Membership in the IPA is a solid business advantage.

For over the 30 years, the Investment Program Association (IPA) has successfully championed the growth of direct investment products, which have increased in popularity with financial professionals and investors alike.

Today, the IPA is the leading advocate for the inclusion of direct investments in a diversified investment portfolio. The mission of the IPA is to advance the unique benefits of direct investments through advocacy, collaboration and education within the industry, regulatory bodies and the media.

Member Spotlight

Our Members Include:

  • Broker-Dealers
  • Banks/Lenders
  • RIAs
  • Managing Broker-Dealers
  • Service Providers
  • Asset Managers
Direct Investment program sponsors:

  • Non-listed REITs
  • BDCs
  • 1031 Exchange
  • Oil & Gas
  • Equipment Financing
  • Private Placements
  • Interval Funds

Benefits of Joining the IPA


The IPA is the leading Advocate for Direct Investments.


  • Help shape the industry through 15 technical committees
  • Participate in the industry’s premiere annual events: IPAVision, the IPA Executive Summit and Washington Fly-In
  • Advocate for the industry in Washington D.C. and nationwide
  • Stay informed with actionable Member Alerts on critical legislative and regulatory issues
  • Collaborate on industry practice guidelines
  • Have exclusive access to specialized education content, including: FINRA Reviewed Client Brochures, E-learning courses and seminars
  • Benefit from the IPA’s proactive media advocacy
  • Gain deeper insight from real-time industry analytics, proprietary research and technical white papers

Committees


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!

  • BDCs and Closed End Funds
  • Broker Dealer Advocacy
  • Communications
  • Compliance
  • Due Diligence
  • Education
  • Energy
  • Legal and Regulatory Affairs
  • Non-Listed REIT
  • Operations
  • Policy Advocacy
  • Private Placement
  • Program
  • Technology
  • Women’s Initiatives Network

Member Directory


IPA Members operate and have investments in all 50 states and around the world.


BROKER-DEALER MEMBERS

Join IPA today and unlock a wealth of information, knowledge and education.


Thank you for your interest in the Investment Program Association (IPA).  We are confidant that membership in the IPA will provide you and your firm with valuable services and benefits.

Select an application type for more information:

Click here for the IPA Member Code of Conduct.

SPONSOR MEMBERSHIP

SPONSOR MEMBERSHIP

The Sponsor member category (“Sponsor Member(s)”) is composed of Sponsors who are engaged in the sale or management of direct investment programs.

By way of clarification, the sponsor membership will represent all open and closed, non-liquated private and public, non-listed programs that are currently under management with the ultimate parent advisor as well as any co-sponsored products. For the purpose of membership in the organization and payment of membership dues, a Sponsor shall not include any of the following affiliated entities of such Person: (i) law firms, accounting firms, due diligence firms, analysts, transfer agencies and other service firms (each of which are required to obtain separate associate memberships in the organization and pay appropriate membership dues), and (ii) retail broker-dealers or registered investment advisors (each of which are required to obtain separate broker-dealer or RIA memberships, as applicable).

“Advisor” means the Person primarily responsible for directing, managing or performing day-to-day business affairs of a Direct Investment Program.

“Affiliate” means any Person directly or indirectly controlling, controlled by, or under common control with such other Person.

“Direct Investment Program” means any real estate program, oil and natural gas program, equipment leasing program, managed futures fund, BDC or other program within the scope of the organization’s industry focus.

“Person” means any natural person, partnership, corporation, association, trust, limited liability company or other legal entity.

Sponsor Dues Schedule – Based on Cumulative Equity Raised – Cumulative Equity Raised = Equity raised on all open and closed, non-liquidated private and public, non-listed programs since effective date that are currently under management inclusive of all alternative investment products covered by the IPA’s scope of membership. Do not include debt in this figure

ASSOCIATE MEMBERSHIP

ASSOCIATE MEMBERSHIP

Associate Members are broken out into two categories General & Independent Wholesaling / Managing Broker-Dealer.

General Associate member category is available to any person or entity not otherwise eligible to become a member under the other defined IPA Membership categories and is composed of enterprises which provide goods or services within the alternative industry space, or which otherwise wish to market to such Members or be associated with the DPP industry. Such as, but not limited to: Attorneys, Due Diligence Firms, Real Estate Firms, Licensed Real Estate Brokers, Management Companies, Mortgage Brokers, Accountants, Consultants, Appraisal Firms, Qualified Intermediaries, Trust Companies, Custodian /Clearing Firms*, Software Firms, Education Firms, Printers, Headhunters and other Industry Related Parties. * Custodians / Clearing Platforms Firms engaged in the guardianship of client assets in service of broker-dealers and/or RIA platforms. Subsidiaries of the same firm, with different functions, are considered as one membership.

General Associate Dues Schedule – Associate’s dues levels are based on total “Gross Industry Related Revenue” earned by the Associate and its affiliates. “Gross Industry Related Revenue” means all revenue received (before reduction for any expenses) in connection with products or services provided to sponsor organizations, issuers, broker-dealers, financial advisors, investors and other service providers with respect to public and private direct participation programs (non-traded limited partnerships and limited liability companies), public and private non-listed REITs, BDCs, Managed Futures and other alternative investments offered or distributed by IPA member firms.

Dues Level

Associate Membership Dues Chart

INDEPENDENT WHOLESALING/MANAGING BROKER-DEALERS MEMBERSHIP

INDEPENDENT WHOLESALING / MANAGING BROKER-DEALERS

 These firms connect investors and financial advisors with direct investment product sponsors. They work closely with the direct investment sponsors management teams and may offer one or several of the following services. Conduct investigations and perform due diligence and analysis with respect to the business and operations of the issuer. Structure, prepare and or review offering materials. Solicit and negotiate broker-dealer selling agreements and/or provides a distribution platform & sells products in the direct investment/alternative investment space.

**An Independent Wholesaling / Managing Broker-Dealer must encourage their partners in which they have dealer management agreements in place to become an IPA member.

Independent Wholesaling / Managing Broker-Dealer Dues Schedule – Independent Wholesaling / Managing Broker-Dealer – tiered based on selling agreements:

• $7,500 with no dealer manager agreements:

*An Independent Wholesaling / Managing Broker-Dealer who have no selling agreements with a sponsor firm in place in the given calendar year.

• $2,500 with dealer manager agreements & direct investment sponsor firms also hold an IPA membership

BROKER-DEALER MEMBERSHIP

BROKER-DEALER 

The Broker Dealer member category (“BD Member(s)”) is composed of FINRA member broker-dealers who are not affiliated through ownership with Sponsor Members and who offer direct investment securities directly to their customers, including FINRA member firms that act as dealer managers for Sponsors of direct investments except as defined by the Associate category.

Broker-Dealer Dues Schedule – Complimentary

RIA MEMBERSHIP

RIA (Registered Investment Advisor Firms)

The Registered Investment Advisor Firm member category (“RIA Member(s)”) is composed of registered investment advisor firms which place their customers in direct investments and are not registered with a Broker-Dealer firm whether as individuals or at the firm level, other than for clearing or trading purposes.

RIA Dues Schedule – Complimentary

BANK / LENDER

BANK / LENDER

Bankers / Lenders – Investment Bankers / Lenders – An investment bank is a financial institution that assists individuals, corporations, and governments in raising capital by underwriting or acting as the client’s agent in the issuance of securities (or both). An investment bank may also assist companies involved in mergers and acquisitions and provide ancillary services such as market making, trading of derivatives and equity securities, and FICC services (fixed income instruments, currencies, and commodities).

a. IPA Membership requires the Bank to be a registered financial institution registered with the SEC as an investment bank and a member of FINRA

b. IPA membership is NOT dependent upon the bank doing business on both “buy” and “sell” side – it can be either or both.

c. Only One membership is required for an Investment regardless of the functional group that may attend from the Bank ex. Banking, Trading, Research etc….

Commercial Bankers / Lenders – A commercial bank is a type of bank that provides services such as accepting deposits, making business loans, and offering basic investment products.

Institutional Lender – Institutional Lenders provide capital in the form of loans to IPA sponsor members as part of financing activities for existing investment programs. This financing includes, but is not limited to, lines of credit, mezzanine debt, fixed term unsecured loans and secured debt financing.

* Institutional lenders may include investment banks, commercial banks and insurance carriers amongst others. To the extent that membership in this category includes other business lines covered as ‘Investment Bank’ members, all functions related to Investment Banker and Institutional Investor shall be considered a single IPA membership.

Bank / Lender Dues Schedule – $25,000

ASSET MANAGERS

ASSET MANAGERS

Asset Managers. An Asset Manager for IPA membership purposes is defined as a person, partnership or company that manages assets for the benefit of others. Assets may be managed for institutional and/or private investors. Managed assets include but are not limited to various types of securities and/or hard assets. Typically members in this category are pension fund, endowment fund, charitable fund, mutual fund, exchange traded fund, hedge fund, separate managed account, REIT, BDC, MLP and/or Family Office advisors and/or sub-advisors. NOTE: These are not RIA firms, nor are they registered as a Broker-Dealer.

Asset Manager Dues Schedule – $7,500