ADISA Career Center

Full Agenda

Updated  3/11/15

Sunday, March 22

1:00-2:00 pm (1) 1031 Exchange Foundations (2) Before You Start -- Resolving Operational and Regulatory Compliance Issues (3) Beyond LinkedIn: How to Market under the Advisers Act and Advanced Marketing Techniques  
 
This session will walk you through the basics of what you need to understand to complete a successful Section 1031 exchange. The speakers will discuss all of the basics of completing a Section 1031 exchange. What taxes can you defer?  What is an accommodator and how do you find a good one?  What is “boot,” and how do you avoid it?  How is debt handled in a Section 1031 exchange?  There are multiple ways to identify property in a Section 1031 exchange; how do you make sure you have done it right? What are the major pitfalls and how do you avoid them?
Part of ADISA's "Fee-Based Direct Investments Boot Camp," this session serves as a primer for learning key regulatory and operational issues that must be addressed when incorporating non-liquid direct investments onto a fee-based or fee-only platform. This lecture will cover (a) key definitions every firm must include in its policies and procedures, (b) key regulatory issues that need to be addressed, and (c) operational and supervisory procedures that should be created. Quick overview of current regulations & guidance on RIA marketing – current policies & practice and what they're considering for the future:
· What does the recent guidance on testimonials allow?
· What technology are firms using to ensure compliance?
· What is the next frontier of marketing an RIA business?
· Big Data: What is it, how is it being used, and are there any privacy concerns?
· Robo-Advisors: What is a robo-advisor? What does robo-advising allow an RIA to do? What can robo-advising do for an RIA business? What do you need to do to offer this service?
· How are firms dealing with these new rules, guidance and market changes? 

· Current policies and practice and what they're considering for the future
 
 

Moderator: Andy Wang, Passco Companies

Participants: Geoff Flahardy, ExchangeRight Real Estate; Phil Meyer, Inland Private Capital Corporation

Facilitator: Angela Ahlholm Strauss, NoMax Group

Presenter: Darren Whissen, Atomi Financial Group

 

Moderator: Rich Rodriguez, RXR Capital

Participants: Alisha Edmund, Ascendant Capital; Michael Wolf, Concorde Investment Services; Heidi Wheatley, SK Research

 

  Room: Celestin BC Room: Celestin A Room: Celestin F  
2:10-3:10 pm (5) 1031 Exchange: Asking the Right Questions and 1031 Suitability (6) Investor Suitability and Transaction Compliance (7) So You Want to be a Sponsor? Practical Guidance for RIAs Thinking about Becoming Involved on the Transaction Side of the Business (8) Technology Blowout 2015
 
This panel will discuss the process that you should go through when determining whether a client is suitable for a Section 1031 exchange. Is a 90 year old widow with a high debt/low basis property the most or least suitable for a Section 1031 exchange? How do you “establish” suitability? This program will cover whether or not a Section 1031 exchange should be utilized by an investor. It will examine what other appropriate factors should be considered when making this decision. When is the right choice to pay the tax on some or all of the sales proceeds? What information should you request and keep in your file? How do you make sure that the regulators with 20/20 hindsight do not say you were wrong?  
 

            
Part of ADISA's "Fee-Based Direct Investments Boot Camp," this session takes a deep dive into establishing (and enforcing) investor suitability policies and procedures, a process not commonly found in fee-only advisory firms. In addition, a detailed review of what's required when completing a direct investment transaction will be discussed.
This session discusses how firms can best help their representatives that want to get involved on the deal side of the business. The session will cover issues that are presented when reps also become sponsors and options that may be available on the advisory side of the business.  
 
The “I DIDN’T KNOW YOU COULD DO THAT” Presentation
We didn't either, but now we do. Attend and see demonstrations of:
- LinkedIn on steroids
- Smartphone tricks make you look like a magician
- Using Twitter to set your referrals on fire
- YouTube makes you a star
- Bringing conversations to life with visualization
“Breakout” of the pack and show your clients how it’s done! In this presentation, you will learn to use technology to: get more recurring revenue, get more time off, get more referrals, LIVE a great life!
 

Moderator: Joe Nugent, Effective Financial Planning

Participants: Brad Watt, Behringer; John Bishop, Silver Portal Capital; James Chang, Independent Financial Group

Facilitator: Angela Ahlholm Strauss, NoMax Group

Presenter: Darren Whissen, Atomi Financial Group

 

Moderator: Sanford Coggins, VisionWise Capital

Participants: Rosemarie Thurston, Alston & Bird; Jacob Frydman, United Realty; Mike Shustek, MVP REIT; Kevin Bradburn, Orchard Securities

Moderator: Michael Fugler, EuroFinancial

Presenter: Amy McIlwain, Financial Social Media
 

  Room: Celestin A Room: Celestin BC Room: Celestin F Room: Celestin GH
3:20-4:20 pm (9) Best Applied Industry/Academic Research (10) Finding Opportunities with Low-Priced Oil: Where are the Diamonds in the Rough? (11) Equipment Leasing -- Diversification in the Credit Space: Strategy over Structure (12) Crowdfunding -- Good Idea or Fool's Gold?
 
Hear summary presentations of the latest research from the academics as applied to our industry.
Presentations from faculty of business schools and other industry researchers featuring latest on "rent vs own" research.

Plus, Active Equity Management (Sameer Jain) -- salient findings from new academic text exploring market inefficiencies with the goal of achieving better adjusted returns for investors. In order to achieve this goal, successful active investors need to build and maintain their information edge, insight edge, implementation edge and conviction edge.

 

       

While cheap oil is bad news for drilling, it's “opportunity” for sponsors that buy minerals, royalties and production-based assets.  Today’s depressed oil/gas markets also present opportunities for private equity deals to be funded at “seller-centric” prices given that many energy companies will need cash going forward to either weather the storm of lower prices or take advantage of opportunistic distressed seller purchases. This session will explore what is happening in oil/gas markets today and what investment opportunities are likely to surface in the following months as a result of current market developments.                  Equipment leasing programs in the market today have undergone dramatic changes in their fee structure and overall investment objectives. Broker-dealers and advisors who utilize these programs have found equipment leasing to be a valuable tool in portfolio asset allocation.               Crowdfunding -- what it is and what it is not. Crowdfunding does not currently exist as a capital raising mechanism because no rules have yet been proposed or adopted at the federal level. Some states have adopted crowdfunding rules but most have not. The panelists will discuss what crowdfunding is intended to be in accordance with the JOBS Act, what is currently happening (or not) with crowdfunding, the pitfalls associated with raising capital "in the cloud," and what the future may hold.  
 

Moderator: Randy Anderson, Griffin Capital Corporation

Participants: Sameer Jain, RCS Capital Corporation; Ken Johnson, Florida Atlantic University
 

Moderator: Justin Reich, APX Energy

Participants: Matt Iak, U.S. Energy Development Corporation; Matt Swanson, Ridgewood Private Equity; Fred Stoleru, Atlas Growth Partners
 

Moderator: Dana Woodbury, Buttonwood Investment Services

Participants: Jim Ryan, ATEL; Carmine Cozelino, SQN Capital Management; Mark Pedersen, Sandlapper Securities; Kimberly Springsteen-Abbott, Commonwealth Capital

 

Moderator: Deborah Froling, Arent Fox

Participants: Michael Pieciak, Vermont Securities Division; Kevin Bradburn, Orchard Securities; Scott Purcell, FundAmerica

  Room: Celestin A Room: Celestin BC Room: Celestin F Room: Celestin GH
4:30-5:30 pm
(13) Understanding Real Estate Fundamentals: Cap Rates, NOI and Price, MFFO -- How They Are Calculated and Why It Matters
(14) Compliant Marketing: How Advisors, Registered Representatives, Broker-Dealers and Sponsors Can Work Together to Create and Streamline the Marketing Process for a Win-Win (15) Practical Aspects of the SEC and FINRA Examination Process (16) The New Life Settlement Market: How Advisors and Their Clients Can Benefit
 
This panel is for advisors who are new to real estate investing and will discuss the basic fundamentals of real estate, including how cap rates are calculated and the relationship between cap rates, net operating income and price. The Modified Funds From Operations calculation will be outlined, and the factors that affect that calculation will be analyzed. The session will also include a discussion of when it is an appropriate measure and when it is not. Other discussion points will be the types of leases by asset class and the effects of price appreciation within the portfolio along with key financial statement metrics.
 
Marketing is one of the most crucial pieces of any successful offering. Come hear sponsors, broker-dealers, registered reps and advisors discuss what they need in order to create a successful marketing platform for an offrering. This session will include a discussion of necessary and important contributions from each party -- including information, training and tools -- involved in the origination and chain of distribution of the offering.
 
We will explore some of the more important and yet practical aspects of the SEC and FINRA examination processes from multiple perspectives: the firm, the rep and others, including product sponsors and other third parties. The discussion will focus on such practical subjects as production requirements, timing issues, record creation and staff discussions.             
How life settlements provide advisors with valuable solutions to meet their aging clients’ needs, featuring:
 How the regulatory framework for life settlements provides advisors the opportunity to participate; the changing role and responsibilities of financial advisors to their clients regarding life settlements; how advisors can market and grow their practice with life settlements.
 
 

Moderator: Jan Ryan, MVP American Securities

Participants: Norman Leslie, Lodging Opportunity Fund; Tim Snodgrass, Axxcess Capital; Frank Chauner, Chauner Securities

Moderator: Todd Williams, Terra Capital Partners

Participants: Jack Creighton, SourceNet Investment Services; Dave Wong, Sandlapper Capital Investments; Fred Baerenz, AOG Wealth Management

Moderator: Kevin Hull, Robert A. Stanger & Co.

Participants: John Grady, RCS Capital Corporation; Kimberlee Levy, Concorde Investment Services; Brandon Reif, Winget Spadafora & Schwartzberg

Moderator: Brent Barton, Emerson Equity

Participants: Michael Freedman, GWG Life; David Wood, Wood Forensic/Valuation Services; Jim Maxson, Culhane Meadows

  Room: Celestin BC Room: Celestin GH Room: Celestin A Room: Celestin F
5:40-6:00 pm Conference Welcome Address
  Room: Celestin DE
6:00-6:40 pm General Session I: Industry Update with Robert A. Stanger & Co.
  Reviews of current market trends and the 2015 outlook for the non-traded alternatives industry.
  Speaker: Kevin Gannon, Robert A. Stanger & Co.
  Room: Celestin DE
6:45-8:00 pm Cocktail Reception
  Room: Storyville Hall
 

Monday, March 23

7:30-8:30 am Breakfast
  Room: Storyville Hall
7:45-8:30 am Inaugural ADISA "Women in the Industry" Breakfast
  Network and mingle with your female peers at the inaugural women in the industry breakfast.
  Room: Imperial 12
8:30-9:30 am General Session II: Regulatory Update
  Industry experts and leading regulators discuss important issues, including FINRA advertising initiatives, 2015 examination priorities and fiduciary definition.
  Moderator: John Grady, RCS Capital Corporation
Participants: Michael Pieciak, Vermont Securities Division; Joe Price, FINRA; David Bellaire, Financial Services Institute
  Room: Celestin DE
9:40-10:30 am (17) 1031 Exchange Tax Update and Analysis Tracking (18) Due Diligence for a New Energy Era? What Are Due Diligence Thought Leaders Doing to Cope with Low-Priced Oil? (19) Effective Strategies for Analyzing Public Financial Statements (20) Fundamentals of Direct Participation Programs (DPP)
 
Know the new taxes that can be deferred by a 1031 Exchange and learn how to analyze your clients’ tax returns to see if a 1031 Exchange may be right for them. Capital gains and other related taxes have risen significantly over the last year and half and new taxes have been added. This session covers the latest taxes that could impact your clients in the sale of property held for investment or business purposes and provides you with an advanced overview of 1031 Exchange rules and strategies you can use to help your client defer these taxes. Furthermore, this session will help you become a better resource for your clients by teaching you how to analyze your clients’ tax returns to determine whether or not they have capital gains or offsetting losses that may impact their decision to proceed with a 1031 Exchange.
 
 
 
 
For this session, DDOs from a number of broker-dealer firms will discuss how they intend to approach due diligence of non-traded energy products in today’s challenging market, and how their product approval process will compare to that of prior years. This is a “must-attend” session for attendees that source and evaluate non-traded energy products for broker-dealers, RIAs and family offices.   If the devil is in the details, one better understand the details. This session will provide greater insight as to where the focus should be placed, including key metrics and source of distributions, when analyzing public financial statements for non-traded REITs and BDCs as well as other public, non-traded products.               This DPP core session will identify and discuss aspects of the typical offering structures and the corresponding related potential benefits and risks associated with investments in DPPs. Includes investment process for sales, suitability and required disclosures. Panelists will identify how certain rules and regulations apply to the various types of offerings and how due diligence can be critical in the process to identify potential risks. DPPs cover a wide variety of industry sectors, including real estate, energy, equipment and commercial debt; and they also have a low correlation with other securities and consequently can provide further portfolio diversification. This session will also address the legal, tax and regulatory issues surrounding DPP offerings.
 

Moderator: Craig Porter-Rollins, LJCooper Wealth Management

Presenter: Warren Thomas, ExchangeRight Real Estate; Robert Honigman, Arent Fox

Moderator: Brannon McPherson, MDS Energy Development

Participants: Tom Hille, JRL Financial; Gail Schneck, FR Risk Management; Mike Miller, Sigma Financial

Moderator: Karen Bean, NFP Securities

Participants: Dana Woodbury, Buttonwood Investment Services; Rosemarie Leong, Sandlapper Securities; Mike Kell, AI Insight

Moderator: Cameron Hellewell, Orchard Securities

Participants: Darryl Steinhause, DLA Piper; Greg Mausz, Preferred Apartment Communities; Matt Sharp, Hamilton Point Investments

  Room: Celestin BC Room: Celestin A Room: Celestin F Room: Celestin GH
10:40-11:30 am (21) Discussion of RN 15-02 and the Expected Effect on the Industry (22) Oil & Gas PPM Tear Down Session (Part I) (23) Underwriting -- An Interactive Case Study (24) Best Practices of Direct Participation Programs (DPPs)
 
Discussion of 15-02 and the expected effect on the industry
- What is 15-02?
- What is 15-02 expected to do to DPP and Non-traded REIT sales?
- How will this affect the business of a BD only rep?
Discussion of proposed DOL changes to fiduciaries and qualified accounts
- What is the DOL proposing?
- What is the likelihood that the proposal will go through?
- How will this affect BD only reps?
What is an RIA and how does it differ from a broker-dealer business?
- Define RIA vs. BD
- Define fiduciary duty
- How does this differ from BD suitability?
 
This spring, we’ll be bringing you an educational opportunity that has met with “rave reviews” at past ADISA events.  Capitalizing upon the popularity of the real estate PPM tear-down sessions hosted by Mr. Steinhause, this year’s conference will provide a session that will focus upon oil and gas PPM review best practices. Attendees will be given a mock offering document of a drilling program and asked to identify drafting and disclosure issues. Following a team-based review, a discussion will be led by energy legal specialists concerning the drafting issues presented and what best practices should have been followed to maintain compliance with federal and state securities laws. Again, this is a “must-attend” session for attendees that are involved in the marketing and due diligence of non-traded energy products for broker-dealers, RIAs and family offices. Think small percentages don’t make a big impact in underwriting? Think again. Bring your Excel-enabled laptop for this interactive session and learn how seemingly small changes in certain assumptions can result in significant changes in the underwriting process. Using a simplified Excel model, attendees will test various assumptions and analyze the various results and gain a clearer understanding of what may or may not be reasonable.                This session will review and discuss best practices with respect to Regulation D private placement offerings and provide an outline of the key fundamental elements that should be considered and evaluated when contemplating and/or reviewing a private placement offering. Collectively, industry participants including issuers, sponsors, broker-dealers, registered representatives, investment advisors, attorneys, and third-party analysts can participate and play key roles by providing essential input on how to conduct due diligence and evaluate investment offerings.
 

Moderator: Kevin Shields, Griffin Capital Corporation

Participants: Chip Cunningham, Kaplan Voekler Cunningham & Frank; Maksim Netrebov, Maks Financial Services; Craig Porter-Rollins, LJCooper Weath Management

Presenters: Brett Evans, Evans & Kob; Brad Updike, Mick & Associates

 

Facilitator: Rosemarie Leong, Sandlapper Securities

Presenter: Dave Laga, DFPG Investments


 

Moderator: Paula Miterko, Miterko & Associates

Participants: Greg Mausz, Preferred Apartment Communities; Frank Chauner, Chauner Securities; Derek Peterson, Terra Capital Partners

  Room: Celestin BC Room: Celestin A Room: Celestin F Room: Celestin GH
11:40 am-12:30 pm (25) Dual Registration Dilemma: What You Should Know When Deciding Whether to Stay with Your BD or Go Fee-Only (26) Oil & Gas PPM Tear Down Session (Part II) (27) FINRA 15-02: A Sponsor and Broker-Dealer Perspective (28) Investing in Private Equity: Structure, Strategies, Due Diligence and Other Important Considerations
 

This session will discuss the intricacies of being a duly registered representative, along with the growing trend of representatives giving up their FINRA registrations to offer advisory services only. Consequences, considerations and opportunities for the representative, broker-dealer and investment adviser will be presented.

This spring, we’ll be bringing you an educational opportunity that has met with “rave reviews” at past ADISA events.  Capitalizing upon the popularity of the real estate PPM tear-down sessions hosted by Mr. Steinhause, this year’s conference will provide a session that will focus upon oil and gas PPM review best practices. Attendees will be given a mock offering document of a drilling program and asked to identify drafting and disclosure issues. Following a team-based review, a discussion will be led by energy legal specialists concerning the drafting issues presented and what best practices should have been followed to maintain compliance with federal and state securities laws. Again, this is a “must-attend” session for attendees that are involved in the marketing and due diligence of non-traded energy products for broker-dealers, RIAs and family offices. FINRA Regulatory Notice 15-02 is a game changer in our industry, requiring DPP and unlisted REIT securities to provide estimated per share valuations on customer account statements by April 11, 2016. This panel will provide the sponsor and broker-dealer perspective on how this will change the industry going forward.
- What are sponsors doing to adjust to this monumental shift?  
- What will products of the future look like? 
- How will the retroactive nature affect both broker-dealers and sponsors?
- How will broker-dealers monitor and report?   

 
Private equity funds have earned a reputation for generating returns above those of public equity markets, and top quartile funds usually generate consistently strong multiples on invested capital. What are the characteristics of the most successful sponsors?
 
Some large endowment funds allocate up to 1/3 of their portfolio to private equity – why is this? How can the independent broker-dealer community participate in the private equity industry and provide optimal returns while mitigating risk? A growing number of advisers and their clients are asking questions about investing in private equity strategies.
 
This session will put private equity in perspective and discuss considerations broker-dealers and advisers should consider before investing. Topics of debate will include the different private equity approaches and strategies, commitment types and sizes, deal sourcing, investor qualification, distributions, lockup periods and the use of leverage. In addition, this session will explore the different private equity stages and what to look for when choosing a sponsor as well as an evaluation of several new sponsors active in the private equity space.
 

Moderator: Kevin Hull, Robert A. Stanger & Co.

Participants: Andy Friedman, Buttonwood Investment Services; Klaus Siepmann, Gradient Securities; Alistair Johnson, FINRA

Presenters: Brett Kob, Kob & Evans; Brad Updike, Mick & Associates 

 

Moderator: Rosemarie Leong, Sandlapper Securities

Participants: Mike Shustek, MVP REIT; Drew Dornbusch, NorthStar Realty; Jay Steigerwald, W.P. Carey; Michael Miller, Sigma Financial Corporation; Karen Bean, NFP Securities; Dagney Young, EDI Financial

Moderator: Andres Sandate, Ascendant Capital

Participants: Mike Frost, GPB Capital; Craig Faggen, Triton Pacific Investment Corporation; Brian Weisenberger, Williams Financial Group

  Room: Celestin BC Room: Celestin A Room: Celestin GH Room: Celestin F
12:30-1:45 pm
Lunch
  Room: Storyville Hall (Exhibit Hall)
12:45-1:15 pm

Publications & Standards
Committee Meeting

Legislative & Regulatory Committee Meeting
  Room: Celestin A Room: Celestin F
1:15-1:45 pm Membership & Marketing Committee Meeting Conference Planning & Education Committee Meeting
  Room: Celestin F Room: Celestin BC
1:50-2:40 pm (29) Social Media: The Benefits and Hazards for Public and Private Offerings (30) REIT Multiple Share Classes: Why or Why Not? (31) Prior Performance -- An Anomaly or Indicator? (32) 1031 Exchange Strategies and Replacement Property Options: How Top Producers Use the 1031 Exchange -- Q&A Style
 
Facebook®, LinkedIn®, Twitter® are all tools that can provide beneficial and widespread marketing for any offering. This session will provide a discussion helpful for anyone marketing an offering, whether public or private.  Panelists will discuss the do’s and don’ts on use of social media and SEC and FINRA monitoring and applicable rules and regulations.
 
What are the advantages/ disadvantages of multiple share classes from the issuer/sponsor standpoint?
- Now and as we approach the rule change
- Will this change over time as we approach the rule change and then again post rule change?
How do broker-dealers analyze the different share classes in a “single offering”?
- What are the considerations for offering one share class versus another if not offering both
- What are the advantages/ disadvantages for clearing an offering to be placed on a BD’s platform
What drives the differences in corporate structures for multiple share classes between REITs and BDCs?
- REITs – multiple share classes in one issuer
- BDCs – master fund/feeder fund structure
Is it brilliance or a bull market?  The sponsor or the economy? Is it repeatable? This session will teach attendees how to analyze the prior performance of sponsors’ Guide 5 and beyond for registered programs and key metrics for non-registered programs.   This panel will discuss how the top producers use Section 1031 to their advantage, but unlike previous sessions, this session will only include a brief introductory period followed by open Q&A to allow for greater audience participation. How do you obtain the education necessary to have the ability to bring in larger clients? Where do you go and how do you obtain new 1031 prospects and clients? How do the big producers review the multiple deals in the marketplace and determine which ones they should use? What is the best fit for your client? What is the best way to diversify your client with 1031 exchange money? How do you protect yourself from clients or regulators looking back at you?               
 

Moderator: Alyson Harter, LeClair Ryan

Participants: Amy McIlwain, Financial Social Media; Robert Jones, Emerson Equity

Moderator: Howard Hirsch, Griffin Capital Corporation

Participant: Jay Steigerwald, W.P. Carey; Clay Archey, TriCor FInancial; James Goedtke, American Portfolio Financial Services

Moderator: Paula Miterko, Miterko & Associates

Participants: Bill Shopoff, Shopoff Realty Investments; Dean Borgh, W.P. Carey; Matt Leiter, GK Development
 

Moderator: Warren Thomas, ExchangeRight Real Estate

Participants: Joe Nugent, Effective Financial Planning; John Bishop, Silver Portal Capital; James Chang, Independent Financial Group
 

  Room: Celestin BC Room: Celestin GH Room: Celestin A Room: Celestin F
2:50-3:40 pm (33) Energy 1031: An Oxymoron? Not So Fast (34) Leveraging Technology for Due Diligence and Alternative Investment Support (35) Self-Directed IRA: Considerations and Requirements for Sponsors, Brokers and Advisors (36) How Has the Dynamic of Compliance and Supervision of Non-Traded REITs Evolved Over the Past Couple of Years?
 

Over the past decade, the like-kind exchange rules of the federal tax code have been used periodically by energy sponsors to acquire leases and income-producing oil and gas properties on a tax-deferred basis. In view of today’s oil/gas prices, a significant trend of acquisitions by these programs could resurface in 2015 and 2016. This session will explain how 1031 product structures have been historically used by energy sponsors, and will explore the circumstances in which these programs have worked and have not worked for investors. This session will also explore how these products could be adapted to capitalize upon current market developments that otherwise present challenges to sponsors of drilling-related offerings.            

- Solutions for record keeping with direct business processing, work flow and supervision
- Solutions to automate due diligence record keeping
- Solutions for document production for regulatory or litigation purposes
- Q&A with audience on best practices and ideas to make the current systems even better
While self-directed IRAs can be a good account for tax deferral (or free) investment for clients, there are many tax-related issues which must be considered. Unrelated Business Taxable Income (UBTI), Unrelated Debt Financed Income (UDFI), and the structural, operational and valuation aspects of the entities have to be considered and/or reported on a regular basis for these specific type of accounts. While the term “self-directed” could imply that the onus falls on the account owner, it is a responsibility and, in some cases, a fiduciary obligation for making sure that the correct steps are identified and completed. Sponsors, brokers and advisors must make sure that the IRA is not violated, causing losses to clients and liabilities to sponsors, brokers and advisors.                        

- Discuss the cause of the flurry of large fines and sanctions handed down to independent broker-dealers in the past year.  
- Have regulators expectations of broker-dealers changed?
- The SEC and the states determine standard suitability requirements for the sale of non-traded REITs in their jurisdiction. Why does FINRA generally expect broker-dealers to have even stricter requirements?
- How do firms determine the appropriate suitability limitations related to non-traded REITs?
- Are firms beginning to focus more on firm-level exposure to products and sponsors?
- Is the small to mid-sized broker-dealer model still economically feasible in today’s regulatory environment?

Compliance officers share best practices.           

 

Moderator: Brad Updike, Mick & Associates

Participants: Brett Evans, Evans & Kob; Wolf Hanschen, Resource Royalty

Moderator: Scott Smith, FactRight

Participants: Tim Witt, Concorde Investment Services; Mike Kell, AI Insight; Nati Kiferbaum, Inland Private Capital Corporation
 

Moderator: Jason DeBono, NuView IRA

Participants: Eileen Loustau, Pensco Trust Company; Rajeev Kotyan, Innovative Advisory Group

Moderator: Dustin Zachmeyer, Griffin Capital Corporation

Participants: Amy Gunter, Proequities; Jonathan French, Crown Capital Securities; Jason Kavanaugh, Concorde Investment Services

  Room: Celestin BC Room: Celestin A Room: Celestin F Room: Celestin GH
3:40-4:00 pm Break
  Room: Storyville Hall (Exhibit Hall)
4:00-4:50 pm (37) Practice Management: How to Introduce Your Clients to Alternative Investments (38) CEO/CIO Panel: Real Estate Market Outlook (39) What Marketing and Branding Can Do for You (40) Avoiding and Navigating Regulatory and Legal Pitfalls Related to Working with Clients Who Are Senior
 
Many Advisors believe there is a measurable benefit to making alts an integral part of their investment strategy, but are trapped by tradition and think their clients are too. While some will cling to the notion that “Alternative Investments” and “unbound risks” are inseparable, a growing number of clients have developed a conclusion of their own.
Come learn:
- How your clients will likely view you, when you introduce them to alternative investments
- How to integrate these products with other portfolio investments while staying in compliance
- The components of prudent due diligence on a Sponsor
How most clients evaluate the risk of illiquidity, 
- How to differentiate your practice and your clients’ investment performance,

- To communicate to clients how you will get paid on these products, and have them understand this new way of doing business with an RIA.   

We will present a general discussion of the current real estate environment, highlighting the important factors: 
Economic factors that affect investing and how; real estate markets – the future of different investment segments; the volatility of the energy markets and how that affects investing in other industries; portfolio construction and active asset management.
 
Marketing and branding are essential to the growth of any business. In this session, we will discuss practical yet simple ways to reach your target market and build your brand. Topics will include email marketing, social media and SEO strategies. These digital mediums can be both affordable and highly effective. Leave with actionable ideas you can use immediately to market your firm and ensure you stay visible in today's competitive market. This educational session will offer a high level overview of these concepts in an open forum setting including Q&A opportunities from the audience.  
 
Many senior investors are in a financial position to benefit from investing in alternative investments; however, arbitrations related to alternatives have predominantly involved seniors. The result has been action by the SEC and FINRA to strengthen restrictions and guidance for senior investors. This panel will discuss the landscape of proactive steps to stay within the legal requirements for working with senior investors.
 

Moderator: John Harrison, ADISA

Presenter: Sanford Coggins, Vision Wise Capital

 

Moderator: Bryan Mick, Mick & Associates

Participants: Bill Shopoff, Shopoff Realty Investments; Jim McAlister, Rockspring Capital; David Steinbach, Hines Securities 

Moderator: Rebecca Cleary, NorthStar Realty

Participants: Damon Elder, Spotlight Marketing Communications; Heidi Wheatley, SK Research; Rick Friedrichs, Financial Media Group
 

Moderator: Lilian Morvay, Catlin

Participants: Brandon Reif, Winget Spadafora & Schwartzberg; Barbara Halper, FactRight; Rick Murphy, Berthel Fisher

  Room: Celestin A Room: Celestin BC Room: Celestin F Room: Celestin GH
5:00-5:50 pm (41) Credit Market Volatility and the Opportunities for BDCs (42) Positioning Interval Funds in Individual Client's Portfolios (43) The 15-02 Feud: What to do About 15-02? (44) Toolbox for Working with Senior Clients
  While market disruptions can be unsettling for fund managers and investors alike in the short-term, the ability to provide capital to companies at times when liquidity is scarce can lead to significant investment opportunities over the long-term. Thanks to the long-term fund structure and continuous offering of non-traded BDCs, BDC managers can raise capital and opportunistically invest through changing market – often times during periods of market volatility. With corporate balance sheets generally healthy and a favorable outlook for the U.S. economy in 2015, we believe the current credit market volatility has created an attractive entry point for those BDC managers with the scale and expertise to identify, source and prudently underwrite investment opportunities.               This session will provide an overview and history of the structure, regulatory and suitability requirements, as well as key factors to consider when assessing interval funds as part of a mixed asset portfolio. Watch the debate between third party due diligence analysts as to how they each intend to review sponsor reporting in light of FINRA Regulatory Notice 15-02.         
 
Everyone has the must-do basics down to a science. What are you doing today to make your aging clients feel so special that they'll never want to leave you? What do your new, senior clients need? What are you doing to meet the needs of your existing, aging clients? Are you prepared to meet this demographic of your practice with more than just financial planning? If you can't roll a dozen services off the tip of your tongue, you'd better grab a seat at this session! If you missed last year's Silver Tsunami session, you're already behind your peers. We want to show you how to position yourself with the explosive aging population and the extraordinary multigenerational opportunities that accompany them. There are so many exciting ways to revitalize your clients' portfolios, health and life satisfaction while at the same time growing your practice as never before - but doing so in a way that will bring you both professional success and a sense of pride. Who will be helping the 10,000 baby boomers turning 65 years old every single day over the next 18 years - you or your competition? Skip this presentation and you will find that you will not be ready for the next senior who walks in your door. Come hear from the brightest experts how to service this incredible niche of seniors and their families.    
 

Moderator: Susan Kelly, Commonwealth Financial Network

Participants: Robert Hoffman, Franklin Square Capital Partners; Steph LaFlamme, CNL Securities; Gurpreet Chandhoke, VII Peaks Capital

Moderator: Terrence Davis, Baker Donelson

Participants: Joshua Hoffman, BlueRock Capital Markets; Ray Lucia, Lucia Securities

Moderator: Chip Cunningham, Kaplan Voekler Cunningham & Frank

Participants: Dana Woodbury, Buttonwood Investment Services vs. Catherine Bowman, The Bowman Law Firm; Brad Updike, Mick & Associates vs. Kate Tupy, FactRight; Paula Miterko, Miterko & Associates vs. Todd Snyder, SK Research

Moderator: Melissa Sanders, AI Insight

Participants: Mary Wilson, Regal Securities; Klaus Siepmann, Gradient Securities; Maksim Netrebov, Maks Financial Services

  Room: Celestin BC Room: Celestin A Room: Celestin GH Room: Celestin F
6:00-6:45 pm
GeneraI Session III: Cyber-Security Issues
  Avoiding computer intrusion and identity theft, Operation Phish Phry and other scary tales from cybersecurity experts. Jason Smolanoff, a former FBI agent, will show you what's out there and how to protect yourself.
  Moderator: Deborah Froling, Arent Fox
Presenter: Jason Smolanoff, Stroz Friedberg
  Room: Celestin DE
6:45-7:45 pm Cocktail Reception
  Room: Storyville Hall (Exhibit Hall)
 

Tuesday, March 24

7:30-8:30 am
Breakfast
  Room: Storyville Hall (Exhibit Hall)
8:30-9:30 am General Session IV: Keynote Speaker Ross Bernstein
 
“The Champion’s Code”
Life-lessons of ethics & accountability from the sports world
to the business world
  Room: Celestin DE
9:40-10:30 am (45) 1031 Exchange and Master Leases: the Dos and Don'ts (46) Status of JOBS Act Initiatives (47) Due Diligence and Non-Traded REITs  
  In the attempt to accommodate more operationally intensive asset classes within the DST offereings, sponsors have become increasingly creative with master lease structures over recent years. The issue at hand is that some of this creative structuring may be pushing the boundaries of what would be considered a bona fide lease which could spell disaster for a client’s 1031 exchange. This session will help you distinguish between a bona fide lease that should comply with your client’s 1031 exchange needs and a partnership in disguise that would not qualify for 1031 exchange purposes.               A broad-based update on the status of various JOBS Act initiatives: Reg A+, Crowdfunding, Reg 506(c), and the elimination of the prior ban on solicitation activities for private offerings plus the SEC's new Section 12(g) proposal. Understand the next steps to come – rulemaking, legislation, industry adoption – and stay abreast of the latest developments.            A few years ago, the market and FINRA 09-09 rocked the non-traded REIT world and changed the due diligence expectations of the same. Will recent events in our industry do the same? This session will discuss today’s due diligence best practices related specifically to non-traded REITs.
• Sponsor-level due diligence
• Corporate governance
• What are red flags today that may not have been in prior years?
• Investment-level due diligence
• Financial model/assumption analysis
• Due diligence officers share best practices and how their process has evolved.
 
 

Moderator: David Sengstock, Mick & Associates

Participants: Joe Binder, Inland Private Capital Corporation; Louis Rogers, Capital Square Realty Advisors; Peter Matejcak, Bryan Cave

Moderator: Robert Kaplan, Kaplan Voekler Cunningham & Frank

Participants: Daniel Oschin, Shopoff Realty Investments; Michael Dunn, Seyfarth Shaw
 

Moderator: Bart Malcom, The Bowman Law Firm

Participants: Scott Rivera, RCS Capital Corporation; Todd Van Pelt, Cambridge Investment Research; Neil Greene, Newbridge Securities

 

  Room: Celestin A Room: Celestin BC Room: Celestin GH  
10:30-11:00 am Break
  Room: Storyville Hall (Exhibit Hall)
11:00 am-12:00 pm (48) Broker-Dealer Advisory Council Meeting: Sponsor/Broker-Dealer Point vs. Counterpoint (49) The Facts and Myths of Rising Interest Rates (50) Different Strokes for Different Folks: Tailoring Your Advice Model for the Current Market  
  Join our Broker-Dealer Advisory Council, a group airing current concerns of and solutions for broker-dealers (BDs only). Are rising interest rates good, bad or indifferent for alternative investments? Our panel of experts will explore the true impact of rising interest rates on different investment structures and underlying assets, and what you should really be considering when evaluating and monitoring alternative investments.                    This panel will focus on how to identify, and then effectively reach, various target populations. Panelists will discuss how they successfully segment their practice and deploy proven marketing tools and technologies to drive business and referrals. Discussion will include practical tips on how to market to many different types of investors, with specific examples that have been tested in the panelists' practices. What are the current trends, and what works?                 
 

 

Moderator: Todd Snyder, SK Research

Participants: Jacob Frydman, United Realty; Jimmy Townsend, MVP REIT; Corey Maple, Lodging Opportunity Fund; John Isakson, Preferred Apartment Communities

Moderator:  Lee Iredell, RCS Capital Corporation

Participants: Fred Baerenz, AOG Wealth Management; George Terlizzi, SouthPark Capital

 

  Room: Celestin BC Room: Celestin GH Room: Celestin A  
12:10-1:10 pm General Session V: Sponsor/Broker-Dealer "Marriage" Counselor
  Results from ongoing explorations into how best to foster this crucial relationship. Presented in a Town Hall format.
  Moderator: Darryl Steinhause, DLA Piper
Panelists: Kevin Shields, Griffin Capital Corporation; Peter Magnuson, Securities America; John Grady, RCS Capital Corporation; Ryan Smith, DFPG Investments
  Room: Celestin DE