Executive order directs more money toward "opportunity zones" | SEC's Clayton: Advisors can circumvent fiduciary duty | How trend toward alternative investments may affect advisors
December 13, 2018
IPA NewsBrief
National Leadership for Portfolio Diversifying Investments
Top Stories
Executive order directs more money toward "opportunity zones"
President Donald Trump has signed an executive order calling on federal agencies to put more grants, infrastructure funding and other resources toward "opportunity zones," which are urban, rural and suburban census tracts in or near high-poverty areas. The goal is to generate more housing development and other investment in projects within the zones, where investors can limit or avoid taxes on investment gains.
The New York Times (tiered subscription model) (12/12) 
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SEC's Clayton: Advisors can circumvent fiduciary duty
Advisors can get around the fiduciary duty that requires them to put clients' interests above their own if exceptions are written into client agreements, Securities and Exchange Commission Chairman Jay Clayton told the Senate banking committee. "This is something that we want people to understand," he said.
InvestmentNews (tiered subscription model) (12/11),  ThinkAdvisor (free registration) (12/11),  Pensions & Investments (free access for SmartBrief readers) (12/11) 
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How trend toward alternative investments may affect advisors
An increased focus on alternatives "will have a material impact on the products and strategies [registered investment advisors] will offer their clients in the future," writes Aaron Steinberg of BNY Mellon Pershing. As new products emerge and technology drives access to them, he notes that education will be key.
Financial Advisor online (12/5) 
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Fed reports Nov. growth but points out unease over tariffs
The Federal Reserve's latest report on economic conditions, known as the Beige Book, says most of its 12 regions achieved satisfactory growth in November but also says there is "increased uncertainty" among businesses over the influence of US tariff policy. The report highlights rising costs for manufacturers and problems for farmers due to countertariffs imposed by China and others.
The Associated Press (12/5),  The Wall Street Journal (tiered subscription model) (12/5) 
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Industry News
Bluerock interval fund reaches $1.2B in assets under management
Bluerock said its Total Income+ Real Estate Fund has about $1.2 billion in assets under management, compared with $820 million last year. The interval fund has 28% of its allocation in the industrial sector, Bluerock said.
The DI Wire (free registration) (12/11) 
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LPL Financial acquires software firm AdvisoryWorld
LPL Financial has purchased AdvisoryWorld, which offers software for building portfolios, for $28 million. The deal, along with CEO Dan Arnold's plan to spend $125 million on technology this year, is intended to benefit LPL's 16,000 advisors and transform the company's culture.
Financial Planning online (12/3),  InvestmentNews (tiered subscription model) (12/3) 
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Inland Residential to sell Ill. multifamily community
Inland Residential Properties Trust has agreed on a $24.6 million sale of The Commons at Town Center in Vernon, Ill. The 105,442-square-foot multifamily community includes a total of 85 one-, two- and three-bedroom units.
The DI Wire (free registration) (12/10) 
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Carter Multifamily buys Fla. apartment community
Carter Multifamily has purchased Laurel Pointe Apartments in Jacksonville, Fla., for $13 million. The 160-unit workforce apartment community, constructed in 1970, is three miles from downtown Jacksonville.
The DI Wire (free registration) (12/7) 
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Policy Update
Rep. Neal's focus on retirement could bring changes
With the Democrats taking control of the House of Representatives in January, Rep. Richard Neal, D-Mass., will take over leadership of the Ways and Means Committee. Experts say Neal's focus on retirement could mean big changes in retirement policy.
InvestmentNews (tiered subscription model) (12/6) 
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Fed has second thoughts about rate increases
Fed has second thoughts about rate increases
Federal Reserve Chairman Jerome Powell (Alex Wong/Getty Images)
Based on an evolving "data dependent" approach to decision-making, the Federal Reserve might postpone interest-rate increases. Officials are discussing whether to indicate a shift toward a wait-and-see approach after a meeting this month.
CNBC (12/7),  The Wall Street Journal (tiered subscription model) (12/6),  BloombergQuint (India) (12/7) 
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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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