Fundraising continues to grow for nontraded REITs | Survey: Advisors to increase alternative investments | SEC finds shortcomings in advisors' best-execution practices
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July 19, 2018
IPA NewsBrief
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Fundraising continues to grow for nontraded REITs
Fundraising for nontraded REITs has increased for the last three quarters as newcomers enter the market, according to Robert A. Stanger & Co. The investment banking company estimates that sales could reach $5.1 billion this year compared with 2017's $4.2 billion.
InvestmentNews (tiered subscription model) (7/12) 
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Survey: Advisors to increase alternative investments
A survey of advisors by BNY Mellon's Pershing found 53% of respondents saying they plan to expand their use of alternative investments in 2018. Nontraded and traded REITs' fees have declined, and they can provide stability by offering buffers against increasing rates, Pershing says.
PlanAdviser online (7/16) 
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SEC finds shortcomings in advisors' best-execution practices
The Securities and Exchange Commission said its Office of Compliance Inspections and Examinations has found widespread failure by advisors to comply with their obligation to obtain the best execution for clients' transactions. The alert also said failure to disclose soft-dollar arrangements is an issue.
ThinkAdvisor (free registration) (7/12) 
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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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IPA Member Information
Register for IPAVision 2018
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 acquires data center, hospital
Carter Validus Mission Critical REIT II has acquired a data center in San Jose, Calif., for $49.15 million and a behavioral health facility in Katy, Texas, for about $15.3 million.
The DI Wire (free registration) (7/13) 
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Mass. property is Cottonwood Multifamily REIT II's first purchase
Cottonwood Multifamily REIT II has acquired Parc Westborough in Westborough, Mass., with a co-investment from Cottonwood Residential. The private REIT bought the 249-unit multifamily apartment community for $65.5 million.
The DI Wire (free registration) (7/12) 
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Griffin Capital Essential Asset REIT II expands credit facility to $750M
Griffin Capital Essential Asset REIT II has completed refinancing to raise its credit facility to $750 million. The refinancing "extends the maturity, lowers financing costs and provides us with ongoing flexibility and access to more than $200 million of undrawn borrowing capacity as of the closing date, soundly positioning us for continued growth," said Javier Bitar, the chief financial officer of the publicly registered nontraded REIT.
The DI Wire (free registration) (7/12) 
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Policy Update
House passes capital markets package that includes bill protecting seniors
The House voted 406-4 to pass the JOBS and Investor Confidence Act, a package of 32 bills. Among the bills passed was one that would require the Securities and Exchange Commission to create a task force to deal with elderly financial abuse.
InvestmentNews (tiered subscription model) (7/17) 
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State legislators not giving up on fiduciary bills
The sponsor of a New York bill that would require nonfiduciary financial advisors to disclose they aren't required to act in clients' interests plans to reintroduce the measure, after it died without a floor vote in the Assembly. Similar measures in Illinois and New Jersey have failed to come up for votes but remain under consideration.
InvestmentNews (tiered subscription model) (7/12) 
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Clients concerned about impact of tariffs on investments
Advisors say they are hearing questions from clients about the impact of tariffs on investment holdings, and this is contributing to a decline in their risk appetite. According to Financial Planning's Retirement Advisor Confidence Index, June marked the fifth month in a row that client risk tolerance registered in negative territory.
Financial Planning online (7/13) 
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Business Best Practices
Kitces: Clients may be hiding their relationships with other advisors
A client who appears to have a spending problem might actually have a trust issue with their advisor, writes certified financial planner Michael Kitces of Pinnacle Advisory Group. He discusses why clients may conceal the fact they have other assets being managed by another advisor and how he deals with it in his own practice.
Financial Planning online (7/13) 
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Analogies, it is true, decide nothing, but they can make one feel more at home.
Sigmund Freud,
neurologist and psychoanalyst
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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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