SPECIAL CONFERENCE REPORT

431
Attendees

Investment Sponsors | Broker-Dealers | RIAs | Due Diligence Officers

88
Broker-Dealers and RIA Attendees

Due Diligence Symposium: An Event for Broker-Dealers, Designed by Broker-Dealers.

FROM THE CHAIRMAN

Thank you to everyone who made IPAVision 2017 such a tremendous success!

Leaders from every discipline within the Portfolio Diversifying Investments (“PDI”) industry, with deep expertise and insight, gathered to share their views on where our industry has been, their perspectives on where it is today, and their Vision for the future.  This year’s event offered an opportunity to not only listen to industry leaders, but in fact, to actively participate in the dialogue and for IPA members to share their own thoughts to help drive innovation and growth in our industry.

These are exciting times for the PDI industry—a time of fast-paced development of exciting new products and structures, a time of increased market penetration and investor acceptance, a time of dramatic entry of new sponsors and new distribution channels and strategies.  It is clear to me that we are witnessing growth, innovation and change resulting directly from the broader market recognition of the fundamental importance of PDIs in the portfolios of all investors, individual and institutional alike.

Yet there is much work for us to do.  There are tremendous opportunities to advance our industry, as well as great challenges confronting us.  As the Administration prepares to present tax reform legislation to Congress, a broad range of proposals is likely to impact our industry, including much discussed changes to or even outright repeal of IRC Section 1031, which governs “like-kind exchanges”; the further implementation of the DOL’s “fiduciary” rule; the continued movement through Congress and potential enactment of the Business Development Company Modernization Act and the amendment of Section 12(g) of the Securities Exchange Act of 1934 governing the requirements for registration of a class of securities with the SEC; and the continued discussion of NASAA “concentration limits” and state fiduciary rules.

The IPA, as the leading voice on these and other critical legislative and regulatory issues, is actively engaged in educating and advocating on behalf of our industry.  Stay involved and learn how you, in partnership with the IPA, can make a difference and drive the PDI industry forward.

Thank you for being a part of the IPA’s mission.

Mitchell Sabshon
President and Chief Executive Officer
Inland Real Estate Investment Corporation
Chairman of the Board, IPA

Investment Program Association's

2017 AWARD RECIPIENTS

Mitchell A. Sabshon

President and Chief Executive Officer
Inland Real Estate Investment Corporation

2017 IPA Chairman

Committed Industry Leader

David Fisher

Managing Manager, ExchangeRight Real Estate

Outstanding Service Award

 Leading Advocate for 1031 Investments

Jerry Stahlecker

Executive Vice President, Legal & Finance, FS Investment Corporation

Outstanding Service Award

Active Board Member and Industry Advocate

IPAVISION | SEPTEMBER 24-28, 2017

EVENT HIGHLIGHTS

NETWORKING

  • Leading broker-dealers, RIAs, sponsors and industry regulators in attendance
  • 12 dedicated social opportunities network opportunities offering direct collaboration with industry leaders
  • Interactive working groups made substantial progress on issues such as Tax Reform, E-Signature Implementation and Closed End Fund Due Diligence
  • 13 committee meetings of like-minded industry leaders and professionals tackling the issues important to our industry
Attending Companies

EDUCATION

  • Broker-dealer and RIA attendees conducted due diligence on 18 sponsors through the Due Diligence Symposium
  • Sponsor attendees deepened their understanding of the RIA market at the RIA Workshop
  • Attendees explored portfolio construction using PDIs
  • Breakout topics included: Business Building advantages of the DOL Fiduciary Rule, E-signature implementation, Product Development Consideration and much more
  • Comprehensive updates on legislative and regulatory issues
AGENDA

WIN BREAKFAST

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

IPA's Women In Leadership

IPA COMMITTEES

Execution of the IPA mission doesn’t happen on it’s own. It takes the collective voices, expertise, wisdom and dedication of all of our members. Through the IPA committees, hundreds of industry leaders lend their collective expertise. The IPA would like to thank the leaders of our committees and each of you who generously give of your time and talents. We are better, stronger and more nimble as a result of your commitment!

Join a Committee!

FOCUS ON ADVOCACY

Insiders Offer Glimpse on Tax Reform, Fiduciary Rule and Pending Regulations

Lively debate at two of the IPAVision 2017 Conference panels showed that pending legislation and regulation is top-of-mind for financial services professionals.

And if recent developments regarding Federal and State fiduciary rules didn’t make regulation relevant enough, the House Ways and Means Committee and Senate Finance Committee released their blueprint for tax reform just hours before the panels got underway.

Experts from Washington, D.C. and the industry weighed in as part of the larger discussion surrounding tax reform and the regulatory environment, including: Chris McCannell and Doyle Bartlett of Eris Group, Anya Coverman and Matt Tramel of the IPA, Dan Cullen of Baker Mackenzie, Eric Edwards of FS Investments, Paul Mathews of FINRA, and Nathan Headrick of Triloma.

In both panels, there was a resounding message for audience members: the IPA and leaders from member firms must continue to encourage all parties – SEC as well as Department of Labor, FINRA and state regulators – to work together to develop uniform regulations that are non-duplicative and foster investors’ continued access to appropriate and effective counsel and investments that serve their needs.

There was unanimous consensus that without bipartisan partnership, comprehensive tax reform won’t be possible. Some industry participants went so far as to suggest that one-sided reform won’t stand the test of time. With the continued existence of 1031 like kind exchanges, interest deductibility and exemptions for pass through entities all on the table, the IPA and its partners at Eris Group, along with member firm tax experts, are visiting Washington, D.C. on October 10 to reinforce the importance of these measures in the nation’s capital formation and to local economies and investors.

Demonstrated by the recent appoint of Anya Coverman as the IPA’s first Director of Government Affairs and General Counsel, the IPA will continue to proactively engage with regulators at FINRA, SEC, NASAA, Congress and the various states on behalf of its members.

As both panels ended, the final call to action to IPAVision participants was clear: change can begin with you, and your continued involvement in the legislative process is essential.

Due Diligence Symposium: An Event for Broker-Dealers, Designed by Broker-Dealers.

88 Broker-Dealer and RIA attendees from 63 unique firms attended the IPAVision 2017 Due Diligence Symposium. This is a unique opportunity to leverage the insights of key executives from several of the IPA's sponsor members in a convenient series of discussions happening throughout IPAVision 2017. This year's Due Diligence Symposium featured a close examination of the burgeoning Portfolio Diversification Investment (PDI) platform of IPA sponsor members including the following product types:

  • Lifecycle REITs
  • Lifecycle BDCs
  • Closed End Interval Funds
  • Private Equity
  • Preferred Securities
  • 1031 Private Placements

The IPAVision 2017 Due Diligence Symposium provided attendees with a unique opportunity to examine the expanding class of preferred securities. Attendees dove deep into the basic structure of preferred offerings and how to make asset class allocation decisions in a preferred structure. By also examining the due diligence and operational considerations of preferred offerings, attendees left with a clearer understanding of the potential uses and unique benefits of preferred securities.

A SPECIAL THANKS TO OUR

18 Presenting Sponsors

A SPECIAL THANKS TO OUR

IPAVision 2017 Sponsors