The IPA Summit Showcased America at its Best
Our CEO, John Foster, had a great opportunity to attend the Washington DC 2018 Summit meeting of the IPA. The Institute for Portfolio Alternatives is focused on the very interesting niche of alternative investment products. While not the common Joe’s cup of tea, the top financial advisors absolutely require these sophisticated products for many of their larger investors.
The conference was attended by some of the brightest industry supporters as it offered extensive product reviews, as well as general industry discussions. But the highpoint for our CEO was simply watching the American capital markets system at work. The day after listening to an SEC commissioner speak at the conference, the SEC released a press release on one of the hottest industry topics for the past few years. Our CEO published the following post on his LinkedIn page:
The IPA Summit Showcased America at its Best – SEC Proposes New Standard Rule for B/Ds and RIAs
It was quite interesting to sit just a day ago and hear Michael S. Piwowar, commissioner at the SEC, give early hints of the new SEC standards proposed for broker-dealers and RIAs. Commissioner Piwowar offered his insights as the keynote speaker at the IPA Summit 2018 (rebranded as the Institute for Portfolio Alternatives) in Washington DC yesterday morning, a few hours before the SEC voted.
Here is the SEC press release: https://www.sec.gov/news/press-release/2018-68.
In my humble opinion, he provided a very balanced review of the battle with the DOL Fiduciary Rule over the past few years. His presentation highlighted the need for inclusion of other regulatory and industry groups in a comprehensive review process. While noting that regulations cannot be so burdensome as to be unworkable, he promoted a positive goal to protect investors from some of the ills of the market, that all of us “good players” also despise. The details will undoubtedly be debated at length in the days to come.
Reading the press release this morning and remembering sitting there listening to the commissioner yesterday, the point that will never be lost on me is what a unique privilege it is to be a citizen of this great country.
Even in these most turbulent times, while issues can be exceptionally controversial and even emotional to some, we have the access and ability to connect with law makers. After the commissioner spoke, the IPA coordinated 300 visits to “The Hill”. Speaking with many of the attendees, it was obvious that having these face-to-face meetings with congressman and senators was a highlight of the conference.
Hats off to the IPA! America still works.