RCS Capital Corporation and Realty Capital Securities Leaders Speak at ADISA’S December BDAC Meeting

Dec 16, 2014

The Alternative & Direct Investment Securities Association (ADISA, f/k/a REISA) issued a summary of December’s Broker-Dealer Advisory Council (BDAC) monthly telephonic meeting. ADISA invited senior RCS Capital Corporation and Realty Capital Securities representatives, including Louisa Quarto, President, Realty Capital Securities; Mike Weil, CEO, RCS Capital; and John Grady, Chief Strategy and Risk Officer, RCS Capital; to participate in the call with approximately 50 ADISA member participants. 
Mike Weil, a past president of REISA, which is now known as ADISA, opened the call with an update on corporate governance initiatives underway at RCS Capital, Realty Capital Securities and the companies for which Realty Capital Securities serves as distributor. 
“Over the past few months, we began the process of completing the separation of the American Realty Capital Properties, RCS Capital and Realty Capital Securities, so that they operate independently of one another,” said Weil. “In the coming days, AR Capital will announce that it has engaged a top accounting firm to act in an ongoing internal audit capacity with respect to the REITs AR Capital sponsors, demonstrating our commitment to controls and proper oversight.”
Mr. Weil went on to note that while many of the broker-dealers suspended selling agreements in late October, many did not due to the fact that they understood the separateness of American Realty Capital Properties from RCS Capital, Realty Capital Securities or the products distributed by Realty Capital Securities. Finally, Mr. Weil concluded by reviewing the current management structure of RCS Capital and Realty Capital Securities. Currently Weil and Bill Dwyer are on a 30 city tour visiting Realty Capital Securities’ selling group members and their financial advisors. 
Following the presentation, the call was opened to questions from those on the BDAC.  During the Q&A session, the Realty Capital Securities team mentioned that additional corporate governance initiatives and announcements were anticipated and would be shared with the broker dealer community in the coming weeks and months.  
As with other BDAC calls, the question and answer session was followed by a closed-door discussion with just the BDAC members.   
About ADISA and the BDAC
The Alternative & Direct Investment Securities Association (“ADISA”) is a national trade association serving alternative investment and securities industry professionals who are active in offering, managing and distributing private and public direct investments. ADISA connects members directly to key industry experts through intimate forums and leading edge conferences and trade shows providing timely trends and education. The association was founded in 2003 and has more than 4,500 members who are key decision makers that represent more than 30,000 professionals throughout the nation. ADISA works to maintain the integrity and reputation of the industry by promoting the highest ethical standards and providing education, networking opportunities and resources to its members.  Its BDAC is comprised solely of member broker-dealers who meet monthly, generally by teleconference, to discuss issues of importance to the BD community.  The format is designed for open dialog to learn from each other while building a platform to answer questions among the retail Broker-Dealer/RIA community.