Last month in Nashville, over 400 industry leaders joined the IPA to discuss the critical issues facing the alternative investments industry and take part in shaping the industry’s growth and evolution. We are continually amazed by the dedication of our members and attendees to make each year’s conference is the most well-attended IPAVision to date.
The IPA’s new President & CEO, Anya Coverman, took the stage to formally welcome attendees to IPA Vision 2022. She provided an inspiring speech rallying support from the industry and reaffirming the IPA’s unwavering commitment to provide advocacy, education, and support for industry leaders as they offer investment solutions to today’s investors. She remarked at how energizing it is to see alternatives provide tremendous economic benefits not only to the national economy, but also in local neighborhoods. These products are enabling financially secure futures for millions of American investors and retirement savers.
Economic Outlook and Alternative Investing
Kicking off our programming at IPAVision, Joseph Burns, Managing Director, Head of Hedge Fund Solutions and Co-Head of Research at iCapital, moderated a conversation with Lara Rhame, Chief U.S. Economist and Managing Director at FS Investments, Kristina Hooper, Chief Global Market Strategist at Invesco, and Kelly Whitman, Executive Director of Investment Research at PGIM Real Estate. They discussed the importance of diversifying client portfolios and the value of alternatives. The group also highlighted the current challenges facing the global economy including globalization, geopolitical instability, inflation, and rising interest rates.
“We have seen a lot of resilience, and real asset investing needs to be reconsidered. This is not your same old brick-and-mortar allocation anymore, there are so many new ways to diversify.”Lara RhameChief U.S. Economist and Managing Director, FS Investments
PDI Capital Markets - 2022 Review
To begin day two, Kevin Gannon, CEO and Chairman at Robert A. Stanger & Company, Inc., Mike Kell, Senior Vice President, Education Strategy and Programs at iCapital, and Taylor Garrett, President at Mountain Dell Consulting, highlighted the latest performance in the non-traded alternative investments space. In their presentations, they discussed the driving factors and trends behind our industry’s success, and each reviewed fundraising activity that’s once again on track for a breakthrough year.
“Fundraising for non-traded alternative investments totaled $61.8 billion in the first half of 2022, on track for a breakthrough year.”Kevin GannonCEO & Chairman at Robert A. Stanger & Company, Inc
View from the C-Suites
As the world continues to emerge from a global pandemic, attendees had the chance to hear from a panel of c-suite leaders as they offered their perspective on the current economic landscape, market disruptions, and opportunities ahead. Perrin Quarshie, Founder and CEO at RealBlocks, Robert Collins, Partner and Head of U.S. Private Wealth at Partners Group, Alan Clifton, Chief Investment Officer at Passco Companies, LLC, and Howard Margolis, COO of Alternative Assets Distribution at Franklin Templeton Alternative Investment, shared their personal insight on the role alternatives can play in retail portfolios, the impact of technology and tokenization, offshore capital distribution and more.
“We are in a huge period of disruption – all these different currents we are seeing are changing the way people think about their investments and retirement. We are aiming to give financial professionals ways to bring bespoke opportunities to a broader audience and find new ways for diversification.”Howard MargolisCOO, Franklin Templeton Wealth Management Alternative Distribution
Regulatory and Legislative Outlook and Trends
With mid-term elections on the horizon, this year has been jam-packed on the regulatory and legislative front. We were thrilled to have our Vice President of Government Affairs and Associate General Counsel Gina Gombar speak with four of our top experts in the field, Doyle Bartlett, Managing Director at GrayRobinson, P.A., Tom Selman, Founder at Scopus Financial Group, Valerie Mirko, Partner at Baker McKenzie and Kevin Walsh, Principal at Groom Law Group, on the most pressing issues impacting our industry from federal and state regulators.
The discussion focused on the U.S. Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the U.S. Department of Labor (DOL), and the North American Securities Administrators Association (NASAA), as well as a look ahead at the midterm elections and the overall political and Congressional landscape. The panel discussed the recent NASAA REIT proposal, SEC proposed rulemaking and examination focuses, as well as FINRA’s complex product notice and IPA’s efforts to advocate for the inclusion of alternatives in defined contribution accounts.
“If FINRA was to adopt a rule on complex products they would need to define what that means, which would be extremely hard for them to do.”Tom SelmanFounder, Scopus Financial Group
Beyond the Image of Diversity: Integrating Inclusion into the Changing Workplace
Deborah Froling, Partner at Kutak Rock LLP, moderated an insightful discussion between Trisha Miller, Executive Managing Director of Capital Markets at Redbrick LMD, Jonathan Simon, Global Head of Leadership Development and Diversity, Equity, and inclusion at Apollo Global Management, and Michelle Morris, Head of Business Development for Diverse Asset Managers and Investment Solutions at Morgan Stanley, on the importance of diversity, equity and inclusion for our industry.
The group discussed how it is vital that the marketplace, our workplaces, and our communities are all working together to approach diversity holistically – starting with recruitment, stewardship and local investment. The panel acknowledged that diversity goals require ongoing and long-term commitment that start with curiosity, boldness and intentionality from leadership.
“There is no magic diversity land that you get to and then you are done – there is always work to be done and a continual evolution of challenges to navigate.”Jonathan SimonGlobal Head of Leadership Development and Diversity, Equity and Inclusion at Apollo Global Management
STRATEGIC WORKING GROUPS
Product Evolution, Expanding PDI Distribution, Modernizing Alternative Investing Through Technology and Standardization
For the second year, IPAVision organized three working group sessions where members had the opportunity to network and collaborate on the following topics: Product Evolution, Expanding PDI Distribution, Modernizing Alternative Investing Through Technology and Standardization. Critical feedback from these working groups will be foundational to the IPA’s strategic planning initiative.
Afterwards, participants shared their learnings, takeaways, and action items in a discussion led by Hana Solutions’ Joanna Venetech, Inland Securities Corporation’s Phil Graham, Phoenix American Financial Services’ Ned Montenecourt, SS&C Technologies’ Chris Shaw, CAIS’ Andrew Snyder.
Understanding How to Work with RIAs
To wrap up the final day of IPA Vision, Clint Sorenson, Co-Founder of WealthShield LLC, led an in-depth discussion about the emerging RIA marketplace for alternative investments – with William Parson, Founder and Managing Member of Mainsail Asset Management, Charles Brokop, President at Clear Stream Advisors, and Richard Hillson, Founder of Hillson Consulting.
The panelists provided unique insight into the growing use of alternative investments by RIAs, while discussing the critical importance of strong education, understanding the needs and goals of the RIA community, and encouraging deeper engagement with RIAs, both locally and nationally.
“Education is the root of everything that you do in this industry. The first step is to educate the advisors on our products and then the next step is for the advisor to educate their clients.”Richard HillsonFounder, Hillson Consulting
Analyzing Alternative Investment Structures
Finally, Jake Heidkamp, Co-President at FactRight, LLC spoke with Scott Reeder, Managing Director of Alternative Investments at Blackrock, Andrew Snyder, Director of Research at CAIS, and Michael Gordon, Research and Data Science Executive Director at JPMorgan and COO of JPM REIT, about how to analyze different alternative investment structures, both from a buy and sell perspective.
“We don’t all need the same copycat strategies when creating investment structures. It helps to differentiate portfolios in some areas and pull commonalities in others. The goal is to seek to maximize returns for our advisors’ clients.”Andrew SnyderDirector of Research, CAIS
IPA 2022 OUTSTANDING SERVICE AWARD RECIPIENTS
The IPA Honors Members for their Exceptional Leadership and Dedication to the Advancement of Portfolio Diversifying Investments
IPA Recognizes Five Members with Outstanding Service Award
Following a jampacked day, the IPA recognized five leaders in our industry for their outstanding service to the IPA. Honorees who received the Outstanding Service Award included Ali Connaughton, Partner at Morrison & Foerster LLP, Mark Quinn, Director of Regulatory Affairs at Cetera Financial Group, Chris Blanchard, Vice President of Alternative Investments at Fidelity Investments, Taylor Garrett, President at Orchard Securities and Mountain Dell Consulting, and Mike Kell, Senior Vice President of Education Strategy and Programs at iCapital. The IPA want to extend a sincere thank you for their incredible dedication to our industry!
Morrison & Foerster LLP
President, Orchard Securities,
LLC, Managing Director,
Mountain Dell Consulting
Senior Vice President,
Director of Regulatory Affairs,
Cetera Financial Group
AltsDB Podcasts at IPAVision 2022 in Nashville
IPAVISION 2022 ATTENDING FIRMS
ASSET MANAGERS | BROKER-DEALERS | RIAs | INDUSTRY PARTNERS | FINTECH
1776 Wealth LLC
AGES Financial Services Ltd
Alliance Global Partners
Alston & Bird LLP
Alternative Investment Exchange (AIX)
American Portfolios Financial Services Inc.
American Trust Investment Services
Andalusian Wealth Management
AOG Wealth Management
Apollo Global Management
Ares Wealth Management Solutions
Ashford Securities LLC
Avantax Wealth Management
Axxes Capital LLC
Baker & McKenzie LLP
Bank of America
Blueprint Financial Strategies
Broadridge Financial Solutions, Inc.
Brookfield Oaktree Wealth Solutions
Cavria Advisors, LLC
Cetera Financial Group
Clear Stream Advisors
CNL Financial Group
Cobalt Capital Inc.
Cohen & Steers
Conversus, a StepStone Company
Crawford 1031 Advisors
Crescent Securities Group, Inc.
DLA Piper LLP US
DTCC – AIP
Dwight Mortgage Trust
DWS RREEF Property Trust
Eagle Point Credit Management LLC
Emerson Equity LLC
Envision Financial System, Inc.
Eversheds Sutherland (US) LLP
Exchange Manager Pro (SM) by Accruit
Eversheds Sutherland (US) LLP
ExchangeRight Real Estate, LLC
First Eagle Investments
Forum Capital Advisors
FourStar Wealth Advisors
Franklin Templeton Alternatives
Geneos Wealth Management, Inc.
Great Lakes Fund Solutions, Inc.
Griffin Capital Company, LLC
Groom Law Group
Hana Solutions LLC
Hines Securities, Inc.
IBN Financial Services, Inc.
Infinity Financial Services
Inland Private Capital Corporation
Inland Real Estate Investment Corporation
Inland Securities Corporation
International Assets Advisory, LLC
Invesco Real Estate
Invicta Capital, LLC
JLL Income Property Trust
J.P. Morgan Asset Management
Keystone National Properties
KKR & Co. (Kohlberg, Kravis, Roberts & Co.)
Kunzman & Bollinger, Inc.
Kutak Rock LLP
LaSalle Investment Management
Lateral Investment Management LLC
Lonsdale Investment Technology (LIT)
LPL Financial LLC
M Holdings Securities, Inc.
Mainsail Asset Management, LLC
Managing Director, CEO, StratCap Wireless Group
MassMutal Financial Group
MDS Energy Development, LLC
Mediant Communications, LLC
Mick Law P.C.
Mindful Wealth LLC
Morgan Stanley | Wealth Management Investment Solutions
Morris, Manning & Martin, LLP
Morrison & Foerster LLP
Mountain Dell Consulting
Nelson Mullins Riley & Scarborough LLP
NexPoint Real Estate Advisors
Nobles & Richards, Inc.
Old City Securities LLC
Pacific Oak Capital Markets
Packerland Brokerage Services
Passco Companies LLC
Peachtree Hotel Group
Phoenix American Financial Services, Inc.
Preferred Capital Securities
Provident Wealth Advisors LLC
Raymond James Alternative Investments
Raymond James Financial
Real Assets Adviser
Realized Holdings, Inc.
Redbrick LMD, LLC
Rep Driven Results, LLC
Robert A. Stanger & Co., Inc.
Rudwall Wealth Management LLC
SCOPUS Financial Group
Sealy Investment Securities, LLC
Seyfarth Shaw LLP
Simpson Thacher & Bartlett LLP
Skyway Capital Markets
Snyder Kearney, LLC
Starwood Capital Group
Steward Partners Global Advisory
Stroock & Stroock & Lavan LLP
The Bowman Law Firm
The Inland Real Estate Group, LLC
The Investment Center, Inc.
The Strategic Financial Alliance
Tradesk Securities, Inc.
Trilogy Real Estate Group
Triton Pacific Securities
U.S. Bancorp Investments Inc.
U.S. Energy Development Corporation
Ultimus Fund Solutions, LLC
UMB Bank, N.A.
UMB Fund Services
Urban Catalyst Funds
Walton Global Holdings, LLC.
Wealthforge Securities, LLC
WealthForge Technologies, LLC (Altigo)