MAY 6-9, 2019
Thank you to everyone who participated in IPA Summit & Hill Day 2019. We heard real-time insights from executive leadership at FINRA, the SEC and NASAA; met directly with 142 Congressional offices across 24 states; came away with actionable intelligence on QOZ Funds, the growing RIA channel and the latest Operations Technology initiatives and received product updates from 15 asset management firms.
A special thank you to our generous Summit and Due Diligence Symposium sponsors, without whom the success of this conference is not possible!
EXCLUSIVE REGULATORY INSIGHTS
IPA STRENGTHING REGULATORY RELATIONSHIPS
The IPA continues to strengthen relationships with the SEC, FINRA and NASAA through direct dialogue. This ongoing strategic initiative is breaking down old barriers and offering new opportunities to communicate about the evolution of PDI products – and the regulatory environment in which our businesses operate.
Leading up to IPA Summit, Tony Chereso, Anya Coverman, Trisha Miller (Stanger & Co.), Mark Goldberg (Griffin Capital), Michael Komenda (CIMGroup) and Mark Quinn (Cetera Financial) met with SEC Chairman Jay Clayton, and each of the SEC Commissioners – Hester Peirce, Robert Jackson, and Elad Roisman – to discuss SEC’s Regulation Best Interest rulemaking proposal and other SEC issues relevant to the PDI industry. This meeting followed the IPA’s meeting last fall with the SEC Chairman and Commissioners to discuss Regulation Best Interest and upcoming work of the Commission.
At IPA Summit, the IPA hosted an inaugural meeting between NASAA (President, past President, President-elect, and Chairs of its Corporate Finance and Broker-Dealer Sections, and its Corporate Office team) and Tony Chereso, Anya Coverman, leadership from the IPA Board of Directors and Chairs of key IPA member committees. The IPA and NASAA attendees covered a detailed agenda, including, a market update; an overview of the evolution of PDI products and commission structures; IPA best practice guidelines; the IPA/Stanger Monitor of alternative investments performance analysis and additional current issues from NASAA attendees. This constructive meeting was another positive step toward a better understanding of alternative investment products and their important role in securing American’s retirement income. The IPA and NASAA unanimously agreed to meet again in the near future to continue this important dialogue.
INTERVIEWS WITH FINRA, SEC AND NASAA
The PDI Story: Investment Impacts for Retail Investors
Kevin Gannon, Managing Director at Robert A. Stanger & Co., offered a big-picture look at product performance and market trends for the growing basket of PDI products.
YOUR VOICE MATTERS!
IPA MEMBERS MAKE AN IMPACT ON CAPITOL HILL
IPA members held 142 individual meetings with members of Congress from 24 states, discussing our top legislative priorities. And with over 100 new members in the 116th Congress, this year’s advocacy effort specifically focused on introducing the PDI industry and communicating the importance of making sure that all American’s have equal access to alternative investment products.
MEMBERS OF CONGRESS AT CAPITOL HILL RECEPTION
EXCLUSIVE PDI PRODUCT UPDATES
DUE DILIGENCE SYMPOSIUM
This year’s Due Diligence Symposium offered 15 presenting sponsors the opportunity to share comprehensive product updates and market insights in a convenient, information-based format with broker-dealer professionals and RIAs from across the industry. The symposium culminated with insider insights from FINRA’s Joe Price, who offered his perspective on a range of current regulatory issues, including, the FINRA360 initiative, ongoing compliance with FINRA regulatory requirements and exam priorities we may expect in the upcoming year.
SPECIAL THANKS TO OUR PRESENTING SPONSORS
QOZs, RIAs, OpsTech
IPA Summit 2019 attendees collaborated with their peers in group discussions designed specifically to address some of the industry’s most important topics. Three distinct interactive workshops – on Qualified Opportunity Zones, the RIA Community and Operations Technology Solutions – offering participants a unique opportunity to be on the leading edge of these important conversations.
Qualified Opportunity Zones
QOZ asset managers, broker-dealers and RIAs heard directly from Daniel Kowalski, Counselor to the Secretary, U.S. Department of Treasury, on the newest tranche of regulations from the IRS. Dan Cullen (Baker McKenzie) Steven Meier (Seyfarth Shaw), Darryl Steinhause (DLA Piper) and Catherine Lyons (Economic Innovation Group) identified best practices for structuring QOZ funds, capital deployment considerations and timelines for recognizing capital gains. The workshop culminated with a broad discussion on the need for deeper education and advisor training resources.
IPA members continued an ongoing Operations Technology initiative to standardize and streamline PDI industry processes. This productive dialogue is leading toward standardized agreement language, including language supporting electronic signature and delivery of documents. We discussed next steps toward engaging our partners involved in each step of straight through electronic processing, which will streamline business operations and coordinate the work of our industry technology platforms.
Our RIA Workshop was led by Darren Whissen of Atomi Financial Group, who identified the different types of RIA firms and how asset managers can more effectively reach them. The discussion was instructive, providing practical ideas and strategies to connect with this diverse audience. Several of the participating RIAs offered insights on how the industry can provide more seamless data and reporting, along with the ability to more consistently model PDI products for client accounts.