Managed Accounts UMA Summit - FRA, LLC [PDF]

Save $200 by registering before July 20th

Financial Research Associates proudly presents

The 10th Annual

Managed Accounts UMA Summit Engage in detailed, practical discussions of the most newsworthy issues by the top industry specialists

September 13-14, 2012 The Harvard Club, Boston

Rich content, prime networking! Attend the ONE MA/UMA conference you simply can’t miss! With in-depth sessions on these key topics: ➢ Portfolio construction strategies in an era of volatility, alternative products and trading challenges ➢ What sponsors, managers and platforms are doing to attract advisors and investors ➢ An extensive exploration of overlay models ➢ How TAMP mergers are changing the playing field ➢ Model delivery vs. managers trading themselves: pros and cons ➢ A DTCC Hub update: is everything falling into line? ➢ Using insurance products in managed accounts and UMAs ....and more!

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To Register: Call 800-280-8440 or visit us at www.frallc.com

The Conference Organizer Financial Research Associates provides the financial community with access to business information and networking opportunities. Offering highly targeted conferences, FRA is a preferred resource for executives and managers seeking cutting-edge information on the next wave of business opportunities. Please visit www.frallc.com for more information on upcoming events. Join us in Boston for the most content-rich MA/UMA event this year: The 10th Annual Managed Accounts & UMA Summit. Not only will there be an industry “Who’s Who” in attendance, but we’ll delve deep into the key topics you most need to know about today. The first morning is devoted to issues involving portfolio construction, optimization and delivery: ➢ Creating the ultimate sleeve model with disparate assets ➢ Using alternatives in your UMA portfolio ➢ Fixed income, ETF & mutual fund sleeves: Issues in trading, illiquidity, sleeve conversions and more We’ll also uncover the need-to-know specifics on: • Overlay models: what’s the difference? Should you own or rent? • How platforms are developing & positioning services: the view from all sides • Looking at the growth of rep-as-portfolio manager and rep-as-advisor programs • Ways to empower advisors to capture & retain market share • Model delivery vs. managers trading themselves: considerations and limitations ...and much more! Meet the key people and learn the specific strategies you’ll need to boost success in the UMA/MA marketplace. Register today! Call 800-280-8440 or register online at www.frallc.com. Sincerely,

Laura Garza Laura Garza, Senior Vice President FINANCIAL RESEARCH ASSOCIATES, LLC P.S. This conference is known for its depth of content and wealth of top-level industry speakers. Check out the “rave reviews” in this brochure and see for yourself!

Media Partners

Our Renowned Speaking Faculty Alexander Camargo, Analyst, CELENT Alois Pirker, Research Director, AITE GROUP Anthony DiGangi, Vice President, Director of Managed Account Operations, FREd ALGER MANAGEMENT, INC. Bradley H. Alford, CFA, CFP, Chief Investment Officer, ALPHA CAPITAL MANAGEMENT Brett A. Ginter, Principal, COLLABORATIvE CONSULTING Buddy Doyle, Founding Principal - Managing Director, OySTER CONSULTING, LLC Carl Katerndahl, Executive Vice President, NUvEEN INvESTMENTS Charles Capito, Jr., Senior Vice President & Complex Manager, WELLS FARGO AdvISORS Chris Gibbons, Vice President - Investment Product Management, Unified Managed Account Solution, PNC ASSET MANAGEMENT Cindy Weisenfeder, Department Leader, Managed Account Operations, EdWARd JONES David H Gardner, Senior Vice President, COLLABORATIvE CONSULTING David Laskar, Private Portfolio Group, MORGAN STANLEy SMITH BARNEy Dennis D. McDonald, CFA, Managing Director, Investment Strategy Group, TIAA-CREF Douglas L. Dumond, Managing Director, CLARION PARTNERS Eric Jacobson, Principal, PEER SOLUTIONS, LLC Frank Campanale, Chairman & CEO, E.F. HUTTON & COMPANy Frank Gaffney, Vice President – Alternative Investment Products, Wealth Management Services, dTCC Gavin Spitzner, Senior Vice President, Business Development, PRUdENTIAL WEALTH MANAGEMENT SOLUTIONS Gerard Michael, President, SMARTLEAF, INC Jean Sullivan, Managing Director. dOvER FINANCIAL RESEARCH Jeffrey P Cusack CIMA, President, Distribution, FORWARd MANAGEMENT John Bergamini, Senior Managing Director, MARINER INvESTMENT GROUP Karrie Southall, CIPM, Director of Operations, RIvERFRONT INvESTMENT GROUP, LLC Kathleen Shkuda, President, ZIGZAG CONSULTING Marc J. Brookman, Managing Director, MORGAN STANLEy SMITH BARNEy Mark Jenkins, Vice President, Managed Accounts, FIdELITy INSTITUTIONAL Michael Bappert, Senior Vice President, National Sales Manager, Managed Accounts, FEdERATEd INvESTORS INC. Michael E. Bitterly, Managing Director, Global Head, BLACkROCk WEALTH MANAGEMENT Michael Jones, Chairman & Chief Investment Officer, RIvERFRONT INvESTMENT GROUP, LLC Michael Murphy, National Director of Unaffiliated Wholesale Distribution, Executive Director, UBS GLOBAL ASSET MANAGEMENT Nancy Camarata, Vice President, NEUBERGER BERMAN Natalie Zahradnik, ETF Strategist, PIMCO Paul G. Ahern, Principal, WINSLOW CAPITAL GROUP, LLC Russell W. Tipper, CIMA, Director, Managed Solutions Group, MERRILL LyNCH GLOBAL WEALTH MANAGEMENT Scott A. MacKillop, President & Chief Compliance Officer, FRONTIER ASSET MANAGEMENT Scott Smith, Associate Director, CERULLI ASSOCIATES Sean Daley, Analyst, CERULLI ASSOCIATES Steven W. Stone, Partner, MORGAN, LEWIS & BOCkIUS LLP Stuart E. Fross, Partner, k&L GATES LLP Tom Kersting, VP, Manager - Managed Account Operations, WELLS FARGO AdvISORS Tracy Gallman, Senior Vice President, PROdUCT & PLATFORM dEvELOPMENT, LPL FINANCIAL SERvICES Walter Hartford, Business Development Officer - Separately Managed Accounts, MFS INvESTMENT MANAGEMENT, INC.

Top Reasons to Attend

Who Should Attend? • Wirehouses and independent program sponsors • Money managers • Managed accounts specialists in banks, insurance companies, mutual funds, trusts and other financial firms • Investment advisors and consultants in the wealth management area • Registered investment advisors and financial planners • Brokers/prime brokers • TAMPS • Managed accounts technology and software providers • Intermediaries including accountants, attorneys and others

1. Hear from the top minds in the industry on the latest innovations in portfolio construction 2. Discover how managers are incorporating alternatives into 40-Act structures 3. Uncover the trading and sleeve conversion nuances of using fixed income, ETF and mutual fund sleeves 4. Take a closer look at the pros and cons of using rep-as-PM and rep-as-advisor programs 5. Learn best practices to train advisors to capture and retain market share 6. Dispel your uncertainties about various approaches to overlay management 7. Hear all about platforms and how they are developing and positioning products and services today 8. Get a current DTCC hub update 9. Prepare for the regulation blitz about to hit the industry 10. Overcome the challenges of fees, assets and performance reporting in the UMA model

Sponsorship and Exhibit Opportunities Enhance your marketing efforts through sponsoring a special event or exhibiting your product at this event. We can design custom sponsorship packages tailored to your marketing needs, such as a cocktail reception or a custom-designed networking event. To learn more about sponsorship opportunities, please contact Kevin Weigel at (704)341-2448 or [email protected]


DAY ONE:

Thursday, September 13, 2012 7:45-8:20

Registration & Continental Breakfast

8:20 – 8:30 Chair’s Opening Remarks David H. Gardner, Senior Vice President, COLLABORATIvE CONSULTING

O Portfolio Construction key pening Part I: note Pan Innovations in Model Portfolio el Construction, Optimization, and Delivery 8:30 – 9:15

➢ Effectively responding to rising correlations, increased volatility, and low return expectations ➢ Creating the ultimate sleeve model with disparate assets - Equities - Fixed Income - ETFs - Alternatives - REITS - Bank Loans, etc. Marc J. Brookman, Managing Director, MORGAN STANLEy SMITH BARNEy Michael Jones, Chairman & Chief Investment Officer, RIvERFRONT INvESTMENT GROUP, LLC Russell W. Tipper, CIMA, Director, Managed Solutions Group, MERRILL LyNCH GLOBAL WEALTH MANAGEMENT

Spe c 9:15 – 10:15 Portfolio Construction Part II: Foc ial us: Using Alternative Investments in Your UMA Portfolio: Trends, Growth, Challenges, & Risks ➢ How do you get alternative investments into your SMA/UMA portfolio? ➢ How are managers incorporating alternatives into a 40-Act structure? ➢ How are alternatives packaged? ➢ What’s out there and what does the future hold for alternatives in this space? ➢ Coping with double-ding investment fees ➢ Challenges with custody and trading Moderator: Jean Sullivan, Managing Director, dOvER FINANCIAL RESEARCH Panelists: Bradley H. Alford, CFA, CFP, Chief Investment Officer, ALPHA CAPITAL MANAGEMENT Jeffrey P Cusack CIMA, President, Distribution, FORWARd MANAGEMENT Douglas L Dumond, Managing Director, CLARION PARTNERS Frank Gaffney, Vice President – Alternative Investment Products, Wealth Management Services, dTCC 10:15 – 10:30 Morning Break

10:30 – 11:15 Portfolio Construction Part III: Fixed Income, ETF, & Mutual Fund Sleeves: Trading, Illiquidity, Sleeve Conversions, and More ➢ ➢ ➢ ➢ ➢ ➢ ➢

Who can/will trade fixed income, ETFs, and mutual funds? Pros and cons of active vs. passives ETFs How are ETFs being used to get fixed income exposure? Trading nuances Technology challenges Pricing and valuation considerations Can you consolidate the trading of fixed income to the wirehouses/model receivers?

Karrie Southall, CIPM, Director of Operations , RIvERFRONT INvESTMENT GROUP, LLC

11:15 – 12:00 An Extensive Look at Various Overlay Models: What Differentiates One from the Next? Own it or Rent it? * ➢ ➢ ➢ ➢ ➢ ➢

Customizing platforms Partioned vs. non-partioned approaches Centralized vs. decentralized Latest in technology Cost considerations Outsourcing vs. in-house considerations

Moderator: Paul G. Ahern, Principal, WINSLOW CAPITAL GROUP, LLC Panelists: Cindy Weisenfelder, Department Leader, Managed Account Operations, EdWARd JONES Gerard Michael, President, SMARTLEAF, INC

12:00 –1:15

Luncheon for All Managed Accounts & UMA Attendees

1:15 - 2:15 How Are Platforms Developing & Positioning Products/Services Today? Views from All Sides ➢ What are sponsors, managers and platforms doing to attract advisors and investors? ➢ How will you position your products? What are the new shifts? ➢ Effectively identifying a different target market and building product to satisfy their needs ➢ Meeting investor and advisor demands ➢ Which customers will you offer which products to? ➢ What level of customization is requirement for which segments? ➢ Small account solutions vs. sophisticated solution for high-end clients with customization needs Moderator: Kathleen Shkuda, President, ZIGZAG CONSULTING Manager Perspective: Michael Bappert, Senior Vice President, National Sales Manager, Managed Accounts, FEdERATEd INvESTORS INC. Michael Murphy, National Director of Unaffiliated Wholesale Distribution, Executive Director, UBS GLOBAL ASSET MANAGEMENT Bank Perspective: Chris Gibbons, Vice President - Investment Product Management, Unified Managed Account Solution, PNC ASSET MANAGEMENT RIA & Independent Broker Dealer Perspective: Tracy Gallman, Senior Vice President, Product & Platform Development, LPL FINANCIAL SERvICES

2:15 – 3:00 Special Trend Report: Examining the Growth Behind Representative-asPortfolio Manager (Rep-as-PM) and Rep-as-Advisor Programs: Flash in the Pan or Strategic Shift Towards a New Model? ➢ What are the advantages of using Rep-as-PM and Rep-as-Advisor? ➢ Cost considerations ➢ Reaction time to markets and managing assets ➢ New technologies to support new procedures ➢ Why is there an increased interest in Rep-as-PM now? ➢ What are firms doing about the demand? ➢ Avoiding performance and compliance problems Sean Daley, Analyst, CERULLI ASSOCIATES Mark Jenkins, Vice President, Managed Accounts, FIdELITy INSTITUTIONAL

3:00 – 3:15

Afternoon Break

Natalie Zahradnik, ETF Strategist, PIMCO


3:15 – 4:00 Empowering Advisors to Capture & Retain Market Share through Effective Communication & Training

9:15-10:00 Point-Counterpoint: Model Delivery vs. Managers Trading Themselves (or Both): Consideration & Limitations of Each Approach

➢ ➢ ➢ ➢

➢ Implementation and associated variances ➢ What are the returns for each option? ➢ Lessons learned from an industry influx ➢ Getting in or getting out of models ➢ Are overlay managers actually following trades like managers? ➢ Is there a reduction of variance? ➢ Trading differences that will affect performance ➢ Trade execution variances ➢ What has the industry learned from the multiple shifts in the industry? Russell W. Tipper, CIMA, Director, Managed Solutions Group, MERRILL LyNCH GLOBAL WEALTH MANAGEMENT Nancy Camarata, Vice President, NEUBERGER BERMAN Tom Kersting, Vice President, Manager - Managed Account Operations, WELLS FARGO AdvISORS

Catering to the fastest growing area of UMAs Practical tips to boost market share and keep it Best practices for training advisors Streamlining communication between advisors and clients – simplifying the process and information ➢ Practical take-aways you can implement today to help support your advisors ➢ What challenges do advisors face in marketing unified managed accounts to high-net-worth clients? ➢ What measures can help overcome these issues? Moderator: Charles Capito, Jr., Senior Vice President & Complex Manager, WELLS FARGO AdvISORS Panelists: Marc J. Brookman, Managing Director, MORGAN STANLEy SMITH BARNEy Michael E. Bitterly, Managing Director, Global Head, BLACkROCk WEALTH MANAGEMENT Carl Katerndahl, Executive Vice President, NUvEEN INvESTMENTS

4:00 - 5:00 Cocktail Reception Immediately Following Sponsored by:

DAY TWO:

Friday, September 14, 2012 7:45

Continental Breakfast

Exhibits Open

8:20 Chair’s Recap of Day One David H. Gardner, Senior Vice President, COLLABORATIvE CONSULTING

10:00-10:15

Morning Networking Break

10:15-11:00 Informative Commentary: The Breakaway Crusade: Are Wirehouses Losing the Battle to Independents? ➢ ➢ ➢ ➢ ➢

How is the surge of breakaways affecting the industry? Is it real or just the bottom 10%? What do the numbers say? How are wirehouses responding to the breakaways? What are “half-way houses” and could this be the solution to the wirehouse vs. independent dilemma? ➢ Retention matters Moderator: Frank Campanale, Chairman & CEO, E.F. HUTTON & COMPANy Panelists: Scott Smith, Associate Director, CERULLI ASSOCIATES Alexander Camargo, Analyst, CELENT Alois Pirker, Research Director, AITE GROUP

11:00-11:45 Looking At the Pros & Cons of Various Insurance Products ➢ Tax- advantaged investment ➢ Increased popularity since the market crisis, especially products with a guaranteed income benefit ➢ Risks: notably counterparty risk ➢ Underlying investments: mutual funds vs. traditional hedge funds ➢ Standard annuities vs. private placement annuities ➢ Opportunities and challenges in integrating insurance products within a UMA setting ➢ Hedging retirement-related risks with insurance products John Bergamini, Senior Managing Director, MARINER INvESTMENT GROUP

8:30-9:15 The Short & Long Term Effects of the TAMP Evolution: How are TAMP Mergers Changing the Playing Field for the UMA World? ➢ ➢ ➢ ➢

How are TAMPs changing? What is the new TAMP model? Unbundling options – resistance and acceptance Pros & cons of using TAMPs Latest in new and robust features – who’s leading the charge?

Moderator: Frank Campanale, Chairman & CEO, E.F. HUTTON & COMPANy Panelists: Scott A. MacKillop, President & Chief Compliance Officer, FRONTIER ASSET MANAGEMENT Gavin Spitzner, Senior Vice President, Business Development, PRUdENTIAL WEALTH MANAGEMENT SOLUTIONS

Dennis D. McDonald, CFA, Managing Director, Investment Strategy Group, TIAA-CREF

11:45 – 12:30 dTCC Hub Update: Traction & Usage Update: Is Everything Falling into Line? ➢ ➢ ➢ ➢

How do you keep track of model distribution and implementation? Where are we now and are we on track? User perspective on the Model Management Xchange service Does the product deliver on its objective of standardization, risk mitigation and centralization for model distribution? ➢ What additional enhancements and potential usage channels will be coming? Moderator: David H. Gardner, Senior Vice President, COLLABORATIvE CONSULTING Panelists: Brett A. Ginter, Principal, COLLABORATIvE CONSULTING David Laskar, Private Portfolio Group, MORGAN STANLEy SMITH BARNEy Manager Perspective: Nancy Camarata, Vice President, NEUBERGER BERMAN


12:30 – 1:45

Luncheon for All Attendees

1:45 – 2:15 Progressive Strategies for Sales, Marketing, Alternative Distribution, & Social Media ➢ How does an asset manager successfully support a UMA program where they may have very little visibility into the advisor/client using the strategies? ➢ How do you engage the wholesaling force that may be compensated at one-half the rate on the UMA business? ➢ How do you prepare a presentation with client-level performance when you don’t have the data? ➢ Positioning and explaining your service ➢ Internal and external sales improvements ➢ What role does social media play in the managed account & UMA world? ➢ Managing the liability of social media Walter Hartford, Business Development Officer - Separately Managed Accounts, MFS INvESTMENT MANAGEMENT, INC. Carl Katerndahl, Executive Vice President, NUvEEN INvESTMENTS

2:15 – 3:00 A Regulatory/Compliance Update: Preparing for the Regulation Blitz about to Strike the Industry: FINRA, Dodd-Frank, The JOBS Act, the Potential Impact of Fiduciary Concepts and So Much More

Important Information To Register: Fax: 704-341-2640 Phone: 800-280-8440 Online: www.frallc.com

➢ How are assets handled for GIPSTM and for ADV purposes? ➢ Transparency of sales/assets/performance reporting from sponsor to manager in UMA/model only ➢ Reconciling management fees in model only ➢ The challenges of performance in various media Anthony DiGangi, Vice President, Director of Managed Account Operations FREd ALGER MANAGEMENT, INC. Eric Jacobson, Principal, PEER SOLUTIONS, LLC 3:45

End of Summit; Submit Evaluation Forms

Conference Platinum Sponsor Collaborative Consulting is an information technology consulting firm serving clients across the United States. We deliver a comprehensive set of consulting services across multiple industries, focusing on information management, application architecture and development, program management, and quality assurance. We have a set of focused services targeted at the life sciences and financial services industries. Collaborative’ s Financial Services offering has deep industry skills in both the buy side and sell side of the capital markets industry. In particular, Collaborative Consulting Financial Services Group has strong domain knowledge in Managed Accounts (SMA, UMA, and UMH), Global Custody, Fund & Trust Accounting, and Exchange Traded Funds (ETF) processing. Collaborative Consulting Financial Services Group is the recognized subject matter expert on platform deliverables between Sponsors, Asset Managers, Vendors, Outsourcers (BSP & ASP), and Global Custody, ETF and Alternative Product platform architecture. In this customized domain, Collaborative specializes in business development, product process design, product adoption, process re-engineering, process re-design, technology integration, enterprise management and project management in the capital markets wealth advisory industry.

About the Conference Chair David H. Gardner is a Principal of SMART Consulting, LLC which serves as a strategic industry partner with DTCC’s Wealth Management Services Division, developing industrywide solutions for the Financial Services Industry that will reduce process risk and increase operational efficiencies for all participants.

Financial Research Associates 18705 NE Cedar Drive Battle Ground, WA 98604

The 10th Annual Managed Accounts & UMA Summit September 13-14, 2012

Harvard Club of Boston 374 Commonwealth Avenue Boston, MA 02215 (617) 536-1260 We have a limited number of hotel rooms reserved for the conference. The negotiated room rate of $219 per night will expire on 8/22/12 although we expect the block to sell out prior to this date. To ensure you receive a room at the negotiated rate book well before the expiration date. Upon sell out of the block room rate and availability will be at the hotel’s discretion.

Area Hotels: Hilton Boston Back Bay: 866-767-0278 Sheraton Boston Hotel: 866-925-4159 New bury Guest House: 866-925-8676

Hotel Commonwealth: 866-538-0251 The Lenox Hotel Boston: 866-538-9298 The Colonnade Hotel Back Bay: 866-539-5067

About the Venue If our walls could talk......They'd let you know that the Harvard Club of Boston has been a haven for social, intellectual, and athletic endeavors for over a century. Founded in 1908 with the aim of "giving effective expression to the Harvard Spirit," our club has done that and more....They'd also recount some of the most interesting conversations in Boston, on the topics of business, medicine, art, sports, politics, etc. Luminaries such as William Howard Taft, General George C. Marshall, Eleanor Roosevelt, Henry Kissinger, Presidents Gerald Ford, Jimmy Carter, and George H. Walker Bush, along with Tom Brokaw, Kirk Douglas, Doris Kearns Goodwin, and Hillary Clinton have all spoken to our members. ...And they'd welcome you to a place where you can form and maintain lasting friendships; happily nurture your mind, body, and spirit; and create a wide range of wonderful memories that will last a lifetime.

➢ Who is the fiduciary? ➢ Avoiding conflicts of interest ➢ Coping with increased transparency ➢ What’s the latest with FINRA? ➢ Latest initiatives from Dodd-Frank ➢ The JOBS Act and alternative investments ➢ What is the regulatory impact on the industry? Stuart E. Fross, Partner, k&L GATES LLP Steven W. Stone, Partner, MORGAN, LEWIS & BOCkIUS LLP Buddy Doyle, Founding Principal - Managing Director, OySTER CONSULTING, LLC

3:00 – 3:45 The Interplay Between Sponsors & Managers: The Challenges of Fees, Assets and Performance Reporting for UMA/Model

Mail:

Fees and Payments: The fee for attendance at the 10th Annual Managed Accounts & UMA Summit is: $1995 Early bird discount - $1795 until 7/20/12 – then $1995 Please make checks payable to Financial Research Associates, and write code B825 on your check. You may also pay by Visa, MasterCard, Discover, or American Express. Purchase orders are also accepted. Payments must be received no later than September 6, 2012.

Team discounts: • Three people will receive 10% off. • Four people will receive 15% off. • Five people or more will receive 20% off. In order to secure a group discount, all delegates must place their registrations at the same time. Group discounts cannot be issued retroactively. For more information, please call Whitney Betts at 704-341-2445 or [email protected] SOFT dOLLAR yOUR CONFERENCE REGISTRATION! This FRA conference may be eligible under section 28(e) of the Securities Exchange Act of 1934 for payment via soft dollars. For further information or a Soft Dollar Application form, please visit our website www.frallc.com/softdollars.aspx. Cancellations: If we receive your request to cancel 30 days or more prior to the conference start date, your registration fee will be refunded minus a $250.00 administrative fee. Cancellations occurring between 29 days and the first day of the conference receive either a 1) $200 refund; or 2) a credit voucher for the amount of the original registration fee, less a $250.00 administrative fee. No refunds or credits will be granted for cancellations received after a conference begins or for no-shows. Credit vouchers are valid for 12 months from the date of issue and can be used by either the person named on the voucher or a colleague from the same company. Please Note: For reasons beyond our control it is occasionally necessary to alter the content and timing of the program or to substitute speakers. Thus, the speakers and agenda are subject to change without notice. In the event of a speaker cancellation, every effort to find a replacement speaker will be made.


The 10th Annual Managed Accounts & UMA Summit

Financial Research Associates 200 Washington St. Ste. 101 Santa Cruz, CA 95060

To Register: Fax: 704-341-2640 Call: 800-280-8440 Online: www.frallc.com Mail: Financial Research Associates 18705 NE Cedar Drive Battle Ground, WA 98604

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Financial Research Associates proudly presents

Save $200 by registering before July 20th

The 10th Annual

Managed Accounts UMA Summit

nancialResearch s o c i ate s, L LC

Engage in detailed, practical discussions of the most newsworthy issues by the top industry specialists

September 13-14, 2012 The Harvard Club, Boston
