Judge refuses to grant injunction blocking fiduciary rule | Fiduciary rule's class action provision unlikely to survive review | Boston Fed president worried about real estate prices
March 23, 2017
IPA NewsBrief
Advocating Direct Investments through Education
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Judge refuses to grant injunction blocking fiduciary rule
The US Chamber of Commerce, the Financial Services Institute, and the Securities Industry and Financial Markets Association suffered a setback in their bid to have an injunction granted that would block the introduction of the Labor Department's fiduciary rule, pending an appeal of its legality. Their petition was denied by US District Judge Barbara Lynn.
ThinkAdvisor (free registration) (3/21),  WealthManagement.com (U.S.) (3/21),  InvestmentNews (tiered subscription model) (3/21) 
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Fiduciary rule's class action provision unlikely to survive review
The right of private action in the Department of Labor's fiduciary rule -- the measure's primary enforcement mechanism -- is under close scrutiny as the agency reviews the rule's costs. "It's possible to draft a rule that ensures that there's not unlimited liability and still make sure advisers work in [their clients'] best interest," said Sean Tuffy, a senior vice president at financial-services firm Brown Brothers Harriman.
The Wall Street Journal (tiered subscription model) (3/15) 
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Boston Fed president worried about real estate prices
Boston Fed President Eric Rosengren is concerned about rising real estate prices. "Because real estate holdings are widespread, and the monetary and macroprudential tools for handling valuation concerns are somewhat limited, I believe we must acknowledge that the commercial real estate sector has the potential to amplify whatever problems may emerge when we at some point face an economic downturn," he said.
Reuters (3/21) 
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Research disputes correlation between interest rates, property values
Increases in interest rates do not necessarily lead property values to fall, research from TH Real Estate finds. "If interest rates are rising because of stronger economic growth, as is currently the case, real estate demand will also likely be growing," said Tom Park of TH Real Estate.
CoStar Group (3/15) 
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Resource is an asset management company that specializes in real estate and credit investments. Its main objective is to be a best-in-class asset manager as measured by risk-adjusted returns to investors and the quality of the funds and businesses it manages. With experienced honed over more than two decades, Resource and its affiliates have been providing innovative, flexible investment solutions for both institutional and individual investors. To learn more visit www.resourcerei.com.
IPA Member Information
Don't miss the IPASummit 2017, May 1-4 in Washington, D.C.!
The IPASummit 2017 is the essential event of the year: a deep dive into regulatory and legislative affairs, culminating with Congressional meetings on Capitol Hill. Attendees will speak directly with senior leadership at the most influential broker-dealers and discuss the impact of the new administration's agenda with senior regulators and legislators. Join leaders from across the industry as we tackle the challenges and opportunities ahead of us!
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Hines Securities is the broker-dealer affiliate of Hines, the international real estate investment, development and management firm. Hines Securities offers investment products to individual investors through select broker-dealers and their financial advisors and RIAs.
Industry News
Lower fee, higher NAV for Corp Capital Trust II
Corporate Capital Trust II has upped the net asset value of its shares to $9.27 from $9.17. It also expects to drop the distribution and shareholder servicing fee to 1% from 1.25%.
The DI Wire (free registration) (3/22) 
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Griffin-American Healthcare REIT III continued expansion in 2016
Griffin-American Healthcare REIT III acquired $514.1 million in health care real estate properties in 2016 and now has an international portfolio valued at about $2.9 billion, said Jeff Hanson, the REIT's chairman and CEO. Fourth-quarter property acquisitions totaled about $72.3 million.
The DI Wire (free registration) (3/21) 
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Moody National REIT II sets new NAV per share
Moody National REIT II has updated its estimated net asset value per share to $25.04. The publicly registered non-traded REIT's previous NAV was set at $25.03 per share.
The DI Wire (free registration) (3/21) 
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American Finance Trust approves $23.37 NAV per share
AR Global's American Finance Trust has approved a $23.37 per share estimated net asset value, marking the first update since the $24.17 per-share NAV from Dec. 31. American Finance Trust recently finished a merger with affiliated non-traded REIT American Realty Capital Retail Centers of America.
The DI Wire (free registration) (3/21) 
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Policy Update
Advisors warned to heed FINRA rules around Facebook Live
(Justin Sullivan/Getty Images)
The advent of Facebook Live, which can enable advisors to make live video presentations, could be an effective tool, but legal expert Yasmin Zarabi warns that financial services firms should take care to ensure compliance with Financial Industry Regulatory Authority rules. She discusses why certain content could be problematic and recommends firms have a clear social media policy.
WealthManagement.com (U.S.) (3/15) 
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Business Best Practices
Advisors' tips on forming client relationships
(John Moore/Getty Images)
Making the first move to establish a relationship is a crucial part of any advisor's business. Several advisors share how they go about breaking the ice with prospective clients.
Financial-Planning.com (3/20) 
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Nothing great will ever be achieved without great men, and men are great only if they are determined to be so.
Charles de Gaulle,
military leader and statesman
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About IPA
The Investment Program Association (IPA) was formed in 1985 to provide effective national leadership for the direct investment industry.The IPA supports individual investor access to a variety of asset classes not correlated to the traded markets and historically available only to institutional investors. These include public non-listed REITs (NL REITs), business development companies (BDCs), energy and equipment leasing programs, and private equity offerings. For 30 years the IPA has successfully championed the growth and improvement of such products, which have increased in popularity with financial professionals and investors alike. Direct investments are held in the accounts of more than 2 million individual investors, and the IPA's member companies operate or have properties in all 50 states. Today these investment products function as a critical component of effectively diversified investment portfolios and serve an essential capital formation function for the US economy. The mission of the IPA is advocating direct investments through education. Access the wealth of IPA educational material, or visit the IPA online for more information about becoming a member.
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