2023 Spring Conference

Featuring Special Guest

Judy Hoberman, President of Judy Hoberman & Associates

Amplifying Your Message So That You Speak With Confidence And Negotiate With Authority

Research shows that women are great at negotiating for others but terrible at advocating for themselves. How can we as women find an effective way to negotiate for ourselves to achieve just as good outcomes for ourselves as for others…and do it with confidence?

Here’s a fact that we may not be aware of: Women are much less likely to ask for a promotion, a raise, a new project, or an opportunity to lead than men are. Women are more likely to accept whatever is being offered than to continue to press to find out what might be possible. Sometimes it can boil down to the feeling that we’re not worthy. It shouldn’t come as a surprise that if you don’t feel worthy to have a seat at the table, it is impossible to be a good negotiator.

It’s time to develop your negotiating skills. It starts with your brand and your message. At any stage of your career—whether you are interviewing for a job or already a leader at your company—strong negotiation skills are a must.

This session brings a noted cast of industry veterans to identify aspects of alternative investments and pass on their knowledge. 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. This session will also address some of the legal, tax and regulatory issues surrounding alt offerings with some of the best minds in the industry!

Session coordinator: Greg Mausz, Skyway Capital Markets
Moderator: Greg Mausz, Skyway Capital Markets
Participants: Bret Norris, Inland Securities Corporation; Sam Montgomery, Legendary Capital; Adriana Olsen, Passco Companies; Chris Loeffler, Caliber

Athletes will share their wisdom, goals, insights and what they can pass down to the next generation.

Topics:

- What is your experience?
- How does it differ from when you first started in the league to today?
- How do your peers and financial professionals affect you in your investment decisions?
- What are your plans for your own future investments within your family?

Session coordinator: Tanisha Bibbs, ADISA

Moderator: Matthew Iak, U.S. Energy Development Corporation
Former NFL Players: Cory Procter, Andre Reed and Drew Bledsoe

Presenters will offer conversations reps can have with clients that puts starting cash flow into perspective. Real number examples on catching up, depreciation effect, basis discussion, total returns, purchasing power, sponsor strength, tax benefits and more. In today's environment ancillary benefits may need to be highlighted even more than ever.

Session coordinator: Mark Kosanke, Concorde Investment Services
Presenters: Mark Kosanke, Concorde Investment Services; Joe Nugent, Arkadios Capital

An increasing number of DST programs include an option (by the investors or the UPREIT) to participate in an UPREIT transaction. This program will discuss details that broker-dealers should consider when recommending an investment in a DST/UPREIT deal. Topics will include a summary of how DST/UPREIT transactions work, the business and legal difference between the programs, the tax implications of the UPREIT (721) rollup, recommendation considerations including whether a second investment decision is being made at the time of exercise, broker-dealer approval of the REIT making the offer, and the information that should be understood about the UPREIT.

Session coordinator: Darryl Steinhause, DLA Piper

Facilitator: David Wilson, Equifinancial
Presenter: Darryl Steinhause, DLA Piper

Learn how leading RIA, BD and sponsor firms are using social media and internet best practices within regulation to propel their business forward in 2023.

Session coordinator: Stacy Stemen, Passco Companies
Interviewer: Damon Elder, Spotlight Marketing Communications
Participants: Kyle Kadish, Advantage Wealth Solutions; Sylvia Kwan, Ellevest; Raymond Davis, Red Oak Capital Holdings

What are the broker-dealers and other distribution partners looking for in current deals? Does that change if this is a DST, fund or other type of deal? Are there certain aspects of deals, whether structure, disclosure, or otherwise that will make a deal hard to approve? What do you wish sponsors knew that you needed before you get the deals?

Session coordinator: Tom Voekler, KVCF
Moderator: Tom Voekler, KVCF
Participants: Ann Moore, International Assets Advisory; Drew Jackson, Concorde Investment Services; Rajeev Kotyan, Innovative Advisory Group

Get the most current numbers and trends, newly synchronized for smoother presentation of essential updates for our major sectors—providing overview and featured drill downs: 1031s, REITs, Opportunity Zones, Energy, BDCs, Reg As, Interval Funds, and new sales and channel data.

Presenters: Mike Kell, iCapital; Kevin Bradburn, Mountain Dell Consulting; Kevin Gannon, Robert A. Stanger & Co.; Jeff Shafer, CommonGood Capital

Latest news from national and state capitals on issues affecting our industry -- with FINRA, U.S. Government Executive Branch, and selected state and federal government regulators.

Panelists: John Grady, ABR Dynamic Funds; Catherine Bowman, The Bowman Law Firm; Joe Price, FINRA; Andrew Hartnett, Iowa Insurance Division

The evolution in alternative investment equity markets continues to expand beyond traditional equity and debt capital sources. In this panel, we will explore the rise of preferred equity offerings and the advantages and disadvantages they pose for issuers and investors alike. Where do these vehicles fit relative to an issuer's overall capital strategy? How are the proceeds being used? Are they still viable for both the issuer and investor in the current macroeconomic environment?

Session coordinator: Martin Hedstrom, Bluerock
Moderator: Jake Heidkamp, FactRight
Participants: Catherine Bowman, The Bowman Law Firm; Josh Rubinger, Ashford Securities; Eric Graber, Preferred Capital Securities; Martin Hedstrom, Bluerock

- Impact on sales strategy, hold periods and buyer/seller pricing expectations
- Rising operating costs and their impact on value-add strategies
- Underwriting rent growth -- can rent growth keep up with rising expenses?
- When does it pay to develop ground up vs. acquire existing assets?
- What kind of equity and debt is available and how much does it cost? Additional strings attached? Fixed or floating rates? Caps or swaps?
- Has your acquisition focus changed following the COVID pandemic, recent demographic shifts, and rising rates? Where is the value?

Session coordinator: Alex Anderson, Time Equities
Moderator: Christina Roush, Cushman & Wakefield
Participants: Daniel Oschin, Shopoff Realty Investments; Bryan Mick, Mick Law; David Becker, Time Equities

ADISA explores the newest entrants to our space, in investigative style, we unpacked some of the investment products as they via for attention -- this session will feature infrastructure, crypto and more. Be part of the critique as we find out more on how the new products stack up as investment opportunities.

Session coordinator: John Grady, ABR Dynamic Funds

Investigator: John Grady, ABR Dynamic Funds
Participants: Justin Reich, Seedbrite Ventures; Bill Leitner, Leitner Storage; Lane Dietmeier, Lexshares

A) Alternative investment strategies continue to offer the potential for increasingly unique sources of enduring diversification. Alternative investments totaled $13 trillion in assets in 2021, according to the market research from Preqin. The total dollar value in these classes has more than doubled between 2015 and 2021, and is forecasted to reach $23 trillion by 2026.

B) This much is certain -- the traditional 60/40 portfolio allocation is no longer enough. The opportunity for alpha is not gone, but the low-hanging fruit has long been harvested, and the path toward higher absolute returns has gotten far more nuanced.

C) Fiduciaries will need to work harder to manage for better outcomes while incorporating sustainable investment strategies.

Session coordinator: Rajeev Kotyan, Innovative Advisory Group
Moderator: Rajeev Kotyan, Innovative Advisory Group
Participants: Paulina Stannard, CI Private Wealth; Rizwan Ibrahim, Accretive Wealth Management

In this dynamic session, hear from due diligence officers on why they believe 506b is the way to go or how they became comfortable transitioning to 506c. Understand what they believe are the pitfalls or challenges with each offering type. For those that have transitioned to include 506c programs, gain an understanding of how and why they transitioned, their verification process, and educational efforts. A high-level overview of program differences will be presented.

Session coordinator: Heidi Wheatley, KNPRE 1031
Moderator: Heidi Wheatley, KNPRE 1031
Participants: Tom Voekler, KVCF; Amy Arnold, Concorde Investment Services; Karlton Kleis, Arete Wealth Management

The first mutual fund was launched in 1924, and many more debuted in the following decades, but it took clear regulation and the "Morningstar Ratings Revolution" of 1985 to truly bring these products into the mainstream and make them a cornerstone in most investors' portfolios. Similarly, ETFs started as obscure passive investment vehicles but have burgeoned into core holdings for millions of investors.

What is holding alternative investments back from being considered in the same breath as mutual funds and ETFs? What are the next steps required for alternative investments to become a key part of more client portfolios? This panel will explore a number of timely topics, focusing on performance and liquidity, but also including product structure, valuation methodology, disclosure standards, due diligence and cost.

Session coordinator: Thayer Gallison, Cottonwood
Moderator: Thayer Gallison, Cottonwood
Participants: Jay Frank, Cantor Fitzgerald; Catherine Bowman, The Bowman Law Firm

Legislative & Regulatory Committee Meeting
12:00-12:45 pm
Ballroom 12

Impact Investing Committee Meeting
12:45-1:30 pm
Ballroom 13

With Special Guest Daniel Ismail
Managing Director, Strategic Research
Green Street

Danny Ismail is a Managing Director at Green Street and Co-Head of Strategic Research and founded the firm’s burgeoning global ESG research team. He is a subject matter expert (SME) on the effects of working from home (WFH) on U.S. office values. In addition, Danny is an expert on New York City, West Coast, Texas and Sun Belt office market fundamentals and valuations. He is a member of the Urban Land Institute (ULI), contributing as a member on the Industrial and Office Park Development Council. Prior to joining Green Street in 2016, Danny was an investment analyst at the Automobile Club of Southern California. He earned an M.B.A. from the Anderson School of Management at the University of California, Los Angeles and is a CFA Charterholder.

Join industry experts for a detailed update on Qualified Opportunity Zones Program which, line the rest of the 2017 Tax Cuts and Jobs Act (TCJA), sunsets at the end of 2026. Understand how the program has evolved over the last five years and what is in store over the next three and a half years. Hear actionable strategies using OZs to attract HNW and UHNW families and understand when an OZ is superior to a 1031 exchange when selling real estate.

Session coordinator: Laurie Levassar, Cantor Fitzgerald
Moderator: Michael Fitzpatrick, Baker Tilly
Participants: Scott Street, Griffin Capital Company; James Brunger, Capital Square; Jay Frank, Cantor Fitzgerald

Last year, ADISA published Best Practices for Delaware Statutory Trust offerings. This panel will discuss the practical application of the Best Practices from a broker-dealer, sponsor and due diligence perspective. What do sponsors and broker-dealers find too difficult about operating within the Best Practices? How do due diligence officers view the Best Practices? What about offerings that fall outside the Best Practices? What are the benefits and burdens of the Best Practices to the industry? What are the hurdles and impediments in operating in an industry with Best Practices, as well as how the Best Practices can improve the product offered to clients?

Session coordinator: Darryl Steinhause, DLA Piper
Participants: Mike O'Toole, Discipline Advisors; Scott Smith, Flatirons Asset Management; Brian Sanborn, NexPoint; Cameron Hellewell, Orchard Securities

In San Diego's Channel News 4 Team's absence, a panel of due diligence officers is here to share "what's happening in your world tonight." They will discuss how market activity influences their process: Has the jump in risk-free rates changed thoughts on illiquidity? Does a slower capital raise environment adjust the favorability of offerings? The conversation with industry peers will never have you saying "I immediately regret my decision," or "that really got out of hand fast." Instead, this thoughtful discussion will help you "Stay Classy."

Session coordinator: Kyle Kadish, Advantage Wealth Solutions
Moderator: Kyle Kadish, Advantage Wealth Solutions
Participants: Todd Doorenbos, Arete Wealth Management; Marc Haiar, Concorde Investment Services; Jarad Mitchell, Saxony Securities

This is a session not to be missed for those interested in exploring alternative investment opportunities within the energy value chain. During this session, we will discuss non-energy focused investment opportunities in BOTH oil & gas and on the ESG/clean energy side. The session will explore the economics and tax advantages of multiple oil & gas focused strategies and structures that include drilling, QOF/QOZ programs that focus upon E&P, Section 1031 eligible royalty acquisition programs, and non-traded oil & gas focused hedge funds. The session will also explore the current headwinds facing these strategies and what ADISA members need to consider when sourcing and reviewing these products for due diligence purposes. In addition to oil & gas, we will discuss opportunities for broker-dealers, RIAs and family offices on the clean energy side of the energy value chain, and how these opportunities are structured to deliver competitive economics, as well as ESG related value to stakeholders and the public at large.

Moderator: Brad Updike, Mick Law
Presenters: Matthew Iak, U.S. Energy Development Corporation; John Donovan, Donovan Ventures; Sam Irvani, Waveland Capital; James Richmond, e2Companies

Session coordinator: Brad Updike, Mick Law

Recent news stories homed in on liquidity programs offered by various alt sponsors, especially non-traded REITs, credit funds and SEC-registered interval funds. Come hear some specifics behind what's being highlighted in these stories -- what's really going on from the portfolio construction and management standpoint, and what are the ways that programs and secondary market participants are dealing with these demands? We examine the situation from various angles.

Session coordinator: John Grady, ABR Dynamic Funds
Participants: Michael Underhill, Capital Innovations; Joseph Roth, Eagle Point Credit Management; Scott Brooks, RealBlocks Investment Advisors; Dustin Norris, NexPoint

There is over $160 billion of securitized commercial real estate mortgages scheduled for maturity in 2023, the height of maturities scheduled in a forward 10-year period ending in 2032. Over 60% are floating rate, providing no assurances of refinancing or new origination opportunities. With many traditional lenders having already announced a smaller or nonexistent appetite to lend to CRE borrowers, investors may see significant challenges or opportunities for their portfolios depending on how they are positioned.

Session coordinator: Jessica Correnti, Peachtree
Moderator: Steve Case, Bourne Financial Group
Participants: Zach Forman, Apollo; Paul Angle, KeyBank Real Estate Capital; Keegan Bisch, Peachtree

With Special Guest Dan Steffens, Founder and Current President of the Energy Prospectus Group

Steffens has over 40 years' experience in the oil & gas industry. He has a strong foundation in financial analysis, operational accounting and exceptional achievements in start-ups, public accounting, and upstream oil & gas companies. He has demonstrated an ability to improve the bottom-line results through attention to accounting systems, taxes, and financial controls. He is skilled in forging creative partnerships and alliances that have fueled business growth through investments and other capital infusions. His proven team-building and leadership skills have enhanced employee morale and contributed to organizational success.

Sponsored by:

Colin Coggins and Garrett Brown, creators of the "Unsold Mindset," are known for their surprising and entertaining approach to leadership, personal and professional development, and the selling (of ourselves, our ideas, and yes, products and services) we all do, every day.

After decades of collective experience as salespeople, leaders, and executives, their paths crossed at enterprise software startup Bitium, which they helped grow from relative obscurity to a prominent acquisition by Google. They now serve as adjunct professors of entrepreneurship at the University of Southern California's Marshall School of Business, where they teach the hugely popular class they created, "Sales Mindset for Entrepreneurs" -- a unique course centered on a first-of-its-kind curriculum combining leadership, sales, and personal development. It is the only mindset class of its kind offered at any university.

They are the authors of The Unsold Mindset (HarperCollins), which draws from extensive research and interviews with the world's most successful people to show that great leaders are great sellers, and the greatest sellers on the planet are the opposite of who people think they are. Colin and Garrett deconstruct everything we think we know about selling to show how anyone can achieve incredible results in their field, become the leader they wish they had, and find more purpose and fulfillment in their work.

As one of the most favored institutional asset classes, private equity has struggled to gain mainstream acceptance in retail finance. With the rise and fall of GPB Capital as the go-to sponsor for private equity offerings, we'll discuss what has been learned from past events and what will be different for this asset class moving forward. We'll get perspective from due diligence, compliance, and current private equity sponsor panelists that will shed light on how our industry has evolved and how private equity can still be utilized by retail clients moving forward. 

Session coordinator: Nate Romero, Clir Capital
Moderator: Nate Romero, Clir Capital
Participants: Richard de Silva, Lateral Investment Management; Gary Schwartz, Arkadios Capital; Mike McDaniel, Sentinel Group

How straight-through processing and technology are bringing a meaningful benefit to alts firms. Hear from all parties in a transaction who have embraced STP and how that's bettering their business and moving the industry forward.

Session coordinator: Mat Dellorso, WealthForge
Moderator: Marco Ramirez, Vestech Securities
Participants: Ned Montenecourt, Phoenix American; Mark Mercado, Capital Square; Brian Conneely, Peak Capital; Jason DeBono, NuView Trust

Private infrastructure is an asset class that offers a compelling blend of risk and return characteristics to investors seeking to diversify and enhance portfolios. This panel will discuss what it is, and how infrastructure investing diversifies alternative platforms through intrinsic value, unique return drivers, low correlations to other asset classes, low volatility, absolute returns, and inflation protection.

Session coordinator: Kara Howard, StratCap
Presenters: Mark Petersen, Lighthouse Life Capital; Michael Underhill, Capital Innovations; Brandon Hunt, StratCap

Open discussion between RIAs on the current opportunities and challenges within the alternative investment space.

Session coordinator: Craig Covington, DAI Securities

Facilitators: Craig Covington, DAI Securities; Rizwan Ibrahim, Accretive Wealth Management

You've Got Questions, Let's Find Answers
Join an august group of third party due diligence professionals to discuss product issues that broker-dealers have and benefit from group discussion to plot your path forward. Topics include proposed changes in investor liquidity provisions, controversial redemption gating, new trends in preferred stock offerings (not all are created equal), facts and updates on current product offerings, status updates available on non-performing products, and trends observed in product construction of which we all should be cognizant.

Session coordinator: Karlton Kleis, Arete Wealth Management
Participants: Catherine Bowman, The Bowman Law Firm; David Sengstock, Mick Law; Jake Heidkamp, FactRight

Sponsors discuss latest hot topics and concerns, as well as offer suggestions on future programming in a closed-door session for sponsors only. All sponsors are welcome to attend.

Session coordinator: Jade Miller, Bourne Financial Group