinger, Inc., 405-942-35012016 Committee Initiatives:
  1. NASAA REIT Guidelines- potential outreach/lobbying campaign
  2. Engaging with the SEC on disclosure issues. For example, we are in the process ofscheduling a call for early March to discuss disclosure guidance for the 10(a)(3) filings.
  3. Uniformity of financial statement requirements under Reg. S-X 3.14 and 3.05
  4. Class T Shares Issuances – Seek uniformity

Non-Listed REIT

Non-Listed REIT

Chair: Neil Menard, CNL Securities Corp. | 407-492-6718 | neil.menard@cnl.com

Chair Elect: Mark Earley, Hines Securities, Inc. | 713-966-7736 | mark.earley@hines.com


This committee is limited to Non-Listed REIT Sponsor member firms only. A maximum of two representatives per Sponsor member firm is allowed.

The Non-Listed REIT Committee sets priorities and develops and implements action plans specific to Association members involved in the formation, distribution, and operation of non- listed REITs. The overall objective is to facilitate the growth of the non-listed REIT industry, develop industry-wide guidelines, promote the enhancement of non-listed REIT information and resources, enhance support of non-listed REIT industry participants, and support the advancement of the welfare of the non-listed REIT investing public.

2016 Committee Initiatives

  1. Re-establish NLR Committee’s significance and participation
    1. 6 Calls
    2. 1 in person meeting
    3. Regular attendance
    4. Meet goals for the year
  2. Collaborate with BDs on implementation of all regulatory changes under consideration, including the DOL rule in regards to real estate products and NASAA Concentration limits. Also 15-02.
    1. Understand key issues for BDs and strategy to address.
    2. Get representation from large, medium, and small BDs
    3. Work for a solution in IRAs
  3. Collaborate with Education Committee to drive (and refine as necessary) consistent messaging to BDs, FAs, Investors and Sponsor’s distribution teams
    1. Create feedback mechanism for what messaging is working or not
    2. Work with Education committee to create tools for FAs to use with theirinvestors

Operations

Operations

Chair: Shawn White, LPL Financial | 704-733-3344 | shawn.white@lpl.com
Chair Elect: Michael Stricker, Franklin Square Capital Partners | 267-296-1228 | Michael.stricker@franklinsquare.com


The mission of the Operations Committee is to develop and promote the use of industry standards that benefit sponsors of alternative investment programs, broker dealer firms and companies that provide services to the industry. The Committee also serves as a venue for leaders across the industry to discuss best practices and network with peers.

This committee is open to all IPA members who are interested in joining.

2016 Committee Initiatives:

  1. Industry Standardized Automation
  2. Industry Standardized Valuation Implementation
  3. Industry adjustments to proposed DOL rule changes

Policy Advocacy

Policy Advocacy

Co-Chair: Dan Wagner, The Inland Real Estate Group |  630-218-4952 | wagner@inlandgroup.com

Co-Chair: Kamal Jafarnia, W. P. Carey Inc. |  212-492-1100 | kjafarnia@wpcarey.com


The IPA Policy Advocacy Committee coordinates the resources of the IPA and its members to create opportunities for the advancement of IPA objectives via regulatory and political processes.

This committee is open to all IPA members who are interested in joining. However, size is limited.

2016 Committee Initiatives

1) Ongoing management of The Eris Group as our lobbyists

2) Identify, monitor, influence and coordinate advocacy activities related to issues impacting our industry

3) Promote Congressional, regulatory body, and key partner awareness of the IPA and its agenda

Private Placement

Private Placement

Chair: Ryan Kretschmer, Walton International Group (USA) Inc. | 800-959-6048 | rkretschmer@walton.com


This committee is open to all IPA members who are interested in joining.

The Private Placement Committee sets priorities and develops action plans specific to those Association Members involved in the offer, issuance and distribution of the private placements of securities governed by Regulation D. The objective is to facilitate the growth of this industry sector, to support industry participants and advance best practices for all industry participants. The Committee seeks to serve as a centralized repository and distributor concerning trends and issues and to be responsive to regulatory affairs for the benefit of its members and the investors they serve. In this regard, the Committee’s members seek to exemplify conduct for private placement sponsors and broker dealers and to provide a positive voice for the industry.

2016 Committee Initiatives

1) Respond and provide comments on the Proposed Section 12(g) changes. We intend to work with the Legal and Regulatory Affairs Committee Chair and the Non-Listed REIT Committee Chair.

2) Meet with the SEC in regard to Crowdfunding and the application of the new rules (Private Placement Committee members only)

3) Meet with FINRA at the April fly-in. (Private Placement Committee Only)

Program

Program

Chair: Jay Steigerwald, W. P. Carey Inc. | 212-492-1198 | jsteigerwald@wpcarey.com


The Program Committee develops wide-ranging and topical programs of interest to the Association constituency and takes a strong leadership role in the development of Association conferences. The Committee’s programs are designed to promote productive business relationships among the Association Members and other participants.

This committee is open to all IPA members who are interested in joining. However, size is limited.

Technology

Technology

Chair: Mike Huisman, DST Systems, Inc. | 816-843-7101 | mlhuisman@dstsystems.com

Chair Elect: Chong Huan, The Inland Real Estate Group | 630-586-6880 | chong.huan@inlandgroup.com


The Technology Committee promotes the innovative, collaborative and efficient use of technology to enhance the process of capital formation, investment management and performance management and to advance the causes of the IPA membership.

This committee is open to all IPA members who are interested in joining.

2016 Committee Initiatives:

  1. Drive industry best practices in the use of technology for IPA and Member firms:
    1. Leveraging vendor relationships to write white paper for use of technology to be compliant with regulatory policies, i.e. Salesforce white paper on use of Chatter for FINRA compliance
    2. Cyber Security best practices
    3. Hybrid storage best practices (box.com, etc.)
  2. Partner with other committees on industry initiatives e.g. AIP, E-Signature, and Industry Analytics etc.
    1. Members of IPA Technology committee will join AIP Technology subcommittee to ensure synergies exist to drive industry forward leveraging the best and prudent technology solutions.
    2. Members of IPA Technology committee will join new IPA committee in 2016: Industry Analytics AIP to ensure synergies exists to drive industry forward leveraging the best and prudent technology solutions.
  3. Assist IPA and the various committees in driving initiatives through technology innovation.
    1. Look for opportunities to engage technology committee to drive initiatives e.g. E-Signature
    2. Leverage technology committee to build a technology strategy and as a sounding board on IPA technology initiatives. i.e. website rebranding and social media presence

Women's Initiatives Network

Women’s Initiatives Network

Chair: Lora Sekosky Smith, First Allied | 619-702-9734 | lsmith@firstallied.com

The Women’s Initiatives Committee of the IPA will focus exclusively on identifying and addressing matters across the direct investment industry that relate specifically to women.

This committee is open to all IPA members who are interested in joining.

2016 Committee Initiatives:

  1. The IPA has been provided the opportunity to partner with InvestmentNews in 2016 by holding our fourth annual Women’s Forum in conjunction with a very large and high- profile event sponsored by InvestmentNews titled Women to Watch.
  2. The IPA WIN committee will continue with the Mentoring initiative.
  3. Messaging and Communication initiative will focus on two items primarily:
    1. The messaging required to market the Women’s Forum and solicit sponsors
    2. Materials to be developed as a resource for IPA member firms to understand the benefits and how to implement a mentoring program within their respective companies.

Please contact Dawn Jacobsen at 212 812 9799 ext. 211 or email djacobsen@ipa.com to join or learn more about an IPA committee.