Industry discusses progress of SEC advice rule | 2008 market crash led to lower fees, more conservative investing | Groups: SEC advisor-relationship form too complicated
September 20, 2018
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Industry discusses progress of SEC advice rule
Amid speculation of when the Securities and Exchange Commission will complete revision of an investment-advice standard, Ira Hammerman, executive vice president and general counsel at SIFMA, says he expects significant progress next year. "You've got three Republican [commissioners] armed with a top agenda item from the chair on a pro-investor rulemaking," Hammerman says. "In that kind of fact pattern, action in 2019 is likely."
InvestmentNews (tiered subscription model) (9/15) 
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2008 market crash led to lower fees, more conservative investing
The stock market crash of 2008 changed the way people invest, experts say. Investors now put more money into bonds and index funds and less into actively managed funds, while fees on most investments have dropped
The Associated Press (9/13) 
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Groups: SEC advisor-relationship form too complicated
An early version of a summary form for advisor-customer relationships as proposed by the Securities and Exchange Commission is overly complicated and unlikely to help retail investors, according to AARP, the Consumer Federation of America and the Financial Planning Coalition. The groups hired Kleimann Communications Group to conduct usability testing, which found the form to be misleading about the duties of advisors and brokers.
PlanSponsor online (9/12),  InvestmentNews (tiered subscription model) (9/12) 
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The Resource Report: Q2 2018
Senior management for the Resource Credit Income Fund discusses how an expanding federal deficit, due to increased spending by Tax Cuts and Jobs Act, may present problems for fixed-income investors. Read more.
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Amid a fundamental shift from defined-benefit to defined-contribution plans, investment advisors and their clients increasingly are looking to portfolio-diversifying investment strategies for retirement-income solutions. Direct-participation programs -- including 1031/DSTs, Reg. D offerings, Qualified Opportunity Zones, private debt offerings and energy programs -- have seen an explosion of new demand. Interval funds continue to gain traction. REITs and BDCs are expanding into new distribution channels. Join other industry leaders at IPAVision 2018, where we'll shape the discussion on the critical issues and innovative solutions that continue to drive the expansion of the PDI industry.
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Industry News
Carter Validus Mission Critical REIT II selects new chief operating officer
Carter Validus Mission Critical REIT II has appointed Todd Sakow to succeed Lisa Drummond as the company's chief operating officer and secretary. Sakow has stepped down from his roles as chief financial officer and treasurer, which will be assigned to Kay Neely, former senior vice president of accounting for Carter Validus Advisors II.
The DI Wire (free registration) (9/17) 
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American Beacon, Apollo Global team up for interval fund
American Beacon Advisors and Apollo Global Management are introducing an interval fund and credit vehicle named the American Beacon Apollo Total Return Fund. The fund, which will be managed by American Beacon, will focus on areas including corporate credit, structured credit and real estate credit.
The DI Wire (free registration) (9/13) 
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Bluerock appoints new head of national accounts
Bluerock Capital Markets announced the hiring of Emily Calcagno as executive vice president and leader of its national accounts and relationship management group. Calcagno previously served as Morgan Stanley Investment Management's executive director and head of national accounts.
The DI Wire (free registration) (9/13) 
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Policy Update
Bill to relax audits of small broker-dealers backed by House panel
The House Financial Services Committee has voted 36-16 to advance a bill that would relax requirements for audits of small broker-dealers. Mandatory use of auditors approved by the Public Company Accounting Oversight Board would be waived for brokers that have fewer than 150 registered representatives who don't provide custody services for client funds and that are in good standing with regulators.
InvestmentNews (tiered subscription model) (9/13) 
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Brainard: Rate increases wouldn't slow economic growth
Low unemployment and inflation near the Federal Reserve's 2% goal mean the central bank can raise interest rates in the next two years without hindering economic growth, Governor Lael Brainard says. Presidents of Fed banks in Atlanta and Dallas have suggested pausing rate increases next year.
Reuters (9/12) 
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Clarida takes seat as Fed vice chairman
Federal Reserve Chairman Jerome Powell has administered the oath of office to Richard Clarida to become vice chairman. Clarida can vote during this month's monetary-policy meeting.
Reuters (9/17) 
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President appointed at San Francisco Fed
Mary Daly, research director of the Federal Reserve Bank of San Francisco, has been named president, effective Oct. 1. Daly replaces John Williams, who has become president of the Federal Reserve Bank of New York.
The Wall Street Journal (tiered subscription model) (9/14) 
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About IPA
The Institute for Portfolio Alternatives (IPA) provides national leadership for the Portfolio Diversifying Investments (PDI) industry. We bring together the investment managers, broker-dealers, investment advisers and industry service professionals - new and established - who are dedicated to driving transparency and innovation in the marketplace. Through advocacy and industry-leading education, we are committed to ensuring all investors have access to real assets and the opportunity to effectively balance their investment portfolios.

The IPA seeks to raise awareness of PDI products among stakeholders and market participants, including: investment advisers, public policymakers and the investing public. We support increased access to investment strategies with low correlation to the equity markets: lifecycle real estate investment trusts (Lifecycle REITs, net asset value REITs (NAV REITs), business development companies (BDCs), interval funds and direct participation programs.

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