Nearly 200 industry leaders joined the IPA for three days of discussion, networking, and advocacy in Washington, DC on April 26-28 for IPASummit 2023. We were thrilled with the thoughtful insights shared by our guest panelists, the productive conversations during our roundtable sessions, and the advocacy efforts from our hill day.
Attending
114
Hill Day
Participants
100
Congressional
Meetings
87
HILL DAY 2023
IPASummit attendees were then given the exclusive opportunity to spend an immersive afternoon actively engaging with members of Congress and their staff on Capitol Hill. This year, over 100 IPA participants sat down with Congressional members and staff to discuss our 2023 Policy Priorities and to encourage greater access to portfolio diversifying investments.
VIEW PHOTO GALLERY
SESSION HIGHLIGHT
State of the Alternative Investments Markets
Kicking off programming at IPASummit, Kris Oxtal, Principal at Capright, moderated a discussion with Anne-Marie Vandenberg, President & CEO at RREEF Property Trust and Lead Portfolio Manager at RREEF Management L.L.C. Alternatives; Chris Milner, Head of CRE Investment Management at Cantor Fitzgerald; and Thayer Gallison, Senior Vice President, and Head of Product Strategy at Cottonwood. Together these leaders explained how the current and emerging economic landscape impacts real assets and real estate markets.
In this discussion, the panelists emphasized that despite current market challenges like inflation and banking turmoil, the fundamentals of real estate portfolios remain sound. They noted that it is critical that managers identify unique opportunities for deployment, determine where they can shift allocations, and remain disciplined as the economy continues to adjust.
SESSION HIGHLIGHT
Keynote: U.S. Department of Labor (DOL)
In the last few years, the DOL has shown an increased focus on regulating rollovers and 401(k) plan investments. At the event, Chris Cosby, Director of the Office of Exemption Determination at the Employee Benefits Security Administration (EBSA), sat down with Kevin Walsh, Principal at Groom Law Group, to discuss these recent developments and the process of exemptions for asset managers and distribution partners.
Director Cosby outlined his department’s role, the current parameters for exemptions from ERISA’s prohibitions, and how managers can seek exemptions that could better promote innovation if the managers can show that the innovation is protective of retirement savers. Much of the discussion focused on rollovers – Director Cosby explained when rollover advice is subject to ERISA, emphasized the work the DOL is doing to clarify the standards applicable, and noted that rollover guidance has been and remains the subject of litigation. Given the litigation, he suggested that the DOL may need to revisit its “fiduciary” guidance.
SESSION HIGHLIGHT
Keynote: Financial Industry Regulatory Authority (FINRA)
Closing out the programming for day one, Tom Selman, Founder of SCOPUS Financial Group spoke with Robert L.D. Colby, Chief Legal Officer, and Thomas Mellett, Vice President of Capital Markets Examinations from FINRA. As part of the discussion, the speakers dove into the complexities of rulemaking, FINRA’s process for issuing interpretations and how they aim to provide valuable guidance for broker-dealers. Mellett highlighted how they are working to apply the SEC’s Reg BI with necessary flexibility and how they hope the emerging issues section of their annual report can help broker-dealers address issues proactively before regulators step in.
The conversation also covered last year’s notice on complex products that received significant comments from the industry. In response, Colby emphasized that the notice was meant to be a thought-provoking concept, but it was not a roadmap for a proposed rule. FINRA staff has reviewed all comments and are currently working on a term sheet internally, which another regulatory notice or a proposed rule will follow.
IPA ROUNDTABLES
Distribution Partners, Asset Managers, OpsTech Innovation
Following the mainstage sessions, IPASummit organized three focused roundtable discussions to foster open dialogue and give members the opportunity to share industry insights. Thought leaders facilitated the three sessions focused on distribution partners, OpsTech innovation, and asset managers.
SESSION HIGHLIGHT
Keynote: U.S. Securities and Exchange Commission (SEC)
To kick off day two, Ali Connaughton, Partner at Morrison Foerster, spoke with SEC Commissioner Mark T. Uyeda on his perspective on SEC rulemaking, the initiatives the Commission is focused on this year, and the structure within the Commission. Commissioner Uyeda also spoke about how his previous experience at other regulatory agencies and on Capitol Hill drives his work and perspectives on rulemaking at the SEC, and how the staff works as a unified organization across party lines. Commissioner Uyeda noted that, despite criticism that the SEC has become a politicized organization, Commission members do not see things through a partisan lens. Their different backgrounds bring unique perspectives to situations, which allow them to factor in a wide range of approaches and opinions into decisions.
Connaughton and Commissioner Uyeda concluded the discussion with insightful thoughts on federal and state regulators, the controversial SEC ESG proposals and the Commissioner’s views around Regulation D and the accredited investor definition. Commissioner Uyeda explained how all SEC proposals are thoughtfully considered from all angles, including if it’s worth overturning a rule, noting that they do not take the rulemaking process lightly.
SESSION HIGHLIGHT
Keynote: North American Securities Administrators Association (NASAA)
The day’s second keynote featured Valerie Mirko, Partner and Co-Leader of the Securities Regulation and Litigation Practice Area at Armstrong Teasdale, speaking with Maryland Securities Commissioner Melanie Lubin. They discussed NASAA governance and process for model rulemaking, and how Commissioner Lubin’s unique background and history as a state regulator fuels her decision-making at NASAA.
During the keynote, Commissioner Lubin noted that NASAA’s structure is inherently designed to encourage an internal consensus and build collaboration among external stakeholders. Beyond this, Commissioner Lubin provided insights on the current status and various components of NASAA’s proposed REIT Guidelines, NASAA’s Reg BI initiatives, senior investor “report and hold” laws, and other state advocacy and corporation finance issues that are currently top of mind.
SESSION HIGHLIGHT
The Next Frontier: Examining Growth, Expansion Opportunities & Major Trends for Alternative Investments
Wrapping up the morning, a panel of top industry experts spoke on market, distribution, and economic trends and potential impacts on IPA members and their businesses. Moderator Dan Cullen, Partner at Baker & McKenzie LLP spoke with Kevin Gannon, Chairman & CEO at Robert A. Stanger & Company, Inc., Kunal Shah, Managing Director at iCapital, and Senior Advisor Mark Goldberg, about new product strategies, portfolio allocation trends, market entrants, distribution channel demands and the overall outlook for alternatives, including fundraising, performance, and redemptions.
Audience members walked away with new perspectives and insights on how the current alternative investment market may influence the industry’s future.
IPASUMMIT 2023 ATTENDING FIRMS
1776 Wealth LLC
Accretive Wealth Management
Advisor Group
AGES Financial Services Ltd
Alston & Bird LLP
Alternative Investment Exchange (AIX)
Andalus Capital
Andalusian Wealth Management
AOG Wealth Management
Apollo Global Management, LLC
Ares Wealth Management Solutions
Armstrong Teasdale LLP
Ashford Securities, LLC
Avantax Wealth Management
Axxes Capital LLC
Baker & McKenzie LLP
Bank of America
Benefit Street Partners LLC
BlackRock
Blackstone
Blue Owl
Bluerock
Broadridge Financial Solutions, Inc.
Brookfield Oaktree Wealth Solutions
CAIS
Cantor Fitzgerald
Capital Investment Companies
Capital Square
Capright
Carter Funds
Cavria Advisors, LLC
Cetera Financial Group
CIM Group
CION Investments
CNL
Commonwealth Financial Network
Concorde Investments
Cottonwood
DAI Securities, LLC
Deloitte & Touche LLP
DLA Piper LLP US
DST Systems, Inc.
DTCC – AIP
DWS RREEF Property Trust
Eagle Point Credit Management LLC
ExchangeRight Real Estate, LLC
FactRight, LLC
Fidelity Investments
Financial Industry Regulatory Authority (FINRA)
Forum Capital Advisors
Franklin Templeton Wealth Management Alternatives Distribution Group
FS Investments
Georgetown University – Real Estate Investment Trusts
Goldman Sachs
Great Lakes Fund Solutions, Inc.
Green Vista Capital, LLC
Griffin Capital Company, LLC
Groom Law Group
Hines Securities, Inc.
Humphreys Capital
iCapital
Infinity Financial Services
Inland Real Estate Investment Corporation
Integras Partners
Invesco
Investment Planners Inc.
Invicta Capital, LLC
J.P. Morgan Asset Management
JLL Income Property Trust
Kunzman & Bollinger, Inc.
LaSalle Investment Management
Lemon8Creative
LifeMark Securities
Lincoln Financial Network
LPL Financial LLC
Madison International Realty
Mindful Wealth LLC
Morgan Stanley
Morrison Foerster LLP
NexPoint
Nobles & Richards, Inc.
North American Securities Administrators Association (NASAA)
NuView Trust
Phoenix American
Pinnacle Capital Group
Protected Investors Of America
Provident Wealth Advisors LLC
Raymond James Financial
RCM Investments
RealBlocks
Real Assets Advisor
Redbrick LMD, LLC
REIT Academy LLC
RREEF Property Trust
Robert A. Stanger & Co., Inc.
Sanctuary Wealth
SCOPUS Financial Group
Sigma Financial Corporation
Simpson Thacher & Bartlett LLP
Snyder Kearney, LLC
SS&C Technologies
Starwood Real Estate Income Trust, Inc.
StratCap
The DI Wire
Triton Pacific Securities
Troutman Pepper
UBS
Upmarket Co
Urban Catalyst
USG Realty Capital
U.S. Securities and Exchange Commission (SEC)
Versity Investments
Wealthforge Securities, LLC
WIS
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