ADISA Career Center

AGENDA

As of 9/21/16

Monday, September 26

7:30 am-1:00 pm

Revere Golf Club

All proceeds go to the ADISA Foundation, which assists with scholarships and special projects to grow the study of the alternative and direct investment space.

Click here for more information.

12:00-2:00 pm

Mont-Royal 2

Join women in the industry for an informative program and lunch featuring Linda Gray, award-winning actress, accomplished director and former United Nations Goodwill Ambassador. The luncheon is designed to facilitate purposeful networking opportunities, where women can communicate information, best practices and prior experience.
 
The purpose of ADISA’s Women’s Leadership Forum is to connect women in the alternative and direct investment industry; strengthen their professional networks; and enhance the personal and professional growth of women within the industry.
 

2:05-2:40 pm

Nolita 1

The Membership & Marketing Committee is responsible for recommending membership pricing/categories, and provides advice and assistance with marketing planning. New ideas and projects not naturally belonging to another committee are also vetted here first.

Mont-Royal 1

The role of the Education Committee is to establish, monitor and improve ADISA's overall educational initiatives.

Nolita 2

The Legislative & Regulatory Committee conducts ADISA's efforts to influence regulation and legislation, particularly statements, responses, alerts and advice on any legislative and regulatory programming.

2:45-3:20 pm

Nolita 1

The Publications & Standards Committee is responsible for ADISA's publications, best practices, white papers, web knowledge center, etc.

Mont-Royal 1

The Conference Planning Committee oversees the program and planning for ADISA's Annual Conference, Due Diligence Forum and Spring Conference. They work to develop a compelling theme and agenda, and work to recruit and assign speakers and activities.

Nolita 2

This session will identify detailed aspects of the DPP structure. We will examine typical varieties of offering structures and the corresponding related potential benefits and risks associated with investments in DPPs. Examples of topics covered will be the investment process of sales, suitability and required disclosures. Panelists will identify how certain rules and regulations apply to the various types of offerings, and why due diligence is an absolute critical part of the process to identify potential risks. DPPs cover a wide variety of industry sectors, including, but not limited to, real estate, energy, equipment and commercial debt. Because they have a low correlation to traditional asset classes they can provide excellent diversification to a portfolio heavy in stocks when positioned correctly. Generally speaking, DPPs are traditionally illiquid and difficult to value; thus, considered a risky proposition, but they absolutely have their place in an investment portfolio. This session will also address the legal, tax and regulatory issues surrounding DPP offerings. This is a not-to-be-missed session with some of the best minds in the industry.

Moderator: Greg Mausz, Preferred Apartment Communities
Participants: Bill Winn, Starboard Realty Advisors; Frank Muller, Provasi Capital Partners; Todd Silver, Archon Capital

3:25-4:20 pm

Nolita 1

This session will present a foundational discussion of the income and estate tax rules and financial planning considerations that apply to non-traded energy drilling, income products and conservation-oriented real estate real estate programs. As these tax preferred products have appealed to tax-minded financial advisors and their clients, this is a session advisors, reps and their sales support personnel will want to attend. As the tax consequences of these products also weigh very heavily upon client appeal and suitability issues, this session will also be a helpful one to compliance and due diligence personnel.

Moderator: Justin Reich, APX Energy
Participants: Jack Hollander, Atlas Energy; Tim Pollock, Morris Manning & Martin

Mont-Royal 1

Ms. Wagner, one of the nation’s legal experts on ERISA issues, will outline the new DOL fiduciary rule initiative and discuss its relevance to and likely impact on your business.  Mr. Reif, an experienced litigator, will talk about how the Department's chosen enforcement mechanism - private litigation - may play out for firms that serve or take on and advise IRAs and other account subject to the revised rule and new BIC exemption.  Come and learn what you need to know and what you can and should be doing to prepare.

Moderator: John Grady, DLA Piper
Presenters: Marcia Wagner, Wagner Law Group; Brandon Reif, Winget Spadafora & Schwartzberg

Nolita 2

Many advisors and entrepreneurs are not only interested in selling financial product 'off the shelf.'This session is aimed to serve as a primer for advisors, broker-dealers, sponsors and entrepreneurs when faced with an initial capital raise in the private, or public,  capital markets. Hear from a third party due diligence provider, securities counsel,  financial product distributor, and a managing broker-dealer as to what you may need to be successful.  The session will cover issues to consider when structuring an alternative investment, as well as providing guidance on the common mistakes that new issuers often make. Topics will also include marketing strategies, branding, effective communication, as well as best practices for implementing strategies to accommodate growth. 

Moderator: Mark Atchity, JCC Advisors
Participant: Zia Sabir, Mick | Law; Woody Soemantoro, MDS Securities; Tom Voekler, Kaplan Voekler Cunningham & Frank

Nolita 3

Hear the latest applied research on important issues for our industry from the nation's business schools. John Clark from the University of Missouri will present on "Holding Real Estate in Your 401(k)."

Moderator: Randy Anderson, Griffin Capital Corporation
Presenters: John Clark, University of Missouri; David Funk, Roosevelt University

4:30-5:15 pm

5:15-6:00 pm

Belmont 4, 8

More than 30 years ago, the Capitol Steps began as a group of Senate staffers who set out to satirize the very people and places that employed them. In the years that followed, many of the Steps ignored the conventional wisdom ("Don't quit your day job!"), and although not all of the current members of the Steps are former Capitol Hill staffers, taken together the performers have worked in a total of eighteen Congressional offices and represent 62 years of collective House and Senate staff experience.

Read more about the Capitol Steps.

6:00-7:00 pm

Tuesday, September 27

7:30-8:30 am

Exhibit Hall

8:30-9:15 am

Mont-Royal 1

Is this the next evolution in alternatives moving toward more liquid investment options or just another phase? Who performs the due diligence -- mutual funds or alts? What are the advantages and risks associated with this often discussed, but not always understood, asset class?

Moderator: Chris Shaw, DST Systems
Participants: Randy Anderson, Griffin Capital Corporation; Russ Nesevich, Resource Real Estate; Ramin Kamfar, Bluerock Real Estate; Allison Blais, DFPG Investments

Nolita 1

Sponsors and their securities attorneys want to maximize flexibility to better enable them to run their business and react to changing market conditions. BDs want sponsors to have flexibility in underlying operations, while still having some investment guidelines or more defined characteristics that give them a basis to assess the program and its associated material risks, and if the addition of that product to their selling list is adding diversity. Investors and registered reps need sufficient disclosures to adequately understand the potential investment and its material risks. Is our industry trying to minimize potential liability by maximizing permitted investments? Are the material risks associated with the intended activity getting lost in more superficial descriptions of all potential risks? Is this at the expense of clarity for investors? Is the real marketing story of these business opportunities getting lost in the legalese?

Moderator: Paula Miterko, Miterko & Associates
Participants: Michael Miller, Sigma Financial; Deborah Froling, Kutak Rock; Trevor Gordon, Sandlapper Securities

Nolita 2

  • What is your firm’s practices for ensuring suitability? Does it differ between public and private offerings?
  • For those offers with no income or net standards, do you have set guidelines for what a default income and net worth standard would be?  What other factors do you consider important in making a suitability determination?
  • How do you explain the usage of alternative investments in a client’s portfolio? Have most clients accepted the use of alternative investments as an integral part of their investing portfolio?
  • Does the education and acceptance of alternative investments differ between generations? Are there any special considerations when marketing an investment to a retiree?
  • What items do you look for when reviewing a public or private offering document? What one piece of advice would you give sponsors to improve the reception of their offerings at your firm?

Moderator: Jason Vanclef, Vanclef Financial Group
Participants: Dave Laga, DFPG Investments; Fred Baerenz, AOG Wealth Management; Joe Miller, Independent Financial Group; Emily Messerschmitt, The Fig Group

Nolita 3

For the last few years, various regulatory pressures on non-traded BDCs have triggered structural changes in those products. Will BDCs ever obtain regulatory approval to sell multiple share classes? Will fees continue to be pushed down? Panelists will address some of the more recent trends in structure changes as well as where they see changes coming in the future.

Moderator: John Grady, DLA Piper
Participants: Rob Hoffman, FS Investments; Derek O'Leary, Owl Rock Capital Partners; Peter Magnuson, Securities America

9:20-10:40 am

Belmont 4, 8

Speakers from across the industry spectrum will discuss how the industry has been impacted by new and even threatened legislative and regulatory developments. They will speak to ways in which industry members can respond to meet these far reaching challenges. Come and listen to an informed discussion of ways that Industry members - sponsors, distributors, broker-dealers and financial advisors - can develop a positive agenda for the new reality facing the industry. 

Moderator: John Grady, DLA Piper
Participants: Tom Rosenfield, Government Relations Consultant; Todd Snyder, Snyder Kearney; Damon Elder, Spotlight Marketing Communications

10:40-11:10 am

Exhibit Hall

11:10 am-12:00 pm

Mont-Royal 1

This session will be an in-depth discussion of the responsibilities required to meet the new world of DOL compliance. This includes technology that may assist broker-dealers and RIAs to streamline their various policies, from monitoring the activities to meet the Best Interest Contract Exemption to documenting recommendations. Panelists will address these issues. 

Moderator: Cory Neumiller, Capital Financial Services
Participants: Jennifer Simon, AI Insight; Neil Greene, Newbridge Securities; Michael Miller, Sigma Financial
 

Nolita 1

Come join us for a vibrant discussion of:

  • How diversified does your Approved Product List need to be…really;
  • What are the best ways to compare product sponsors;
  • How to best educate financial advisors; and
  • How to least confuse clients.

Moderator: Dana Woodbury, Buttonwood Financial Services
Participants: Bart Malcom, Triloma; Brandon Balkman, Mountain Dell Consulting; Dave Laga, DFPG Investments

Nolita 2

Private equity has long been the domain of institutional investors and wealthy individuals. No longer. Private equity is now available to individual investors through financial advisors. Are you offering this asset class to your clients, or will they need to choose someone else? Come to this session to learn the hows and whys of private equity and the benefits to your clients. Private equity: your source for growth in a non-growth environment.

Moderator: Nancy Wilson, Partnership Marketing Company
Participant: Brian Buehler, Triton Pacific; Brian Weisenberger, GPB Capital; Rob Hoffman, FS Investments; Craig Merkt, Calton & Associates

Nolita 3

How are REITs adapting to regulatory change? Regulatory pressures on non-traded REITs have triggered structural changes. Panelists will address some of the more recent trends in structure changes, as well as where they see the structure of these products going in the future.
 

Moderator: Tyler Green, The Bowman Law Firm
Participants: Peter Magnuson, Securities America; Allan Swaringen, JLL Income Property Trust; John Norris, Dividend Capital Securities

12:10-1:00 pm

Belmont 4, 8

Semi-General Session
In this first of two sessions, sponsor executives will be asked about the challenges facing the broker-dealer community. Why are broker-dealers left holding the bag in an arbitration if an offering fails? What are sponsors doing to help broker-dealers in light of the current regulatory environment: senior investors, concentration limits and other suitability requirements? What about the increased compliance costs that will result from the fiduciary standard created by the DOL?

Facilitator: Ryan Smith, DFPG Investments
Presenters: Mitchell Sabshon, Inland Real Estate Investment Corporation; Bill Shopoff, Shopoff Realty Investments; Larry Sullivan, Passco Companies

Mont-Royal 1

In this panel, we will discuss the key differences between registered non-traded closed-end 1940 Act products and interval funds, as well as BDCs. The key questions to be addressed during this panel include:

  1. What opportunities and limitations do non-traded closed-end 1940 Act products pose for a sponsor considering it as a product type?
  2. What advantages does a non-traded closed-end 1940 Act product have over an interval fund and BDC?
  3. What are the thoughts of the broker-dealer/financial advisor community to non-traded closed-end 1940 Act products?
  4. What are the due diligence obligations and compliance concerns for non-traded closed-end 1940 Act products? Are there any differences in these areas as compared to interval funds or BDC products?
  5. How should broker-dealers treat a non-traded closed-end 1940 Act product? Specifically, are these products similar to mutual funds in regard to due diligence and compliance matters?
  6. How can financial advisors use non-traded closed-end 1940 Act products in an investor's portfolio?
  7. What regulatory matters should financial sponsors and broker-dealers understand when offering non-traded closed-end 1940 Act products?

Moderator: Bart Malcom, Triloma
Participants: Matt Malone, FS Investments; Deborah Froling, Kutak Rock; Fred Baerenz, AOG Wealth Management

Nolita 1

This session is geared toward helping representatives, broker-dealers and advisors know what general suitability, compliance and due diligence considerations they need to take into account with 1031 offerings and investors. When is a 1031 exchange appropriate? What are red flags to be aware of that may indicate that a 1031 exchange is not in the best interest of an investor? This session will attempt to highlight different strategies that can be employed by representatives, broker-dealers and advisors to potentially expand their 1031 business in a compliant manor.

Participants: Mark Kosanke, Concorde Investment Services; Nati Kiferbaum, Inland Private Capital Corporation; Warren Thomas, ExchangeRight Real Estate

1:00-2:00 pm

Exhibit Hall

2:00-2:50 pm

Belmont 4, 8

Semi-General Session
How will broker-dealer executives respond to the counter punch? In Part II, it's the sponsor's turn to challenge a panel of broker-dealers. Can commission loads be reduced to improve product economics? Why does it take so long to get offerings through the due diligence queue and onto the broker-dealer platform? Should 15-02 really be a roadblock to sales? These sessions are designed to help improve the understanding between sponsors and their distribution network, but will they cause fireworks instead?

Facilitator: Kevin Shields, Griffin Capital Corporation
Presenters: Rick Murphy, Berthel Fisher; Jason Kavanaugh, Concorde Investment Services; Daniel Wildermuth, Kalos Financial

Nolita 2

What's new and what is on the horizon? New structures, new products, new asset classes. What makes them special? What are the risks and rewards and how do you evaluate products that are the first of their kind with no baseline or benchmarks?

Moderator: Jan Ryan, JCC Advisors
Participants: Matt Leiter, GK Development; Leonard Silverstein, Preferred Apartment Communities; Steve Kantor, S2K Financial

Nolita 3

Just over a year into Regulation A+, what is the state of the market? Come for an update on the last year of activity in Reguation A+, stay for a discussion from our broker-dealer and market participant panelists of their experiences with Regulation A+ and their views on where Regulation A+ offerings are headed. Regulation A+ offers the opportunity to have a public, SEC-reviewed product in the alternative space, without the difficulties and expense of '34 Act and state registration. Hear how broker-dealers active in Regulation A+ are approaching marketing, and what they have learned over the first year of this avenue. What are the preliminary regulatory challenges in this space -- SEC, FINRA? What about DOL? Are secondary markets developing? Join us to explore issues in distribution in the world of an unregistered, unrestricted security.

Moderator: Rhys James, Kaplan Voekler Cunningham & Frank
Participants: Taylor Garrett, Mountain Dell Consulting; Mark Atchity, JCC Advisors; Rob Kaplan, HC Government Realty Trust; Howard Hill, Foliofn Investments

3:00-3:50 pm

Nolita 1

This session covers the unique benefits and drawbacks of the Delaware Statutory Trust, and how it interacts and is used with various asset classes. What are the benefits, issues and considerations for using a DST structure with various asset types (e.g. net leased vs. student housing vs. senior care)?

Moderator: Tom Jahncke, Passco Companies
Participants: Bryan Mick, Mick | Law; Tim Witt, Concorde Investment Services; Mike O'Toole, AEI Capital Corporation

Nolita 2

Retail energy products in drilling and royalties saw a flurry of capital raising activity from 2011-2014 as the price of oil hovered at a level of $90-100 per barrel for many years. However, when oil prices plummeted in 2015, the demand for conservation-oriented real estate programs increased dramatically in the broker-dealer community, with tax planning money shifting to conservation products. Despite this pattern, both products have distinctive tax consequences and suitability profiles that broker-dealers need to know and appreciate so they can decipher whether or not the products make sense for their platforms. This session will present a spirited point/counterpoint educational discussion of the benefits, risks and challenges of non-traded energy programs and conservation-oriented real estate programs from the points of view of the sponsors and risk management professionals.

Moderator: Alyson Harter, LeClairRyan
Participants: Alan Solon, EcoVest; Matt Iak, U.S. Energy Development Corporation; Brad Updike, Mick | Law; Tom Hille, JRL Financial

Nolita 3

This session will tackle the requirements needed for broker-dealers who earn variable commissions in connection with non-discretion investment advice. With the many facets of BICE, the focus will be on disclosure and "reasonable compensation." We will engage sponsors, broker-dealers and others to take a synergistic approach down the DOL path.

Moderator: Craig Porter Rollins, LJCooper Wealth Advisors
Participants: Craig Covington, Triad Advisors; Josh Rubinger, The Lightstone Group; Michael Miller, Sigma Financial

Mont-Royal 1

Four years after the JOBS Act, three years into 506(c) and one year from implementation of Regulation A+, how is the revolution in non-registered generally advertised products affecting sponsors and their products? Hear a discussion of how active sponsors in this evolving space take advantage of the opportunities and meet the challenges in these still developing avenues of distribution. We will discuss fundamentals and foundational considerations in planning a public unregistered offering, what product types are best suited for each of these channels, and in what circumstances “crowdfunding” offers a viable strategy.  For sponsors, there are many advantages to general solicitation, but also various elements to consider in designing your product and offering. This panel will consider selection of a generally advertised product, marketing/disclosure and the SEC, FINRA issues sponsors should be aware of in tapping the BD channel, and other salient points.
 

Moderator: Tom Voekler, Kaplan Voekler Cunningham & Frank
Participants: Matt Leiter, GK Development; Dan Shaeffer, Cottonwood Residential; Arthur Weissman, WealthForge; Elliot Newman, Directpost

3:50-4:10 pm

Exhibit Hall

4:10-5:10 pm

Belmont 4, 8

Semi-General Session
{Sequel to prior Due Diligence Great Debate}
Don't miss the most important debate of the fall. What leading third-party due diligence analysts square off and debate the tough questions like what makes a good due diligence report, how should broker-dealers use reports, whta type of products today will produce the most arbitrations in the future, and are we better off today than we were four years ago?

Moderator: Chip Cunnigham, Kaplan Voekler Cunningham & Frank
Presenters: Bryan Mick, Mick | Law; Paula Miterko, Miterko & Associates; Todd Snyder, Snyder Kearney; Catherine Bowman, The Bowman Law Firm; Scott Smith, FactRight; Dana Woodbury, Buttonwood Investment Services

Nolita 1

Sponsors, due diligence officers and financial advisors will be enlightened to:

  • Know how to structure marketing literature in a way to attract BDs and RIAs;
  • Reveal those due diligence questions that are show stoppers vs. show openers; and
  • Discuss the role a financial advisor may play in the review and approval of a new product.  

Moderator: Suneet Singal, First Capital Real Estate Investments
Participants: Dustin Zachmeyer, Griffin Capital Corporation; Cory Neumiller, Capital Financial Services; Derek Peterson, Terra Capital Partners

Nolita 2

After the concise 1031 Activity Update (Mountain Dell report), this session will be almost entirely Q&A, allowing for significant audience participation and feedback to cover any questions ranging in topics from 1031s to DSTs to tax considerations.

Presenter: Taylor Garrett, Mountain Dell Consulting
Moderator: Mark Kosanke, Concorde Investment Services
Participants: Louis Rogers, Capital Square 1031; Stephen Decker, IPX1031; Dan Cullen, Baker & McKenzie

5:15-6:15 pm

Belmont 4, 8

Are you smarter than a sponsor?  This session will examine many of the areas where “urban myths” dominate over reality and uncover issues that everyone in the industry should be familiar with. The interactive format will allow the different industry groups to compete and determine whether they are in fact smarter than a sponsor.
 

Facilitators: Darryl Steinhause, DLA Piper; Adriana Olsen, Passco Companies; Cameron Hellewell, Orchard Securities

6:15-7:30 pm

Wednesday, September 28

7:30-8:30 am

Exhibit Hall

8:30-9:30 am

Belmont 4, 8



With over 30 years in the industry as an investment manager, lawyer, principal, and banker, Bob may be the country’s best known alternatives expert. He is the bestselling author of “The Alternative Answer” and “Three Moves Ahead,” appears regularly in TV and print media, and conducts educational events for thousands of FAs and investors each year.
 
After starting his career at the U.S. Justice Department, Bob was a financial products partner at the premiere Wall Street law firm, Milbank, Tweed. He then launched a technology startup that became the publicly traded Viewpoint, of which he served as CEO. He returned to Wall Street in 2004, founding broker dealer Tangent Capital and later the consulting firm Rice Partners, both of which serve alternative managers and investors.

9:40-10:30 am

Mont-Royal 1

Participative program for BD/RIAs only: Cory Neumiller facilitates further drill down and discussion by Bob Rice on how ways the financial advice community can communicate the value of alternatives and how to best deal with the robo/passive/ETF threat.

Facilitator: Cory Neumiller, Capital Financial Services
Presenter: Bob Rice, Rice Partners

Nolita 2

  • When structuring a potential offering, when do you involve members of your wholesaling team in the offering process? How valuable is their input in designing a potential offering?
  • How valuable has the due diligence process been in understanding what aspects of an offering are appealing to broker-dealers?  
  • When marketing and educating the broker-dealers about your offering, what aspects seem most attractive to them? How would you recommend other sponsors effectively communicate the strengths of their offerings?
  • How significantly does the process differ in structuring an offering, depending on whether it is public or private? Do you think a private offering is necessarily “riskier” than a public one?
  • What one piece of advice would you give potential sponsors considering an entry into this space?  

Moderator: Kirk Montgomery, CNL Securities
Participant: Steve Kantor, S2K Financial; Daniel Oschin, Shopoff Realty Investments; Derek Peterson, Terra Capital Partners; Jason Plucinak, GWG Holdings

Nolita 1

New legislation and technological innovations in self-directed IRAs are making it easier and more affordable for retail investors to invest in alternatives using retirement dollars. This session will show sponsors how these two factors are creating an unprecedented opportunity to increase AUM.

Presenters: James Jones, IRA Services Trust; Jason DeBono, NuView IRA; John Berlau, Competitive Enterprise Institute; Rajeev Kotyan, Innovative Advisory Group

10:30-11:00 am

Exhibit Hall

11:00 am-12:00 pm

Belmont 4, 8

The big picture: What does the world macroeconomic outlook look like for 2016 and 2017, and how can alternative investments play a key role for institutional and retail investors?

Moderator: Emily Messerschmitt, The Fig Group
Speakers: Mark Earley, Hines Securities; Daniel Wildermuth, Kalos Financial; Malone Mitchell, Redhawk

12:00-1:00 pm

Belmont 4, 8

A conversation with Joe Torre: hear first-hand how world champion Joe Torre rose from player to executive, and how his style of team leadership sparked the talent in others to achieve greatness.