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2023 IPAVision Recap

Recently in Dallas, more than 400 industry pioneers joined the IPA to shape the discussion on critical issues and innovative solutions for the alternative investments industry. In opening the 2023 IPAVision and Due Diligence Symposium, IPA President Anya Coverman noted that now is the time to drive an expansion of the alternatives investments industry.



Day One Highlights


Travis Iles: Securities Commissioner, Texas State Securities Board

Following an introduction from IPA CEO Anya Coverman, Commissioner Iles offered attendees a warm Texas welcome, thanked the IPA and its member companies for their constructive collaboration with state regulators, and emphasized the ongoing need for a cooperative approach between the industry and regulators.

Texas is prioritizing creation of a favorable tax environment and a less burdensome regulatory framework.


Mark Goldberg: Independent Director, Senior Advisor

Change was the watchword from Industry veteran Mark Goldberg’s kickoff in the first session. Goldberg’s comprehensive survey of the five major banks, largest independent broker dealers and large RIA/consultant firms:

  • Revealed the top desired assets classes, primary investor objectives and preferred structures.
  • Projected that client penetration at brokerages is expected to more than double by 2025.
  • Predicted that new capital in public NTRs and BDCs is forecasted to surge from $24 billion this year to $41 billion by 2026.

Distribution partners’ expectations are evolving, and it will be crucial for issuers to align their offerings with changing demands.  


Distribution Partners' Perspectives

  • Moderator: Mark Goldberg
  • Mark Sutterlin: CFA, Head of Alternative Investments, Bank of America Merrill Lynch
  • Steve Snyder: Senior VP, Investment Product Management, LPL Financial
  • Michael Gaviser: Managing Director, Head of Alternative Investments and Private Markets, Morgan Stanley
  • Bill Duffy: VP, Alternative Investments, Fidelity Investments

Leaders from Bank of America, Merrill Lynch, LPL Financial, Morgan Stanley, and Fidelity Investments discussed the evolution and trajectory of alternative investments (alts). Their main takeaways:

Mark Sutterlin from Bank of America underscored the shift from viewing alts as luxuries to essential tools for portfolio diversification and emphasized both the importance of education in their distribution, and the significance of long-term relationships in reputation-building.

Michael Gaviser from Morgan Stanley noted the challenges of adoption, pointing out the complexities in purchasing, tax reporting, and the urgency to widen the market share for alts beyond the current 3%.

Bill Duffy of Fidelity Investments illustrated the concentrated nature of asset flows in their platform and emphasized the importance of diversified securities in optimizing platform functionality.

Steve Snyder from LPL Financial highlighted technological improvements to ease transactions.

The panel was united: advancements in education, technology, and strategic partnerships will be pivotal to the future trajectory of alternative investments in the financial landscape. 

Day Two Highlights


Greg Davies: Head of Behavioral Finance, Oxford Risk

Greg Davies: Head of Behavioral Finance, Oxford Risk

Starting off day two of IPAVision, Greg Davies, Head of Behavioral Finance at Oxford Risk, presented a keynote on emotional behavior and its relationship to investing. Key points for financial professionals:

  • Instead of trying to fight emotions in investing, Davie financial professionals should meet those feelings head-on.
  • Tune out factors like hot trends or family advice to stay on a steady course.
  • Strive to give consistent advice: investors should find consistent advice across financial professionals.

While humans may have an additional emotion factor that plays into investing and advising, they’re still better at investing than any machine ever could be. 


Exploring Capital Markets, Fundraising, and Performance in 2023 and Beyond

  • Kevin Gannon: Chairman & CEO, Robert A. Stanger & Co., Inc.
  • Mike Kell: SVP, Education Strategy and Programs, iCapital
  • Kevin Bradburn: CEO, Orchard Securities

For the second session of the day, industry leaders Kevin Gannon, Mike Kell, and Mike Bradburn shared the latest industry trends and performance from the past year.

Some “wow” factors in the alternatives space from Gannon:

  • Meeting redemptions of over $30 billion so far during this year.
  • Consideration of private placement structures
  • Emergence of high yield private credit investments.
  • Many current trends in the industry are interest-rate related.
  • In the last three years, many newcomers have entered the investment space.

Kell presented key findings from the 2023 investor survey results, with the key takeaway that 40% of investors are planning to increase their capital investments over the next 12 months, despite previous challenges.

Bradburn closed the session by discussing trends for 2023, highlighting an overall positive outlook for the year. He also projected $4-6B in estimated capital raises for the year and a 25% increase in sponsors year over year.

Market demand remains strong, despite lower than projected returns—which are still expected to move up.


AI (Artificial Intelligence) and the Future of AI (Alternative Investments)

  • Moderator: Jason Goode: Partner, Alston & Bird LLC
  • Matt Malone: Head of Investment Management, Opto Investments
  • Glenn Hopper: Director / CFO & Author, Eventus Advisory Group
  • Gil Haddad: Head of Advanced Strategies and Research, Fidelity Investments
  • Brian Knight: Senior Research Fellow, Director of Innovation and Governance, Mercatus Center

A panel on AI usage in the alternative industry closed out Wednesday’s sessions. Moderated by Jason Goode and featuring Matt Malone, Glenn Hopper, Gil Haddad, Brian Knight, the group started off by addressing how AI is a new form of machine learning, which has already been used in the industry for years. Their concerns included:

  • Potential systemic risk on the consumer side, which may not be transparent to either regulators or market participants.
  • Fears of AI replacing human jobs—which they felt were misplaced.
  • Risk of inherent bias from humans driving AI development.
  • How AI will be shaped by discourse and regulation.

But the the panel concluded that AI is a powerful tool that, used correctly, will be a tremendous positive for the industry.

AI will make analytics available to a much wider group of people. If the internet is democratization of data, what AI can bring is the democratization of science.


Breakout Sessions

The afternoon of day two featured six deep-dive breakout sessions designed to explore in more detail some of the most pressing issues facing the industry. These sessions included:

  1. Pivot to Private: Crossing from Publicly Registered Offerings to Private Offerings
  2. Navigating the Fractured Landscape: Insights into Social Investing and Conduct Standards
  3. Pathways to Retirement Security: Exploring Alternatives for Retirement Savers
  4. NASAA and the Future of State Regulation
  5. Tax Policy Issues to Watch
  6. Distribution Partner Roundtable

Day Three Highlights


Bringing to View the Insights of Unique RIAs, RIA Aggregators, and Family Offices

  • Moderator: Brendan Cuddihy, Chief Operating Officer, CAIS
  • Stuart Katz: Chief Investment Officer, Principal, Robertson Stephens
  • Clifford A. Lipscomb, Ph.D., MRICS: Chief Investment Officer, High Speed Alliance
  • Oksana Poznak: Director, Strategic Partnerships, Santuary Wealth
  • Michael Mansur: CFP, Founding Advisor at CAP
  • Arthur Loyd: Due Diligence Officer, SFA Partners

IPAVision closed out with a popular “RIA Speaks” session, hosted by Brendan Cuddihy of CAIS, who brought together a diverse panel of influential RIAs, RIA aggregators, and family offices. The dialogue offered unparalleled insights into this unique distribution channel.

Experts Michael Mansur, Stuart Katz, Oksana Poznak, Clifford Lipscomb, and Arthur Loyd, delved deep into the trends, preferences, and concerns prevalent in the industry, offering a nuanced perspective on advising clients and the role of both mainstream and alternative investment products. Key takeaways:

  • The current market scenario: the US Wealth Market is valued at approximately $40 trillion, with less than a 5% allocation to alternatives.
  • Despite barriers like operational inefficiencies and liquidity issues, allocation to alternatives, is projected to grow, driven by:
    • Heightened advisor and client demand.
    • Increased focus from asset managers.
    • Transformative regulatory and technological developments.

The panel highlighted the evolving landscape and the rising significance of alternative investments in the RIA sector. It elucidated transformative factors shaping the industry and underscored the growing impact of RIAs in the wealth market and alternative investment spectrum.

The market is anticipated to see up to $10 trillion allocated to alternatives in the next seven years, emphasizing dynamic evolution and immense potential within the RIA domain. 



This year at IPA Vision, we were proud to announce the winners of several annual achievement awards that honor visionary leaders that are making significant contributions across our industry. We were thrilled to honor Kevin Gannon, Chairman and CEO of Robert A Stanger with the 2023 Lifetime Achievement Award. We were also proud to present the IPA Outstanding Service Award to Anne-Marie Vandenberg, President & CEO of RREEF Property Trust and Chair-Emeritus of the IPA, Sheila Rapple, Managing Director and Global Head of Investor Services at Blackstone, Howard Hirsch, Partner at Nelson Mullins Riley & LLP, Phil Graham, Executive Vice President of Strategic Relations at Inland Securities Corporation, and Nick Darsch, Managing Director at Ultimus Fund Solutions. Finally, we were thrilled to present the Diversity, Equity and Inclusion Leadership award to Mark Fuentes, Director of Operations at Ashford Securities and former DEI Committee Co-Chair and Deborah Froling, Partner at Kutak Rock and former DEI Committee Co-Chair.



Advisor Asset Management
Advisor Group
AEI Capital Corporation
AGES Financial Services Ltd
Alliance160 LLC
Alliance Global Partners
Alston & Bird LLP
Alternative Investment Exchange (AIX)
American Portfolios Financial Services Inc.
Ameriprise Financial
AOG Institutional Diversified Fund (AOGFX)
AOG Wealth Management
Apollo Global Management
Ares Management Corporation
Ares Wealth Management Solutions
Armstrong Teasdale LLP
Ashford Hospitality Trust
Ashford Inc.
Avantax Wealth Management
Axxes Capital LLC
Baker & McKenzie LLP
Bank of America Merrill Lynch
Bates Group
Blue Owl
Blue Vault
Bourbon Financial
Bressler Amery & Ross
Broadridge Financial Solutions, Inc.
Brookfield Asset Management
Brookfield Oaktree Wealth Solutions
BV Capital
Cabot Lodge Securities, LLC
Calamos Investments
Cambridge Investment Research Inc.
Cantor Fitzgerald
Capital Square
Carter Exchange
Carter Funds
Cavria Advisors, LLC
Cetera Financial Group
CIM Group
CION Investments
Clifford Chance US LLP
CNB Custody
Cohen & Steers
Commerce Street Investments
Commonwealth Financial Network
Concept Capital
Crawford 1031 Advisors
Crescent Securities Group, Inc.
Crow Holdings Capital Partners, L.L.C.
D.H. Hill Securities, LLLP
Deloitte & Touche LLP
DGB Consulting
DLP Capital
DWS RREEF Property Trust
Eagle Point Credit Management LLC
Emerson Equity, LLC
Envision Financial System, Inc.
EQT Exeter
EQT Partners Inc
Eventus Advisory Group
Eversheds Sutherland (US) LLP
ExchangeRight Real Estate
FactRight, LLC
Fidelity Investments
Fortress Investment Group
Forum Capital Advisors
FourStar Wealth Advisors
Franklin Templeton Alternative Investments
FS Investments
George Mason University
Georgetown University – Real Estate Investment Trusts
Gladstone Securities
Great Lakes Fund Solutions, Inc.
Griffin Capital Company, LLC
Groom Law Group
High Speed Alliance
Hines Securities, Inc.
Houlihan Lokey
Humphreys Capital
IDB Capital
Independent Board Member and Advisor
Independent Contractor
Inland Private Capital Corporation
Inland Real Estate Investment Corporation
Inland Securities Corporation
Integras Partners
Intel Corporation
Invesco Real Estate
Investment Planners Inc.
J.P. Morgan Asset Management
JABOY Wealth Management
JLL Income Property Trust
John Hancock Investment Management
Juniper Square Capital
Kennedy Lewis Investment Management
Kingswood U.S.
KKR & Co. (Kohlberg, Kravis, Roberts & Co.)
Kunzman & Bollinger, Inc.
Kutak Rock LLP
LaSalle Investment Management
Lighthouse Life
LODAS Securities, LLC.
LPL Financial LLC
Maynard Nelsen
Maynard Nexsen PC
McCarthy and Goff
Mediant Communications, LLC
Merchants Capital Trust
Mick Law P.C.
Morgan Stanley Wealth Management
Morris, Manning & Martin, LLP
Morrison & Foerster LLP
NAI Legacy
Nelson Mullins Riley & Scarborough LLP
Newbridge Securities
Nobles & Richards, Inc.
North Square Investments
Opto Investments
Orchard Securities
Oxford Risk
Pacific Oak Capital Markets
Peachtree Hotel Group
PGIM Real Estate
Phoenix American
Preferred Capital Securities
Raymond James Alternative Investments
Real Assets Advisor
Redbrick LMD, LLC
Rep Driven Results, LLC
Robert A. Stanger & Co., Inc.
Robertson Stephens
RREEF Property Trust
Sanctuary Wealth
Sculptor Capital Management
Sealy & Company
Sealy Investment Securities, LLC
Seasons Investments, LLC
Sequence Financial Specialists LLC
Seyfarth Shaw LLP
SFA Partners
Silver Point Capital
Simpson Thacher & Bartlett LLP
Skyway Capital Markets
SmartStop Self Storage
Snyder Kearney, LLC
SS&C Technologies Inc.
Starwood Capital
Strategic Blueprint, LLC
Stroock & Stroock & Lavan LLP
Tensaw Legacy Wealth, LLC
Texas State Securities Board
The Bowman Law Firm, LLC
The DI Wire
The Merchants Financial Group, Ltd.
The Real Estate Roundtable
Thompson Hines
Tradesk Securities, Inc.
Trinity Investors
Triton Pacific Securities
Troutman Pepper
Ultimus Fund Solutions, LLC
UMB Fund Services
Urban Catalyst
Urban Catalyst Funds
US Chamber of Commerce
Vanderbilt Financial Group
Venable LLP Holdings, Inc.
WealthForge Technologies, LLC (Altigo)
Westwood Holdings Group, Inc.
White River Private Capital
Wilbanks Partners LLC

(And More Registering Daily)






Thanks to all those who joined us in Dallas – we are energized and excited for the year ahead!

Want to see more highlights from the conference and keep up with the IPA? Make sure to follow us on LinkedIn and Twitter.

And be sure to register now for IPAConnect, November 13-25, 2023, at the Waldorf Astoria Orlando.