Merger of nontraded REIT might deliver 42% return | Obama to nominate White as SEC chairman, White House says | What FINRA will be watching in 2013
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January 24, 2013
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Merger of nontraded REIT might deliver 42% return
Shareholders of Cole Credit Property Trust II are expected to receive a yield of 20% to 42% when the nontraded real estate investment trust merges with Spirit Realty Capital, a REIT listed on the New York Stock Exchange. There will be no internalization or transaction fee paid to Cole, according to a presentation to investors. Dividend payment will continue without disruption. InvestmentNews (free registration) (1/22), Bloomberg (1/22)
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Policy Update
Obama to nominate White as SEC chairman, White House says
President Barack Obama today will nominate Mary Jo White, a lawyer and former federal prosecutor, as the next chairman of the Securities and Exchange Commission, a White House official says. Obama also will re-nominate Richard Cordray as director of the Consumer Financial Protection Bureau. The Washington Post (tiered subscription model)/The Associated Press (1/24)
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What FINRA will be watching in 2013
Suitability and complex products, mortgage-backed securities and nontraded real estate investment trusts are among 10 products and issues the Financial Industry Regulatory Authority says it will focus on this year in its exams. AdvisorOne (1/18)
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SEC chief says she'll focus on Dodd-Frank progress
The head of the Securities and Exchange Commission says she's working to make progress on priorities, topped by Dodd-Frank regulations. "The retail investing landscape has become increasingly complex, populated by products, strategies, technologies, opportunities and risks that simply didn't exist just a short time ago," Elisse Walter says. AdvisorOne (1/21)
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CFPB could seek a role in retirement policy
The Consumer Financial Protection Bureau is exploring whether it has any authority over Americans' retirement savings and investments, says Richard Cordray, the agency's director. The CFPB is concerned that consumers might become victims of financial scams, sources say. Bloomberg (1/18)
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Industry News
Wells postpones new nontraded REIT products
Wells Real Estate Funds has suspended the sale of new nontraded real estate investment trust offerings because of a "lack of clarity" from the Financial Industry Regulatory Authority on REIT regulation. "We have decided to postpone new product registration pending greater regulatory clarity," according to the firm. Financial Advisor online (1/16)
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Political dysfunction is biggest worry of advisers' clients
The most urgent concern of financial advisers' wealthy clients is the inability of U.S. politicians to compromise on taxes and spending, according to two surveys. A survey by UBS Wealth Management Americas found affluent clients frustrated about "fiscal cliff" negotiations. A Reuters survey of advisers found that many of their clients feel the same way. Reuters (1/18)
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CNL Financial marks 40th anniversary
CNL Financial Group and its hometown, Orlando, Fla., are celebrating the company's 40 years in business. CNL's origins date to 1973, decades before the city grew into a metropolitan center. "I always thought Orange Avenue would be a great place to do business, but I never thought we would be the terminus on Orange Avenue," Executive Chairman Jim Seneff said. CNL is a private investment manager that provides global real estate and alternative investments. Freeline Media (Orlando, Fla.) (1/9)
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Income Planning
How target-date funds can fall short
Investors are flocking to target-date funds, but some experts warn that the funds' annual returns are lower than many people will need for building up sufficient retirement savings. Over the past five years, the average fund with 2015 as the target date grew just 2% a year, while standard planning models are based on 6% returns. Possible solutions, experts say, include choosing a fund with a later date and directing new 401(k) contributions into higher-risk investments. The Wall Street Journal (tiered subscription model) (1/21)
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Business Best Practices
Why advisers should view human capital as an investment
Advisers who view human-capital expenses as a cost tend to experience less success and expand their businesses at a slower rate than do those who view the expenses as an investment, writes Ron Carson, CEO of Carson Wealth Management Group. Adding the right people to your team can free up time for you, improve customer service and boost the efficiency of the entire practice, he writes. Prosperous Advisor blog (1/17)
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Online platforms challenge financial advisers
Financial advisers are facing a growing challenge in attracting and keeping clients from Internet firms that offer investments, financial planning and advice. Since the financial crisis, many wealthy investors have shifted assets from fee-based advisers to inexpensive, self-directed accounts, according to Cerulli Associates. InvestmentNews (free registration) (1/20)
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IPA Member Information
Guide to Understanding REITs is IPA's newest client-education piece
View the brochure. Order your supply. Be sure to check out additional educational offerings that IPA provides for members. Let us be your resource for all direct-investment educational needs.
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Lend yourself to others, but give yourself to yourself."
-- Michel de Montaigne,
French writer
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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 investments include public non-listed REITs (NLREITs) and Business Development Companies (BDCs), Energy and Equipment Leasing Programs, and private equity offerings. For the last 28 years, the IPA has successfully championed the growth 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. The mission of the IPA is advocating direct investments through education. Access the wealth of IPA educational materials here, or visit the IPA online for more information about becoming a member.
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