ADISA Career Center

Agenda

As of 3/13/18

Monday, March 26

2:00-3:00 pm

Sebastian L-1

Track: 1031


Master leases have certainly become a necessary part of most DST offerings as a protection from one of the "seven deadly sins" -- leasing. But adding another layer to the structure often clouds transparency -- how do the master leases actually work? This session will attempt to clarify many of the issues and questions that come up when attempting to understand and compare master leases. How, exactly, do they work? Why does this "pass muster" in the DST structure? How are they funded? Is this a profit center? How do funds flow through and what are the responsibilities? Three sponsors that current use master leases will compare and contrast their different structures and give listeners a clearer picture of how the structures work. Please bring your questions!

Session Coordinator: Mary Jo Wenmouth, ExchangeRight Real Estate
Moderator: Peter Matejcak, Baker McKenzie
Participants: Warren Thomas, ExchangeRight Real Estate; Adriana Olsen, Passco Companies; Steven Meier, Seyfarth Shaw; Darryl Steinhause, DLA Piper

Sebastian L-2

Track: Miscellaneous Alternatives


This panel will be composed of representatives from three sponsors that are in the BCD space that have different investment strategies and have responded to the changing environment in different ways. In addition, the panel will have a senior executive of a due diligence firm who can speak to the changes she is seeing in the marketplace. During the last two years, large BDC sponsors have terminated their offerings and, in some cases, moved to sell under different wrappers. Sales in the IBD/RIA channels by non-traded BDCs have contined to decline. Separately, however, the private BDC marketplace has grown tremendously showing that the BDC structure continues to have appeal. Our panelists will discuss the following topics:
  • The regulatory treatment of non-traded BDCs vis-à-vis competing products such as interval funds and non-traded closed-end funds in areas such as multiple share classes, state Blue Sky registration and FINRA underwriting compensation.
  • Discussion of the private BDC model and whether this may be an option for sponsors to consider in light of the regulatory challenges facing BDCs.
  • What is a winning strategy for BDCs today and is this answer different today than it was two years ago?
  • Is there a place for new sponsors with innovative ideas that are not supported by a large sponsor?

Session Coordinator: Owen Pinkerton, Morris Manning & Martin
Participants: Stephanie Conkright, Triton Pacific Securities; Rob Hoffman, FS Investments; Catherine Bowman, The Bowman Law Firm

Sebastian L-3

Track: Miscellaneous Alternatives


The basics -- what are these, and how do they work? What do due diligence officers and financial advisors need to know to successfully navigate the conservation easement landscape? Financial advisor perspective -- what do clients need to know and be wary of when considering their options?

Session Coordinator: Mark Atchity, JCC Advisors
Moderator: Brad Updike, Mick | Law
Participants: Bryan Kelley, Webb Creek; Mark Atchity, JCC Advisors; Robert Keller, Atlantic Coast Conservancy

Sebastian L-4

Track: DPP


This session will identify detailed aspects of alternative investments. We will examine typical varieties of offering structures and the corresponding related potential benefits and risks associated with investments in alts. 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. Alternative investments 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, alts 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 alt offerings with some of the best minds in the industry!

Session Coordinator: Greg Mausz, Preferred Apartment Communities
Moderator: Greg Mausz, Preferred Apartment Communities
Participants: Bill Winn, Starboard Realty Advisors; John Carter, Carter Multifamily

3:10-4:15 pm

Sebastian L-1

Track: Miscellaneous Alternatives


Reduced transaction fees, brokerage account transparency and no subscription documents create an important business development opportunity. DTC-eligible investments bought in "street name" can be an inroad to a more expansive group of broker-dealers and RIAs. Explore the process, ease of doing business, challenges & rewards.

Session Coordinator: Heidi Wheatley, Preferred Apartment Communities
Moderator: Scott Smith, FactRight
Participants: Matt Leiter, GK Development; Shaun O'Leary, Preferred Apartment Communities; JP Parker, VIA Folio

Sebastian L-2

Track: Technology & Security


As the paper processing path continues to disintegrate, APIs are being viewed as strategic business assets used to create automation, determine suitability, and enhance monitoring capabilities. Collaboration between vendor, asset manager, and product sponsor on API strategy and data analytics technology is what will lead us to the new frontier. In this session, we will talk about the challenges you are trying to solve, and how, specifically, data analytics integration can help your firm take on the never-ending challenge of finding ways to surpass your biggest competitors.

Session Coordinator: Chris Shaw, DST Systems
Presenters: Mike Huisman, DST Systems; Brad West, FS Investments

Sebastian L-3

Track: Miscellaneous Alternatives


The recent tax reform means that we each bring varying levels of expertise from different facets of tax law and will now apply conflicting assumptions on how best to tackle the new tax treatment. This will take a while to ferret out and plan. Get a leg up for 2018 and hear how our panel of experts will face the issues.

Session Coordinator: Bryan Mick, Mick | Law
Moderator: Don Deans, Deans Consulting
Participants: Mark Kosanke, Concorde Investment Services; Michael Miller, Sigma Financial Corporation; Jack Hollander, EcoVest; Michael T. Ezzell, Inland Securities Corporation

4:30-5:00 pm

5:00-6:00 pm

Sebastian J

Diversity Dividend: Why You Should Invest in Her
For an industry that prides itself on mastering risk management, finding value and uncovering arbitrage opportunities, the financial services sector is falling flat. Why? Because most firms are overlooking one of the biggest investment opportunities ever: women. Research supports the business case for gender parity. Companies with more women in leadership have higher financial returns, increased innovation, greater productivity, and higher employee retention and satisfaction. The CFP Board Center for Financial Planning challenges the financial services sector to invest in her.

Sponsored by ADISA's Women's Leadership Forum

See Marilyn Mohrman-Gillis' bio here.

Introduction by John Grady, DLA Piper
Q&A following, moderated by Deborah Froling, Kutak Rock

6:00-7:00 pm

Exhibit Hall (Sebastian K)

Tuesday, March 27

8:00-9:00 am

Exhibit Hall (Sebastian K)

9:00-10:00 am

Sebastian J

Moderator: Catherine Bowman, The Bowman Law Firm
Panelists: Paul Mathews, FINRA; Donna Esau, SEC; Joe Borg, NASAA

10:15-11:15 am

Sebastian J

Rudy Giuliani
107th Mayor of New York City (1993-2001)
Read his full bio here.

Moderator: Trey Hoppe, MCI Megatel Investment Corporation

11:20-12:10 pm

Sebastian L-2

Track: RIA/Broker-Dealer Practice


Learn how IARs can work within independent registered investment advisors who provide a plethora of services, including portfolio and investment management that includes non-publicly traded assets. The discussions will be centered around use of marketing, sales, service, operations and use of technology, and what an IAR should want and expect from their firm to build their business and maintain their long-term relationships with their clients.

Session Coordinator: Rajeev Kotyan, Innovative Advisory Group
Presenters: Darren Whissen, Atomi Financial Group; Christopher Winn, Interactive Wealth Advisors

Sebastian L-1

Track: New & Innovative 


ADISA's intrepid newsman, John Grady, goes in exploration of the newest entrants to our space. Blazing new trails, our newsman searches out original sources for new investment products such as farm land, ground leases, unique development opportunities and more. Tune in now for the latest investment strategies from some of our newest sponsors.

Session Coordinator: Mark Petersen, MBD Solutions
Facilitator: John Grady, DLA Piper
Panelists: David Gladstone, The Gladstone Companies; Jeffrey Knyal, Landmark Dividend; Christopher Beavor, CAI Investments

Sebastian L-3

Track: REIT


Major institutions have entered the REIT space occupied by ADISA's real estate sponsors historically, making great strides and taking significant market share. Do you need to be a widely known institutional name, or aligned with one, for success in the market today? Is the door still open for smaller, perhaps less known and/or prospective entrants? How does a new entrant or small firm compete? What are established and larger existing sponsors doing to stay relevant?

Session Coordinator: Lee Iredell, Four Spring Capital Trust
Moderator: Tony Chereso, Investment Program Association
Participants: Matthew Malone, FS Investments; Mark Goldberg, Griffin Capital Corporation; Mark Earley, Hines Securities

Sebastian L-4

Track: 1031


This session will take an in-depth look at the most pertinent aspects of real estate underwriting as the asset level from the specific viewpoints of a sponsor, a broker-dealer, and a third-party due diligence law firm. Industry experts will discuss general underwriting considerations before breaking down factors that are relevant to each specific asset class, as well as the importance of pro forma assumptions and how minor alterations in a property-level pro forma can generate a substantially different outcome on annual cash yield and dispositional value.

Session Coordinator: David Sengstock, Mick | Law
Moderator: David Sengstock, Mick | Law
Participants: Tim Witt, Concorde Investment Services; Nati Kiferbaum, Inland Private Capital Corporation

12:15-2:00 pm

Exhibit Hall (Sebastian K)

2:00-2:50 pm

Sebastian L-1

Track: DPP


This session will identify advanced principles of alternatives available today to the BD/RIA community. The panelists will provide an outline of the key fundamental elements that should be considered and evaluated when reviewing and prior to working with alternative investments. Industry experts will share their best ideas for what really works when it comes to implementing alts into one's practice. Collectively, industry participants, including issuers, sponsors, broker-dealers, RIAs, registered representatives, investment advisors, attorneys and third-party analysts, can participate and play key roles by providing essential input on how to conduct proper due diligence and evaluate alternative investment offerings due to the unique nuances in each program. Because they have a low correlation to traditional asset classes, alts can provide excellent diversification to a portfolio heavy in stocks when positioned correctly.

Session Coordinator: Greg Mausz, Preferred Apartment Communities
Moderator: Greg Mausz, Preferred Apartment Communities
Participants: Paula Miterko, Miterko & Associates; David Becker, Time Equities; Brent Barton, MBD Solutions

Sebastian L-4

Track: 1031


Today's 1031 exchange offerings are very different from those of the early 2000s, and the financing structures have evolved with the industry over time. In this session, industry experts will discuss why certain property types and tenant credits work best with different financing and leverage structures, and how potential changes in lending structures could affect the industry going forward.

Session Coordinator: Denise Faber, Inland Real Estate Investment Corporation
Moderator: Mike Bendix, DFPG Investments
Participants: Darryl Steinhause, DLA Piper; Larry Sullivan, Passco Companies

Sebastian L-3

Track: Miscellaneous Alternatives


One of the newer market entrants in the alternative space are closed-end interval funds. What are these funds, how are they regulated, what differentiates them from other alternative 1940 Act products? How can these funds be used in building a diversified investment portfolio and what does the future look like for these funds? This panel will provide a brief overview of the structure, regulation and differences between these funds and the other alternative products, as well as how you should analyze and sell these products to investors pursuing a diversified investment portfolio.

Session Coordinator: Deborah Froling, Kutak Rock
Speakers: Mark Goldberg, Griffin Capital Corporation; Josh Hoffman, Bluerock Real Estate; Shana Bell, The Bowman Law Firm; Ann Moore, International Assets Advisory

Sebastian L-2

Track: RIA/Broker-Dealer Practice


Learn how registered representatives best use their broker-dealer to help develop a full practice, including using alternative investments. Whether you are a new rep entering the industry or a seasoned rep moving to the independent broker-dealer channel, our panel of experts will go over how to work with the right broker-dealer that fits your particular needs. There will also be discussion on managing clients as well as investments for illiquid securities in today’s constantly changing regulatory and investing environment.

Session Coordinator: Dave Laga, DFPG Investments
Presenters: Mark Kosanke, Concorde Investment Services; Taylor Garrett, Mountain Dell Consulting; Shim Plotkin, Plotkin Financial Advisors

3:00-3:50 pm

Sebastian L-1

Track: REIT


Are preferred stock offerings better than traditional REIT offerings? Why? What types of return expectations should investors have when participating in these offerings? What will drive the targeted results? What makes one preferred offering better than another, and how should firms evaluate these offerings against each other in the due diligence process? This session will also discuss dilution risks, warrants and valuations considerations, and the structural nuances of these types of offerings, as well as where preferred stocks fit in overall portfolio allocation.

Session Coordinator: Lee Iredell, Four Spring Capital Trust
Moderator: John Grady, DLA Piper
Participants: Lenny Silverstein, Preferred Apartment Communities; William Dioguardi, Four Springs Capital Trust; Josh Hoffman, Bluerock Real Estate

Sebastian L-2

Track: Energy


This session will provide guidance on how to utilize third party due diligence resources to assess the merits and risks of retail syndicated oil and gas programs. The session will be presented primarily from the perspective of financial service firms that have active energy product platforms and that underwrite such products on an active basis. You will hear from panel members: (i) how they use third party due diligence to effectively support their due diligence efforts; (ii) which parts of the third-party opinions they find to be most helpful; and (iii) what types of information routinely come up in the reports that should be considered red flags in terms of product risks. The session is targeted for due diligence personnel of BDs, RIAs and family offices, as well as financial service advisors that want to learn more about how third party resources are used within the product evaluation process.

Session Coordinator: Brad Updike, Mick | Law
Moderator: Alyson Harter, Williams Mullen
Participants: Kurt Tesh, Kalos Financial; Dana Woodbury, Buttonwood Financial Services; Peter Magnuson, Ladenburg Thalmann

Sebastian L-3

Track: Miscellaneous Alternatives


Yes, this is a product for the broker-dealer and RIA community. Where do these products fit on the product shelf and what about suitability? More transparency than private placements? Lower cost than public offerings? Does Reg A+ provide the best of both worlds or a new set of complexities? This panel of experts will examine the Reg A+ offerings and how they can be successfully integrated onto a BD/RIA platform. Differentiation between Reg A+ offerings and "crowdfunding."


Session Coordinator: Jan Ryan, JCC Advisors
Moderator: Paula Miterko, Miterko & Associates
Participants: Rob Kaplan, Kaplan Voekler Cunningham & Frank; Joan Dromey, Computershare; Michael Tryon, Tryon Investments

Sebastian L-4

Track: Technology & Security


Cyber threats to asset managers and broker-dealers are no longer a question of if, but when, a breach will occur. In addition to having processes in place to help thwart attacks, adopting practices to quickly detect and respond to breaches is just as important. Hear about strategies and tactics you may want to consider for strengthening your overall cybersecurity program.

Session Coordinator: Chris Shaw, DST Systems
Moderator: Derek Bridges, DST Systems
Participants: Phillip Nemmers, Ernst & Young; Eric Boos, Shook Hardy & Bacon

3:50-4:20 pm

Exhibit Hall (Sebastian K)

4:20-5:10 pm

Sebastian L-1

Track: Energy


Recent income tax code changes that affect oil/gas investments (mainly $500k loss limit on active pass through losses and the 20% QBI rule).

What is going on with current oil/gas prices and what developments will affect such prices going forward (S/D fundamentals today and what events could affect the same going into 2018)?

Trending plays -- where are companies deploying drill capital and why? What plays are optimistic and which are still out of favor?

Session Coordinator: Brad Updike, Mick | Law
Moderator: Justin Reich, APX Energy
Participants: Andy Nguyen, Resource Royalty; Woody Soemantoro, MDS Energy Development; Matt Iak, U.S. Energy Development Corporation

Sebastian L-2

Track: REIT


Out of the limelight for a number of years, private placements have hit the mainstream again, and there has been a continued increase in, and acceptance of, Reg. D offerings over the past several years. New approaches to offering creation, structure and strategy mean these are "no longer your father's private offerings," so to speak. What do these investment programs need to do to gain attention from investors, broker-dealers, RIA/FOs and institutions, and what is the value of working with smaller and/or newer sponsors? The session will address the most important considerations in structuring today's offerings to successfully access capital and gain traction and shelf space.

Session Coordinator: Lee Iredell, Four Springs Capital Trust
Moderator: Tom Voekler, Kaplan Voekler Cunningham & Frank
Participants: Matt Mayer, Berthel Fisher; Michael Miller, Sigma Financial Corporation; Daniel Oschin, Shopoff Realty Investments; Corey Maple, Lodging Opportunity Fund, REIT

Sebastian L-3

Track: 1031


This session will introduce the structure, concept and application of the two similar but different DSTs that are available to advisors and clients of highly appreciated assets (real estate, businesses and other highly anticipated assets). Experts will discuss the pros and cons of each structure, and how advisors can utilize these strategies to help clients navigate time-tested tax deferral methods.

Session Coordinator: Brian Buehler, Triton Pacific Securities
Moderator: Brian Buehler, Triton Pacific Securities
Participants: Louis Rogers, Capital Square 1031; Jordan Kanter, Victory Financial Services

Sebastian L-4

Track: Miscellaneous Alternatives


Not all investors are (or should be) 100% equity investors. Some need fixed income as a portion of their investment portfolios, others desire more protection with secured or mezzanine positions. With the potential for rising interest rates and inflation looming, bonds could be negatively impacted. Hear from a panel of experts on the best strategies for delivering income for investors in a rising interest rate environment.

Session Coordinator: Jan Ryan, JCC Advisors
Moderator: Jan Ryan, JCC Advisors
Participants: Matt Leiter, GK Development; Chris Milner, Cantor Fitzgerald; Merriah Harkins, GWG Holdings

5:20-6:10 pm

Sebastian L-1

Track: Miscellaneous Alternatives


A panel of industry experts will discuss the current private equity environment, highlighting the most relevant and pressing macro-level issues, trends, risks, and opportunities facing the industry. The panel will also discuss what activities sponsors are undertaking to make their product and offerings work better should these risks materialize, as well as various due diligence related issues that must be considered when reviewing private equity investment opportunities.

Session Coordinator: Grant Mathey, Mick | Law
Moderator: Grant Mathey, Mick | Law
Participants: Brian Buehler, Triton Pacific Securities; Craig Goos, GPB Capital; Carter Williams, iSelect Fund 

Sebastian L-2

Track: New & Innovative


It's been almost a decade since bitcoin and its underlying blockchain distributed ledger technology were born, planting the seed for the cryptocurrency mania that began in 2017. Blockchain allows for transactions to be recorded wihtout a central trusted authority. Any process that involves many parties and middlemen could potentially be made more efficient. Payments is what bitcoin aims to solve, but that's just one of many possible applications. Like any exciting technology, the hype is probably out ahead of what blockchain can realistically accomplish. Who could have guessed that there would be a mania around a type of database? But here we are, with wild swings in the prices of bitcoin and other cryptocurrencies on an almost daily basis. How do we address in serving clients?

Session Coordinator: Robert Jones, MBD Solutions
Moderator: Robert Jones, MBD Solutions
Participants: Jordan Fishfeld, CFX Markets; Scott Smith, FactRight

Sebastian J

Track: Miscellaneous Alternatives


In this latest installment of the ongoing due diligence debate, leading third-party due diligence analysts will be tested on their alternative investment knowledge in a format that channels the game shows of the '80s and '90s. Attendees will see these analysts in jeopardy as they press their luck with "quick fire" perspectives on the latest real estate, energy, BDC, fund and other alternative products. Come see these high rollers vie for the prize and find out who is the weakest link!

Session Coordinator: Chip Cunningham, Kaplan Voekler Cunningham & Frank
Moderator: Chip Cunningham, Kaplan Voekler Cunningham & Frank
Participants: Paula Miterko, Miterko & Associates; Catherine Bowman, The Bowman Law Firm; Bryan Mick, Mick | Law; Dana Woodbury, Buttonwood Financial Services

6:15-7:30 pm

Exhibit Hall (Sebastian K)

Wednesday, March 28

7:30-9:00 am

Exhibit Hall (Sebastian K)

9:00-10:00 am

Sebastian J

The latest sector reports:
 

  • 1031s with Taylor Garrett, Mountain Dell Consulting
  • Reg A+ with Tom Voekler, Kaplan Voekler Cunningham & Frank
  • Energy with Matt Iak, U.S. Energy Development Corporation
  • REITs, BDCs and Interval Funds with Mike Huisman, DST Systems

10:10-11:00 am

Sebastian L-1

Track: RIA/Broker-Dealer Practice


Our popular gathering of broker-dealer principals and key management personnel is designed to be the BD voice within ADISA. This free exchange of ideas is often lively, as participants brainstorm possible solutions to problems that are unique to broker-dealers and their reps. This month's topics include:
  • Steps to cut back on selling away;
  • OBA issues and oversight of outside RIAs;
  • Monitoring of general solicitation activities; 
  • Broker protocol;
  • Senior investors;
  • And more!

Session Coordinator: Mike Bendix, DFPG Investments
Participants: Michael Miller, Sigma Financial Corporation; Kurt Tesh, Kalos Financial

Sebastian L-2

Track: Miscellaneous Alternatives


Raising the first $10 million. The independent broker-dealer and RIA channels provide an excellent source of sustainable capital, but the process is complex. The marketplace demands products that deliver transparency, investor protections, industry leading innovations and solid investment strategies. And working in the highly-regulated securities industry involves intricacies completely foreign to many new investment product sponsors. This session will discuss how best to enter this intricate marketplace.

Session Coordinator: Mark Atchity, JCC Advisors
Moderator: Dana Woodbury, Buttonwood Investment Services
Participants: Vali Nasr, Claraphi Advisory Network; Amanda Teeple, Evolv Capital Partners; Damon Elder, Spotlight Marketing Communications

Sebastian L-4

Track: REIT


Are the fundamentals still in place for good investor returns? How will these be accomplished? What creative solutions and tested strategies are being put into practice by the best portfolio managers to drive values and returns across asset type/sector, and what are the best bets for outsized returns? On the flipside, are there any asset types to avoid?

Facilitator: Scott Smith, FactRight
Presenter: Dr. Randy Anderson, Griffin Capital Corporation

11:10 am-12:10 pm

Sebastian J

How to Grow Sales and Relations

Back by popular demand!

View Cheri's bio here.