IDEAS
IMCA offers approximately 12 audio broadcasts each year. These broadcasts are one-hour teleconference sessions on hot industry topics with renowned speakers and are pre-approved for one hour of IMCA-sponsored continuing education credit. The broadcasts offer the convenience of learning at your desk or at your home and are archived for later purchase and attendance. Registration for broadcasts is $50 for members ($75 for nonmembers), and registration for the live broadcast will grant you access to the archived version with no transfer fees. Either type of broadcast (live or archived) is an excellent way to earn IMCA-sponsored CE credit hours.
Cancellations—No refunds are available after the audio broadcast registration has been processed.
Note—it is recommended that users access IMCA's Web site and conduct online transactions using Internet Explorer. Other Web browsers, such as Firefox and Safari, are not always compatible with the "My IMCA" portion of IMCA's Web site.
New Science of Asset Allocation
Presented Thursday, September 16, 2010 at 4:15 PM ET
Available for purchase through 4 PM ET, 9/16/2010; available for listening through 9/30/2011
CE Credit: One hour CIMA®, CIMC®, and CPWA®
Presented by Thomas Schneeweis, PhD, University of Massachusetts Amherst
The market disturbances that began with the subprime crisis in 2007 have brought into sharp focus the failure of past beliefs about the benefits of asset allocation—and about the facts upon which they rest. This is a seminal period in asset allocation: Once again the approach to asset allocation and risk management can be re-examined and a new appreciation of the changing nature of asset allocation approaches can be established. In this presentation, Professor Schneeweis briefly will review the development of various investment products and new asset classes as well as their place in asset allocation. He will provide a framework for investing across a wide range of investment classes and introduce new ways of accessing previously illiquid investment vehicles. Lastly, he will review a set of asset allocation myths and discuss the future of asset allocation.
Mr. Schneeweis is the Michael and Cheryl Philipp Professor of Finance and director of the Center for International Securities and Derivatives Markets (CISDM) at the Isenberg School of Management, University of Massachusetts Amherst. He is the founding editor of the Journal of Alternative Investments and co-founder of the Chartered Alternative Investment Analyst Association. He is also a co-founder of the nonprofit Institute for Global Asset and Risk Management (INGARM). He has published more than 100 articles in the area of asset management. He has been credited, in part, for the creation of asset allocation breakthroughs such as portable alpha and the development of hedge fund/managed futures tracker/replication products. He earned a PhD from the University of Iowa, MA from the University of Wisconsin, and BA from St. John’s University. Professor Schneeweis has more than 30 years’ experience in investment management. He is president of S Capital Management, which provides financial advisory and asset allocation services. He was also a co-founder of Alternative Investment Analytics (a commodity investment firm that helped create the Bache Commodity Index) and White Bear Partners (a hedge fund/managed futures trading firm). He was also associated with the creation and development of the Zurich and Dow Jones Investible Hedge Fund Indexes and acted as director of research at Ursa Capital, one of the first and largest managed-account-based hedge fund platforms.
ESG Mainstream Resource for Fixed Income Managers
Presented Thursday, October 21, 2010 at 4:15 PM ET
Available for purchase through 4 PM ET, 10/21/2010; available for listening through 10/31/2011
CE Credit: One hour CIMA®, CIMC®, and CPWA®
Presented by James McCarthy, Phoenix Global Capital Management and Ronald J. Ryan, CFA®
Ronald Ryan, CFA®, and James McCarthy will discuss bringing environment, social, and governance (ESG) strategies into fixed income investment and incorporating ESG risk management into the investment process. This presentation will include the effects of ESG on U.S. domestic and global bonds as well as new index rules that enhance the investibility of ESG indexes.
James McCarthy worked in London for Shell International and was the chief international investment officer for Chemical Bank. He served as chief investment officer for Pierson Asia and Development Bank of Singapore and also contributed to national schemes for capital market development in Malaysia and the Philippines. In the United States, he served as chair and board member of the Value Catalyst Fund, a listed hedge fund, and director of Morningstar Hedge. He is a now a principal of Phoenix Global Capital Management (a U.S. FINRA-registered broker–dealer) and Phoenix Global Advisors (a U.S. NFA-registered commodity trading advisor and commodity pool operator). He earned an MA in theology from Catholic Theological Union and holds SEC/FINRA series 27 and 7 registrations.
Ronald J. Ryan, CFA® is the founder and chief executive officer of Ryan ALM, Inc., a firm that builds unique bond indexes and then manages bond assets as bond index funds. Ron Ryan is the former director of research at Lehman Brothers, where he designed many of the popular bond indexes including the Lehman Aggregate and Lehman Government/Corporate indexes. In 1988, he founded Ryan Labs as a bond index asset manager. Mr. Ryan is winner of the William F. Sharpe Index Lifetime Achievement award, MML Lifetime Achievement Award, and the Most Innovative ETF Award. Ryan ALM is unique in having its own index division. Mr. Ryan and his index team have several index innovations including: first liability index, first ESG bond index, and first bond exchange-traded fund filed.
Smart Referrals
Presented Thursday, November 18, 2010 at 4:15 PM ET
Available for purchase through 4 PM ET, 11/18/2010; available for listening through 11/30/2011
CE Credit: One hour CIMA®, CIMC®, and CPWA®
Presented by Bjorn Millom, The Millom Group
Bjorn Millom will discuss how to develop an approach you are comfortable with for referral generation. Some of the strategies covered will include direct solicitation, immediate referrals and how to get investors to contact you. Bjorn will also discuss how to create long-term unsolicited referrals, referral follow-ups, and setting appointments from the resulting referrals.
Bjorn Millom is one of the most sought after speakers and workshop presenters in the financial industry. A graduate of the University of Utah with a degree in journalism, Bjorn has also worked as a television reporter and a writer for Associated Press and covered the courtroom and business beat. He worked as a Financial Advisor for Kidder Peabody, setting records for opening new accounts. This experience has given him insight into the persistence and tenacity that is required to follow-up and follow-through with challenging business ideas. He understands that, for the financial sales industry to thrive, sales practices must represent both the highest levels of integrity and cutting-edge creativity.
Upcoming Live Audio Broadcasts:
- 4:15 PM ET, December 16, 2010
Presented by Daniel F. C. Crowley, K&L Gates LLP
(originally presented on September 17, 2009)
CE Credit: One hour CIMA®, CIMC®, and CPWA®
Available for purchase through 9/17/2010; available for listening through 9/30/2010
In the wake of the economic crisis, all of the laws and regulations governing financial services are being revisited simultaneously. The Obama Administration’s financial regulatory reform plan includes new fiduciary duties for investment advisors and brokers, new registration requirements for advisors to private funds, and a new regulatory framework for banking products, OTC derivatives, and other financial products. This session will focus on these proposals and the impact on investment management consultants and advisors. This session covers:
- Consumer Financial Protection Agency Act of 2009
- Investor Protection Act of 2009
- Private Fund Investment Advisors Registration Act of 2009
Mr. Crowley is a partner in the firm's Washington, D.C. office. His practice is focused on public policy issues relating to financial services and capital markets. He also provides research on public policy matters to institutional investors. Mr. Crowley represents financial services clients across a broad range of policy issues including accounting and financial reporting, broker-dealer and securities trading, commodities and futures, corporate governance, depository institutions, derivatives and securitization, hedge funds, insurance, investment management, and mortgage banking and consumer finance. He leads the firm's Capital Markets Reform Group which facilitates coordination across these practice areas on behalf of the firm's policy clients. Prior to joining K&L Gates, Mr. Crowley was chief government affairs officer at the Investment Company Institute, the national association of the mutual fund industry. Previously, Mr. Crowley was vice president and managing director, Office of Government Relations, the Nasdaq Stock Market, Inc. (NASDAQ). Mr. Crowley served for eight years in the U.S. House of Representatives.
This audio broadcast has been pre-approved for one hour of CFP® continuing education credit.
Under the Hood: Leveraged ETFs and Your Portfolio
Presented by Phil Mackintosh, Credit Suisse
(originally presented on October 15, 2009)
CE Credit: One hour CIMA®, CIMC®, and CPWA®
Available for purchase through 10/15/2010; available for listening through 10/31/2010.
Leveraged ETFs have been one of the most successful new products launched in the past three years, but during the credit crisis, returns on many of these ETFs were not what investors anticipated. This unexpected performance has generated a lot of negative media and regulatory attention. This session:
- highlights the performance issues, debunks myths, and describes the regulatory landscape
- details the benefits of using leveraged ETFs in a portfolio
- investigates these products in detail, to help users understand what really affects returns
- explores how to better manage a portfolio containing leveraged ETFs
Mr. Mackintosh heads Credit Suisse’s global portfolio strategy team. This team specializes in trade analytics, including: event driven, statistical, and Delta One trading strategies, trade performance measurement, portfolio risks, and optimization. Mr. Mackintosh has worked in international markets from both the buy-side and sell-side of the business. His roles in the industry contribute to a unique working understanding of international portfolio management, performance, and execution risks.
This audio broadcast has been pre-approved for one hour of CFP® continuing education credit.
Red Flags: Knowing When Clients Need Help from Outside Professionals
Presented by Fredda Herz Brown, PhD, and Sam Davis III, MBA, MTS, Relative Solutions
(originally presented on November 19, 2009)
CE Credit: One hour CIMA®, CIMC®, and CPWA®
Available for purchase through 11/19/2010; available for listening through 11/30/2010.
When dealing with financial matters, investment professionals often are confronted with emotional matters that affect both the timeliness and saliency of client decision making. It is sometimes difficult for advisors to determine which issues they can deal with comfortably on their own and which require the assistance of other professionals. This session focuses on understanding some of the emotional forces which impact client behaviors and their relationship with their advisors. Positive steps that advisors might take are offered as well as suggestions of the types of non-investment professionals who might assist. Also, the session offers suggestions of how advisors might better-react to the stresses of uncertain financial times and better-understand client responses.
Dr. Herz Brown is a principal at Relative Solutions and a pioneer in the field of family enterprise. Her research began at The Family Institute of Westchester, a world-renowned postgraduate training center in family systems work, which she founded with several colleagues. Dr. Herz Brown also was a member of the founding board of The Family Firm Institute where she spearheaded the work on developing the body of knowledge that defined the work of the field. In 2006, she joined with Dennis Jaffe, Fran Lotery, and Sam Davis to form Relative Solutions. She has written and published extensively on the subjects of women in family enterprise, raising children in wealth, board and leadership development, family governance, harmony and communication, and philanthropy.
Mr. Davis is a principal at Relative Solutions and brings more than 25 years of strategic management experience to the service of family enterprises. Having served as a consultant to family businesses, family offices, and family foundations for almost 15 years, he was designated a Fellow in the Family Firm Institute in 2006. Mr. Davis is recognized for his capabilities in addressing issues experienced by family enterprises, including: leadership and ownership transitions; family governance; strategic philanthropy; business strategy; and organizational change. Mr. Davis earned an MBA in Finance at The Wharton School of Business and graduated from The Episcopal Divinity School in Cambridge, MA with an MTS in Ethics and Theology.
Presented by Milton Ezrati, Lord Abbett & Co LLC
(originally presented on December 17, 2009)
CE Credit: One hour CIMA®, CIMC®, and CPWA®
Available for purchase through 12/17/2010; available for listening through 12/31/2010.
Though no one can see the future, sophisticated analysis can assess probabilities and use them to dismiss unreasonable hopes and fears as well as to circumscribe the likelihoods. This session:
- Characterizes the markets' current macro expectations
- Assesses the macro likelihoods
- Sets a macro-based investment strategy on this basis
This audio broadcast has been pre-approved for one hour of CFP® continuing education credit.
Presented by Kevin M. Sanchez, MBA, CIMA®, CFP®, and Brian Sharpes, CIMA®, Golden Gate Institutional Consulting Group of UBS Institutional Services
(originally presented on January 21, 2010)
CE Credit: One hour CIMA®, CIMC®, and CPWA®
For consultants who have a well-established practice, time is their most valuable resource. Scheduling, preparing, and holding client reviews is time-consuming, but clearly an extremely vital aspect of keeping your practice profitable and on-track. This session will demonstrate examples of how to structure your practice and the process needed to efficiently meet with each client—whether institutional or high-net-worth individual—on a quarterly basis. The session will focus on:
- How to efficiently prepare for more than 300 review meetings annually, including content review and customized reporting
- What successes and difficulties Golden Gate has encountered
- How what you’re doing compares with others
- How to concisely discuss where the markets have been, how clients’ portfolios were affected, and strategy for the future—all in 25 minutes
- How to leave a lasting and meaningful impression on the client.
(originally presented on February 18, 2010)
CE Credit: One hour CIMA®, CIMC®, and CPWA®
Available for purchase through 2/18/2011; available for listening through 2/28/2011.
In the wake of the financial crisis, the SEC has undergone sweeping changes in its inspection and enforcement program. At the same time, new legislation and regulation could reshape the financial landscape as we know it. These changes are the most radical since the Great Depression, so it is critical to keep up with new developments. This session covers:
- Changes in the SEC enforcement program
- Changes in the SEC inspection program
- Recent rule-making initiatives at the SEC
- Summary of proposed legislation to address the financial crisis
This audio broadcast has been pre-approved for one hour of CFP® continuing education credit.
Ethical Decision-Making (ethics CE)
Presented by Lauren Bloom, JD, LLM, CCEP, Elegant Solutions Consulting
(originally presented on March 18, 2010)
CE Credit: One hour ethics CIMA®, CIMC®, and CPWA®
Available for purchase through 3/18/2011; available for listening through 3/31/2011.
This session educates participants on how to resolve ethical dilemmas while preserving professional relationships with clients and colleagues. The session:
- Explains how to recognize an ethical dilemma, with a particular emphasis on conflict of interest;
- Describes how to identify interested parties and the duties owed to each;
- Identifies laws and other rules that may apply to a particular situation;
- Discusses ways to identify sources of advice and support to resolve ethical dilemmas;
- Describes ways to identify and present alternative solutions; and
- Presents a short case study to demonstrate in practice the principles set forth in the session.
Ms. Bloom is a Washington DC attorney who specializes in business and professional ethics and responsible litigation risk management. She has spent almost 20 years teaching business professionals how to maintain high ethical standards in daily practice. Ms. Bloom is a contributing columnist for TheStreet.com and author of The Art of the Apology—How to Apologize Effectively to Practically Anyone, as well as the e-book Elegant Ethical Solutions. She earned a JD from Catholic University and an LLM from Georgetown University.
This audio broadcast has been pre-approved for one hour of CFP® continuing education credit.
Risk Management Strategies
Presented by Gregory R. Friedman, Greycourt & Co
(originally presented on April 22, 2010)
CE Credit: One hour CIMA®, CIMC®, and CPWA®
Available for purchase through 4/22/2011; available for listening through 4/30/2011.
Following the failure of most traditionally-diversified portfolios to adequately protect capital during the market collapse of 2008, clients are asking how they might better prepare for the possibility of another such precipitous decline. Not surprisingly, commercial and investment banks have responded to this demand by rolling out a slew of new hedging vehicles and strategies. While some of these strategies are interesting, all are geared towards protecting against a repeat of 2008's sharp correction, which is unlikely to repeat itself anytime soon. This session examines a few of these protection strategies and discusses their likely efficacy under a range of possible market conditions.
Mr. Friedman is president and chief investment officer of Greycourt & Co and heads their Pacific Northwest office. Prior to joining Greycourt he was a principal at Windermere Investment Associates, where he advised ultra-high-net-worth families regarding the construction of tax-efficient portfolios, the development of complex multi-generational investment policies, the evaluation and selection of traditional and alternative investment managers, and ongoing tactical implementation of client portfolios. Mr. Friedman has developed tax and estate planning capabilities for incorporation into after-tax asset allocation software, and has developed a dynamic multi-factor model for forecasting long-term asset class return assumptions. Prior to working with Windermere, he was director of investment strategy at Mellon Private Capital Management, where he managed $3 billion in client assets. He is a graduate of Northwestern University and the Fuqua School of Business at Duke University.
This audio broadcast has been pre-approved for one hour of CFP® continuing education credit.
(originally presented on May 20, 2010)
CE Credit: One hour CIMA®, CIMC®, and CPWA®
As financial advisors begin to reevaluate their income distribution strategies for baby-boomer retirees (pensions, endowments, and foundations), a high and rising dividend income stream is increasingly viewed as a prudent practice. Utilizing a global approach to invest in companies with the ability and willingness to pay high and growing dividends allows investors improved diversification, and historically, provided a source of excess total return. Key points include:
- Corporate allocation of resources has shown that dividend policies instill discipline that supports higher EPS growth rates.
- Growing dividends still have a scarcity value in the global market.
- Using a dividend-focused strategy in emerging markets monetizes earnings and helps mitigate some of the risks.
Mr. Remily is a managing director and co-portfolio manager for the Thornburg Investment Income Builder Fund. He also contributes as a team member on other equity funds including the Thornburg Value and International Value Funds. Mr. Remily joined the firm in 2006 as an equity research analyst, was promoted to his current position in 2008, and was elected managing director in 2009. Prior to joining Thornburg, he worked as a financial analyst for Kennedy Associates Real Estate Counsel, as an equity analyst for Zack’s Investment Research Firm, and as an intern-equity research analyst for Brandes Investment Partners. He holds a BA from the University of Washington where he graduated cum laude and an MBA from the University of Southern California. He is a CFA charter holder.
This audio broadcast has been pre-approved for one hour of CFP® continuing education credit.
Presented by Milton Ezrati, Lord Abbett & Co LLC
(originally presented on June 17, 2010)
CE Credit: One hour CIMA®, CIMC®, and CPWA®
Available for purchase through 6/17/2011; available for listening through 6/30/2011
As a follow-up to Mr. Ezrati’s December 2009 audio broadcast, this session will review economic and market trends of the first half of 2010, assess the likelihoods of trends going forward, and address any needs for potential policy shifts.
Mr. Ezrati is a partner and Lord Abbett’s senior economist and market strategist, and responsible for economic research and strategy that enables clients to gain context and a further understanding of today’s global markets. Mr. Ezrati, who has more than 30 years of experience in the financial services industry, joined Lord Abbett in 2000. He was named a partner in 2004. He is a recognized authority on a range of global and domestic financial issues, and is the author of Kawari, one of the foremost books detailing the economic changes in Japan. He is an Affiliate of the Center on Human Capital and Economic Growth in the Department of Economics at the State University of New York at Buffalo. Mr. Ezrati received an MSS in mathematical economics from Birmingham University in England and a BA in economics from the State University of New York.
This audio broadcast has been pre-approved for one hour of CFP® continuing education credit.
Presented by Terrance R. Ober, Cohen & Steers Capital Management
(originally presented on July 15, 2010)
CE Credit: One hour CIMA®, CIMC®, and CPWA®
Available for purchase through 7/15/2011; available for listening through 7/31/2011
The popular press continues to report that “commercial real estate is the next shoe to drop,” yet listed global real estate stocks have rebounded from their market lows and, we believe, still have a ways to go. The supply and demand picture is favorable, liquidity is growing, and the price recovery is well underway. Dividends are growing again. Attendees will gain an understanding of and appreciation for the REIT asset class and the role REITs can play in a well-diversified portfolio, including:
- REITs' participation in the global economic recovery
- The fundamental recovery in listed real estate securities
- Return of dividends and dividend growth, positioned for inflation
- The benefits of REITs in portfolio construction.
Mr. Ober, senior vice president, is the portfolio specialist for Cohen & Steers’ investment portfolios. He has 20 years of industry experience. Prior to joining the firm in October 1998, Mr. Ober was a regional marketing director at WNC & Associates where he was responsible for distribution of real estate tax credit investments for the northeast region. He also worked for Boston Financial and Winthrop Financial, both Boston-based real estate investment firms. Mr. Ober has a BS degree from Babson College. He is based in New York.
This audio broadcast has been pre-approved for one hour of CFP® continuing education credit.
Active Tax Management and Loss Harvesting
Presented by Rey G. Santodomingo, CFA®, Parametric
(originally presented August 19, 2010)
CE Credit: One hour CIMA®, CIMC®, and CPWA®
Available for purchase through 8/19/11; available for listening through 8/31/2011
Taxes are an often overlooked investment cost which can erode long term returns. Investment performance can be significantly improved by employing active tax management strategies such as loss harvesting. We will discuss year end loss as well as continuous harvesting. We will also show how active tax management strategies will become more valuable in a higher tax rate environment.
Mr. Santodomingo is a member of the research and product development team at Parametric. Prior to joining the investment management team at Parametric in 2008, Rey was a Vice President in product management at MSCI Barra where he focused on multi-asset class risk management solutions for institutional investors. Rey holds a masters degree in Financial Engineering from the University of California Berkeley and a B.S. in Chemical Engineering from the University of California Santa Barbara, where he graduated with honors. Rey serves as a CFA of Seattle Board Member and has been adjunct finance faculty at Seattle University.
