IMPERIAL 5

Empower & Inspire: A Panel Discussion Exploring the Personal and Professional Lives of Women in the Industry

CELESTIN GH

Utilize section 1031 exchanges to help clients defer their taxes. This session will review the primary guidelines your clients must follow to complete a successful 1031 exchange. This session is a must for BDs, advisors, and representatives who are looking to grow their business through the implementation of 1031 exchange investing.

CELESTIN F

As a hybrid investment between common stock and corporate bonds, preferred stock offerings present attractive features for investors and can be issued as traded or non-traded stock. We will explore the investor considerations, advantages and risks. We will also delve into the basic structure, private and/or public possibilities and will impart an understanding of this important category and its implications for advisors and investors.  

CELESTIN BC

The panel will focus on the market opportunities and challenges in offering retail alternative investment structures – Nontraded REITS, BDCs, and Interval Funds. The moderator and panelists plan to discuss structure and pricing trends, regulatory considerations, distribution practices, and investment strategy optimization.

• The state of the nontraded REIT and BDC market
• Liquidity and pricing transparency options with alternative structures
• Pricing and share class considerations and trends given the current business and regulatory landscape
• Profitably managing alternative business structures
• Best practices in intermediary distribution and distributor platform placement

CELESTIN A

ADISA's Education Committee is to establish, monitor and improve ADISA's overall educational initiatives.

CELESTIN GH

The proliferation of interval funds suggests a growing and innovative structure. Interval funds offer liquidity similar to mutual funds, but provide the fund advisor with the opportunity to employ strategies once limited to hedge funds, commodity pools, private funds, and other alternative investment funds. This session is a deeper dive into the structure of interval funds with an emphasis of how these products operate on a day-to-day basis, including:

• What are the structural differences and advantages and disadvantages of an interval fund over a non-traded REIT, BDC, or other DPP?
• How varied are the investment strategies and targeted assets of interval funds?  What are the investment limitations, and how do these compare with those of a non-traded REIT, BDC, or other DPP? 
• What are the various fees charged by interval funds to investors, both at the point of sale and on an on-going basis?  How do they compare with other investment products?
• Does the mandatory liquidity offered by interval funds make investment management more difficult than for investment products whose share repurchase or redemption programs are discretionary?
• How significant is the regulatory and compliance oversight of interval funds?  How burdensome is it relative to other investment products?
• How should financial advisors use interval funds in an investor’s portfolio and what should a financial advisor look for in the offering document?

CELESTIN F

In this session, we will introduce you to the various types of non-traded energy investments in terms of their investment strategies, features, income tax benefits, economic return characteristics, and risks. Among the energy products discussed will include tax preferred drilling partnerships, mineral and royalty acquisition programs, and programs that cater to like-kind exchange participants.In this session, we will discuss the economic features and risks of programs that focus upon the funding of renewable energy products. We will also discuss strategies for identifying potential investors for non-traded energy products.

CELESTIN BC

Where are we in the market and how does it affect the following?:

• Underwriting of real estate
• Financing
• Asset classes
• Asset management
• Sponsor Considerations
• Exit Strategies
• Cash Flow
• Growth Expectations

CELESTIN A

The Publications and Standards Committee is responsible for ADISA publications, best practices, white papers, web knowledge center, etc.

CELESTIN GH

Interval funds are becoming one of the more popular alternative investment products offered by sponsors. Central to the growing popularity of these unique products has been their acceptance by due diligence firms, a critical component in the offering process. This session discusses due diligence practices specific to interval funds including:

• From a due diligence perspective, are these funds evaluated like open-end mutual funds, or like non-traded REITs and closed-end funds?
• What aspects of an interval fund are most attractive to due diligence firms relative to other investment products?  How significant are the increased disclosure and additional limitations on conflicts of interest and leverage? How different is the due diligence process for an interval fund sponsor compared to that for a non-traded REIT, BDC, or DPP?  What aspects are unique to interval funds?
• What are best practices for sponsors for the due diligence process??  How can a sponsor effectively communicate the strength of its interval fund offering to due diligence officers?
• Where does an interval fund fit within a typical investor’s portfolio, and within a fund sponsor’s platform?
• What are red flags and potential “show stoppers” from a due diligence perspective that sponsors considering an interval fund should be aware of?

CELESTIN F

Business Development Companies (BDCs) and Private Equity offerings provide investors the opportunity to diversify their portfolios with equity and debt investments. In today’s market, there are now a number of quality offerings to choose from, that have differentiated investment strategies, portfolio construction, and management styles. Join this session to hear from industry experts, understand the benefits BDCs and PE provide vs. other investments, and learn about the various strategies currently being deployed.
 

CELESTIN A

This session will identify detailed aspects of the DPP structure. We will examine typical varieties of offering structures and the corresponding related potential benefits and risks associated with investments in DPPs. Examples of topics covered will be the investment process of sales, suitability and required disclosures. Panelists will identify how certain rules and regulations apply to the various types of offerings and why due diligence is an absolute critical part of the process to identify potential risks. DPPs cover a wide variety of industry sectors including but not limited to real estate, energy, equipment and commercial debt. Because they have a low correlation to traditional asset classes they can provide excellent diversification to a portfolio heavy in stocks when positioned correctly. Generally speaking, DPPs are traditionally illiquid and difficult to value; thus considered a risky proposition, but they absolutely have their place in an investment portfolio. This session will also address the legal, tax and regulatory issues surrounding DPP offerings with some of the best minds in the industry!
 

CELESTIN BC

The Legislative & Regulatory Committee conducts ADISA's efforts to influence regulation and legislation, particularly statements, responses, alerts and advice on any legislative and regulatory programming.

CELESTIN F

This session will identify detailed aspects of offering REITs via Regulation A+. We will examine typical structures and varieties of offerings that can be conducted via Regulation A+. Panelists will discuss their experiences and efforts in the space and issues that they have encountered in this exciting new method of offering securities that is well-adapted for small real estate firms and REITs. As offerings under Regulation A+ are a recent addition to the REIT marketplace, panelists will also discuss the extent to which the market for REIT securities issued under Regulation A+ is taking shape and evolving. Panelists will include issuers, broker-dealers and attorneys.

CELESTIN A

This session will identify best practices with respect to working in the arena of Direct Participation Programs (DPPs). The panelists will provide an outline of the key fundamental elements that should be considered and evaluated when reviewing and prior to working with a DPP. Industry experts will share their best ideas for what really works when it comes to implementing DPPs into one's practice. Collectively, industry participants including Issuers, Sponsors, Broker-Dealers, Registered Representatives, Investment Advisors, Attorneys, and Third Party Analysts can participate and play key roles by providing essential input on how to conduct proper due diligence and evaluate investment offerings due to the unique nuances in each program. Because they have a low correlation to traditional asset classes, DPPs can provide excellent diversification to a portfolio heavy in stocks when positioned correctly.

CELESTIN GH

Family offices continue to show an increased interest in the direct investment products that are sponsored by ADISA member issuers. At the same time, RIAs and other financial planning professionals are also looking to non-traditional products to diversify their clients’ portfolios.  This session will explore a variety of ways that both broker-dealers and alternative investment sponsors can expand their sales channel to reach a broader audience.

CELESTIN BC

The Conference Planning Committee oversees the program and planning for ADISA's Annual Meeting, Due Diligence Forum and Spring Conference. They work to develop a compelling theme and agenda, and recruit and assign speakers and activities.

ELITE B

ELITE B

DUE TO MINOR MEDICAL REASONS, SEN. ISAKSON WILL NOT BE ABLE TO SPEAK AT ADISA'S SPRING CONFERENCE. HIS DEPUTY CHIEF OF STAFF, EDWARD TATE, WILL REPLACE HIM.

EXHIBIT HALL (ELITE A)

EXHIBIT HALL (ELITE A)

ELITE B

CURRENT TRENDS IN THE FINANCIAL INDUSTRY

ELITE B

What You Need to Know:  Regulatory updates including FINRA, NASAA, and other important issues

CELESTIN GH

Regardless of DOL fiduciary rule outcome, sensitivity to compensation from sales loads and share classes is likely here to stay. An “alphabet soup” of share classes is available to investors—from A shares to T shares—and Morningstar® has tracked as many as 3,800 new share classes waiting to debut. Although each share class is designed to mitigate conflicts between an advisor’s compensation and fiduciary responsibility, share class structures are far from streamlined.  Learn how to decipher the “alphabet soup,” and get insights on the industry’s emerging trend of providing better transparency to investors through lower-cost shares and simplified fee structures.

CELESTIN F

This session is aimed to introduce and/or enhance financial advisor knowledge on highly competitive private equity business. The session includes an introduction to private equity, structure, funding cycles, deal sourcing and underwriting, portfolio management, and negotiated exit strategies.

CELESTIN A

Hear the latest updates on conservation oriented real estate programs and the new disclosure requirements that have been imposed upon investors and material advisors under IRS Notice 2017-10. This session will also offer some assessments of these syndicated products objectively to help broker-dealers and advisors formulate honest evaluations on their features and risks.   

CELESTIN BC

Learn about the latest and greatest in Fintech and Regtech so that you can grow your business safely. 

CELESTIN A

Using a CRM within a firm is now a central part of technology, and the heart of knowing your customer, their needs and their wants. Choosing a CRM is one aspect of the challenges, but maintaining your CRM with most accurate information about your customer is the other aspect. What are steps a firm should take in working with the vendors and what should be the expectations from the technology, in addition to how to best use your CRM to achieve some of the firm wide goals, both for compliance as well as making your customer happy.

CELESTIN BC

We’ll put on our fortune-teller hats and prognosticate about what is or could be lurking around the corner in your future (related to securities regulation, at least). No crazy predictions about the DOL or product design regulation. Rather, we’ll look at trends on other regulatory fronts, including regulatory priorities and firm and branch office inspections. We will also seek answers from the dark swamps of enforcement and arbitration and discuss what types of practical voodoo might be useful in handling supervisory and compliance obligations on display at the fabulous ADISA conference.

CELESTIN F

Products and product providers go through changes driven by market forces or by decisions made by the management team. This changes the goals and potentially the returns for the clients of the Broker-Dealer and RIAs. Should the professionals working with the client portfolio take a pause in promoting or allocating into this product or products of the product provider? What should be the lookout criteria that would trigger the reengagement or complete disengagement? Learn how folks are doing it today, and discuss what how the future of the industry should be.

CELESTIN A

This session is intended to provide attendees with a comprehensive understanding of where the non-traded energy sector has been in terms of the market challenges presented in 2015-2016, and how the more resilient of the sector’s sponsors worked to address the challenges. This session is intended to also educate attendees about where the better energy program investment opportunities are perceived to exist in 2017, and what sponsors are doing to capitalize on such opportunities for their investors. In this session, commentary will also be provided from the panel concerning sponsor and product evaluation practices that can be used by BDs, RIAs, and family offices to identify the sponsors that are more capable of executing successful operational plans going forward this year and into 2018.

ELITE B

Is the cybersecurity situation getting better? Or is it getting worse? Join us for a discussion about the current state of exposures (hint: like regulation, cybersecurity issues are not going away). We will tackle topics from broader global and industry concerns down to practical steps that you can incorporate into your life to improve your business and personal security. Cybersecurity made both FINRA’s and the SEC’s Examination Priorities Letters again this year and if you think that cybersecurity, privacy and handling customer data is the IT department’s problem, think again. “It’s not my job” or “I’m not a techie” is going to fall on deaf regulatory ears. And that is all before you consider the potential for damage or interruption of your business from an actual attack or compromise of your systems.

EXHIBIT HALL (ELITE A)

CELESTIN GH

This session will look at trends in the private placement market. We will examine typical structures and varieties of offerings, real estate and otherwise, that can be conducted via private placement. Panelists will discuss their experiences and efforts in the space and issues that they have recently encountered. Panelists will also discuss which issuers should consider these offerings as well as ways in which offerings for private placements of securities have changed over time. Panelists will include issuers, broker-dealers and attorneys.

CELESTIN F

Today’s investors in offerings focused on asset-backed lending and collateralized investment strategies have the opportunity to achieve non-correlated returns not tied to the stock, bond, real estate or commodities markets, enabling them to further diversify their investment portfolios. In such offerings, a specific asset or assets serve as the collateral for a loan – whether in the form of real estate, inventories, machinery, equipment or receivables. Traditionally banks and financial institutions provided these services to their corporate clients; however, there are numerous opportunities available for other non-bank lenders to step into this market to provide the capital that is fundamental to the expansion and growth of businesses and corporations. This panel session will include a discussion of various financing and program offering structures available to investors in today’s market, how the experts underwrite such transactions to manage risk and maximize portfolio returns, and the use of these investment options within client portfolios.

CELESTIN F

Reg A+ -- more transparency than private placements? Lower cost than public offerings? Does Reg A+ provide the best of both worlds or a new set of complexities? Reg A+ has been around long enough now to evaluate the progress. This panel of experts will update attendees on the latest in Reg A+ statistics and trends, and examine Reg A+’s journey thus far.

CELESTIN GH

When an RIA decides that they want to work with alts in their client portfolio, they are left with looking for either a broker-dealer or a custodian who can hold it for them efficiently. This session will address the issues such as registration, valuations and consideration of the products itself that must be looked at by the RIA, including any operation efficiency that current broker-dealers and custodian offer RIAs and IARs.

CELESTIN A

Explore the various aspects of client suitability for 1031 like-kind exchanges and learn of tried and true methods to prepare for and succeed in arbitration. Extensive Q&A included.

CELESTIN BC

There have been a number of structural changes to offerings and Broker-Dealer product platforms in response to FINRA 15-02. Join this session to hear from industry experts on how T-shares are faring now almost a year after 15-02 went into effect. Understand how the DOL fiduciary rule has also shaped the industries’ response to T-shares. Learn from Broker-Dealer peers how reps are adopting T-Shares and others that prefer to stay with the full “A” share commission model for compensation. Compare additional due diligence steps being performed by Broker-Dealers and third party analysts.

EXHIBIT HALL (ELITE A)

CELESTIN F

Alternative investments now play an integral part in a client’s asset allocation. The increased investor demand for alternatives has not only attracted the attention of several large institutional asset managers, but also the attention of the regulators. As a result, alternatives that are available to retail investors continue to evolve in terms of structure, strategy and sector. This session will identify and discuss the key contributors and trends of this ongoing evolution as well as the short- and long-term outlooks for alternatives.  

CELESTIN GH

This session is aimed to introduce various sponsors’ experiences, track records of private equity, structure and investment theses, and responses to current market events.
 

CELESTIN A

In the past year, we have seen changes made to fee structures due to FINRA’s regulatory notice 15-02 and in preparation for the Department of Labor Fiduciary Rule. Change breeds uncertainty, and non-traded REIT sales have dipped from historic highs even though the value of including non-traded REITs in a client’s portfolio has not changed. Listen to a panel of experts discuss where the industry is headed based on changing fee structures and the need to adapt to the regulatory changes. Attendees will hear the panelists discuss how this may impact the performance of non-traded REITs. Learn why compliance, fiduciary responsibility, and legal issues may impact non-traded REITs and what direction the industry is heading in regards to fee structures. The panelists will discuss the future of non-traded REIT structures such as T shares, no load funds, and offer theories as well as the potential impact requirements with the pending DOL rule.

CELESTIN BC

The newest in product innovation, are the preferred stock offerings the future of the non-traded REIT industry? Learn how to conduct due diligence on non-traded redeemable preferred stock programs which offer many differences to traditional non-traded REIT programs. Highlights of these programs include: no state allocation/income suitability restrictions, no blind pools, enhanced liquidity features, and brokerage account trading capability.
 

CELESTIN A

In an ever-changing regulatory environment, holding alternatives inside retirement accounts seems to be changing by the minute. Some clearing firms hold it all, some hold a little and some are willing to hold the assets, but the fees continue to go up. As a result, many firms have turned to third party custodians to fill the void. Unfortunately, this can be a cumbersome process for broker-dealers and RIAs to manage and can create headaches for sponsors and advisors/reps alike. Join us for an exciting panel that uncovers the tug of war between the parties involved and helps shed some light on best practices for sponsors, BDs/RIAs and reps/advisors to navigate holding alternatives within retirement accounts in the most simplified manner for all involved.

CELESTIN BC

While we may know the contents of BICE, there is a potential impact on both procedures a firm should follow and liability a firm may have to incur. This session will seek to have a discussion on these aspects of BICE and what firms are beginning to do, other than legal preparation, to get ready for BICE. Additionally the discussions will enable to provide guidance to those who are undecided, whether they want to BICE at all.

EXHIBIT HALL (ELITE A)

EXHIBIT HALL (ELITE A)

ELITE B

Several CEOs from top firms will square off in an election-style debate format on current investment strategies in the alternative space.

CELESTIN A

Catch up on the latest important data from the industry and see what amounts are being raised, who's doing it, and predictions for 2017.  

CELESTIN BC

Open to Broker-Dealers only
ADISA's popular gathering of Broker-Dealers. This year's program features follow-up work on exam culture and ethics with relevant examples for your everyday business.

CELESTIN A

This session is aimed to provide deeper knowledge of how private equity enhances portfolio performance. The session will include industry analysis, due diligence, deal structure & transaction negotiation, financial modeling and buyouts.

CELESTIN BC

Hear from top producing 1031-focused reps and BDs regarding effective and appropriate strategies to market 1031 exchange offerings to clients and prospective clients. How can you grow your 1031 business and better reach the clients who need this particular service? This session will provide an open Q&A format to encourage broad audience participation.

ELITE B

Major Changes in the Works! — Tax Reform and DOL Fiduciary Rule