To no surprise, the rapidly changing regulatory landscape was a strong focus of the conference, as well. Particularly, the Department of Labor (DOL) fiduciary rule—the rule which will hold broker-dealers to a fiduciary standard for qualified (IRA, 401k) accounts, compared to the current suitability standard. With implementation deadlines beginning next spring, this rule is detailed in over 1,000 pages formulated by the DOL—and it seems as though this rule has become a full-time job for many in our industry. I found the conference sessions and networking with other broker-dealers to be valuable in providing insight into the roadmap ahead and what to expect whilst navigating it. It seems as though broker-dealers were all over the board in terms of their preparedness for this new ruling—one that we know will not be a smooth transition unless we're prepared. While some, like my team at Concorde, have been preparing for months—educating and training our teams on what will change and ensuring they have the right tools to succeed—some have barely begun doing so. I came away feeling confident in our progress and ability to help our financial advisors see this change not as a roadblock, but rather an opportunity to thrive.

On the second day of the conference, Concorde CEO Jason Kavanaugh participated in a panel with other broker-dealer CEOs. Moderated by Kevin Shields, Chairman and CEO of Griffin Capital, product sponsors were able to fire off questions for them to answer. They discussed issues including the impact of regulatory changes on various product types—i.e. FINRA 15-02 on non-traded REITs and BCDs, sales trends of new share classes—such as the emergence and growth of T shares vs. the traditional A share class, and due diligence processes – for example, how sponsors can get faster approval of their products by broker-dealers and the role of outsourced due diligence providers.

I also spoke on a panel during the second day that was moderated by Thomas Jahncke, SVP and director of Passco Companies, and titled: Benefits and Risks of the DST (Delaware Statutory Trust) Structure and Among Asset Types. Properties packaged in this structure, per an IRS revenue ruling, qualify as replacement property for investors seeing to defer taxes through a 1031 Exchange. While we're seeing continued growth from 1031 Exchange clients, we're also seeing increased demand from investors performing a 1033 Exchange – the deferral of taxes associated with an involuntary sale of property typically as the result of eminent domain.

It was made clear earlier this month that this year's conference was on pace for record attendance—which included a higher than ever attendance of broker-dealers, registered investment advisors (RIAs), and registered representatives—a wonderful thing to see as it is always great to get the chance to learn from and network with those in our industry. I always find it inspirational and come away with a fresh outlook on where we're headed and what we can do to improve.

There were mixed thoughts throughout the conference, but the overall atmosphere seemed optimistic. ADISA's contribution to the industry over many years and the service of hundreds of volunteers who contribute their time and energy does not go unnoticed. I know our team at Concorde has benefited from their education, networking opportunities, and their advocacy to securities regulators and on Capitol Hill, and I look forward to the 2017 Spring Conference in New Orleans, as well the 2017 Annual Conference & Trade Show next fall.

LAS VEGAS—This week, the Alternative & Direct Investment Securities Association (ADISA) held its three-day Annual Conference & Trade Show at The Cosmopolitan of Las Vegas. An association with over 4,000 members, ADISA represents more than 30,000 professionals involved in all aspects of alternative investments. Among other sources, GlobeSt.com reached out to attendee Tim Witt, director of research and due diligence officer at Concorde Investment Services LLC, for his thoughts on the event. Concorde is a national securities broker-dealer registered with FINRA to solicit securities products in all 50 states and several territories.

The views expressed below are Witt's own.

During my time at the conference, I noticed a few trending conversations, concerns and insights around the state of the financial industry that I found interesting—yet not surprising.

Throughout numerous discussions, I sensed that many broker-dealers and financial advisors have concerns about stock market valuations and the paltry returns on fixed income securities. In turn, they are actively seeking investment solutions to add to clients' portfolios that can provide attractive, risk-adjusted returns and that are not correlated to stocks and bonds. At Concorde, we have been building out our alternative investment platform, adding new product categories and asset types and have experienced a positive reaction to this by our financial professionals and their clients.

To no surprise, the rapidly changing regulatory landscape was a strong focus of the conference, as well. Particularly, the Department of Labor (DOL) fiduciary rule—the rule which will hold broker-dealers to a fiduciary standard for qualified (IRA, 401k) accounts, compared to the current suitability standard. With implementation deadlines beginning next spring, this rule is detailed in over 1,000 pages formulated by the DOL—and it seems as though this rule has become a full-time job for many in our industry. I found the conference sessions and networking with other broker-dealers to be valuable in providing insight into the roadmap ahead and what to expect whilst navigating it. It seems as though broker-dealers were all over the board in terms of their preparedness for this new ruling—one that we know will not be a smooth transition unless we're prepared. While some, like my team at Concorde, have been preparing for months—educating and training our teams on what will change and ensuring they have the right tools to succeed—some have barely begun doing so. I came away feeling confident in our progress and ability to help our financial advisors see this change not as a roadblock, but rather an opportunity to thrive.

On the second day of the conference, Concorde CEO Jason Kavanaugh participated in a panel with other broker-dealer CEOs. Moderated by Kevin Shields, Chairman and CEO of Griffin Capital, product sponsors were able to fire off questions for them to answer. They discussed issues including the impact of regulatory changes on various product types—i.e. FINRA 15-02 on non-traded REITs and BCDs, sales trends of new share classes—such as the emergence and growth of T shares vs. the traditional A share class, and due diligence processes – for example, how sponsors can get faster approval of their products by broker-dealers and the role of outsourced due diligence providers.

I also spoke on a panel during the second day that was moderated by Thomas Jahncke, SVP and director of Passco Companies, and titled: Benefits and Risks of the DST (Delaware Statutory Trust) Structure and Among Asset Types. Properties packaged in this structure, per an IRS revenue ruling, qualify as replacement property for investors seeing to defer taxes through a 1031 Exchange. While we're seeing continued growth from 1031 Exchange clients, we're also seeing increased demand from investors performing a 1033 Exchange – the deferral of taxes associated with an involuntary sale of property typically as the result of eminent domain.

It was made clear earlier this month that this year's conference was on pace for record attendance—which included a higher than ever attendance of broker-dealers, registered investment advisors (RIAs), and registered representatives—a wonderful thing to see as it is always great to get the chance to learn from and network with those in our industry. I always find it inspirational and come away with a fresh outlook on where we're headed and what we can do to improve.

There were mixed thoughts throughout the conference, but the overall atmosphere seemed optimistic. ADISA's contribution to the industry over many years and the service of hundreds of volunteers who contribute their time and energy does not go unnoticed. I know our team at Concorde has benefited from their education, networking opportunities, and their advocacy to securities regulators and on Capitol Hill, and I look forward to the 2017 Spring Conference in New Orleans, as well the 2017 Annual Conference & Trade Show next fall.