Labor asks court to delay action on challenge to fiduciary rule | Central bank leaders say stimulus might need to continue | Blackstone, others target investors with up to $5M in assets
October 19, 2017
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Labor asks court to delay action on challenge to fiduciary rule
The Labor Department has asked the US District Court in Minneapolis to stay a legal challenge by Thrivent Financial for Lutherans to the department's fiduciary rule while the agency revises the rule. The department said its administrative actions "are likely to address the challenged provision before it becomes applicable."
Pensions & Investments (free access for SmartBrief readers) (10/16) 
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Central bank leaders say stimulus might need to continue
Central bank leaders from around the world told delegates at a Group of 30 banking seminar in Washington, D.C., that existing economic stimulus efforts may have to remain because inflation, wages and consumer prices are still showing little sign of rising. A general brightening of global economic conditions has prompted moves to consider tapering the schemes, but several officials warned that weak inflation in particular could prompt delays.
The Wall Street Journal (tiered subscription model) (10/15) 
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Blackstone, others target investors with up to $5M in assets
Private equity funds such as Blackstone Group, KKR & Co. and the Carlyle Group are seeking market share in the retail-investor space -- with Blackstone in particular targeting individuals with $1 million to $5 million. Spectrem Group market research shows that there are seven and a half times more US households with assets in that range than there are households with $5 million to $25 million.
The Wall Street Journal (tiered subscription model) (10/15) 
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Opinion: Republicans should resist Realtors on tax reform
Realtors have said the proposed tax-reform plan would hurt homeowners, and The Wall Street Journal editorial board writes Realtors are trying to hold part of the plan hostage. "Tax reform would benefit all Americans in lower rates and faster economic growth, and Republicans should hold fast against the housing lobby's self-serving tax flimflam," the editorial board writes.
The Wall Street Journal (tiered subscription model) (10/17) 
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The Inland Difference
Standing Shoulder-to-Shoulder with Investors for 48 Years
Integrity, expertise and 48 years of experience define Inland. Our management acumen, financial strength and operational expertise allows us to focus on the operations of our properties and the fundamentals of our business to create real value for stockholders.
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Industry News
1031 exchange organization names Flahardy affiliate committee chair
Federation of Exchange Accommodators, a national 1031 exchange trade organization, has chosen Geoffrey Flahardy as its affiliate committee chair. Flahardy, who is the national accounts director for ExchangeRight Real Estate, will also serve on the organization's board of directors.
The DI Wire (free registration) (10/17) 
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Daily distributions boosted by Carter Validus REIT II
Carter Validus Mission Critical REIT II, a publicly registered nontraded real estate investment trust, will increase daily distributions on three classes of stock through Nov. 30. The REIT went effective in 2014 and has raised more than $1 billion in investor equity.
The DI Wire (free registration) (10/18) 
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Keppel's Singapore REIT to buy $800M portfolio from KBS Strategic Opportunity
Singapore-based Keppel Corp. will launch a new REIT on the Singapore exchange that will acquire 11 office properties in the US from KBS Strategic Opportunity REIT. KBS has valued the portfolio, which has not identified the assets that will move to Keppel, at $800 million, according to a regulatory filing in Israel.
CoStar Group (10/16) 
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KBS plans conversion to NAV RIET
The publicly registered nontraded real estate investment trust KBS Strategic Opportunity REIT plans to sell 11 of its properties and will convert to a nontraded perpetual-life NAV REIT. In a filing with the Securities and Exchange Commission, the company wrote, "As an NAV REIT, we believe we will be able to raise additional equity capital to diversify and grow our portfolio for the benefit of our stockholders, while at the same time providing increased liquidity to our stockholders in excess of what is currently offered."
The DI Wire (free registration) (10/18) 
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Study: RIAs on track to set M&A record
At the current pace, mergers and acquisitions among registered investment advisors will surge to a record this year, according to a study from Echelon Partners. Based on the trend this year, deals will post a 23% increase from a year earlier, reaching 169 deals by year-end, the company said.
Financial Advisor online (10/17) 
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LOF-REIT Acquires and Operates Hotels in the Heartland
Lodging Opportunity Fund, REIT invests in Heartland-area hotels that present opportunity for income generation and capital appreciation — hotels we believe will see performance-based appreciation over a three-to-five-year hold period. We attempt to balance real estate income and appreciation from a broad base of hotel assets in a variety of markets.
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Policy Update
Trump nominates Rutledge to key Labor Department post
President Donald Trump has named Preston Rutledge, an aide to the Senate Finance Committee, to head the Labor Department's Employee Benefits Security Administration. In the new position, Rutledge would oversee revisions to the department's fiduciary rule.
ThinkAdvisor (free registration) (10/13) 
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SEC approves new rules from FINRA
The Securities and Exchange Commission has approved a number of new rules proposed by the Financial Industry Regulatory Authority set to take effect Oct. 1, 2018. These include amendments to the current exam requirements for FINRA qualification and the continuing-education requirements.
Lexology (10/13) 
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Business Best Practices
Commentary: 5 meetings all advisors should have with their clients
Columnist and business coach John Bowen Jr. outlines a series of five relationship-building meetings that he says help advisors retain clients and may lead to referrals. He also discusses how to achieve the best results from each.
Financial Planning online (10/13) 
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Opinion: What independent firms must do to survive
Matt Lynch, CEO of Strategy & Resources, discussed what it will take for independent firms to survive and thrive amid changing client preferences, increasing regulation and shifting market conditions. He told an industry forum that the "firms that actually create value, that actually add services, that actually help the advisor achieve their goals and deliver a better experience to the end client -- those are the ones that will continue to be part of the supply chain," predicting that those that do not "will be marginalized."
WealthManagement (10/13) 
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Make no little plans; they have no magic to stir men's blood. ... Make big plans; aim high in hope and work.
Daniel Burnham,
architect and urban designer
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About IPA
For over 30 years, the Investment Program Association (IPA) has supported individual investor access to a variety of asset classes not correlated to the traded markets and historically available only to institutional investors, including: non-listed REITs, non-listed business development companies (BDCs), energy and equipment leasing programs and real estate private equity offerings. Direct Investment products have been held in the accounts of more than 2.8 million individual investors. They remain a critical component of an effectively diversified investment portfolio and serve an essential capital formation function for the U.S. economy. The mission of the IPA is advocating Direct Investments through education and public awareness.

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