NICSA General Membership Meeting in tweets and posts–#NICSAGMM

The NICSA General Membership Meeting on October 6 addressed challenges facing investment managers and their service providers. Compared to other industry conferences, it emphasizes the “back office” functions that support investment professionals. In this post I present some of what caught my attention at the conference–mostly information about regulation and marketing.

The short statements are tweets, grouped by speaker. I also link to my blog posts on the meeting. In case you’re wondering, #NICSAGMM is the hashtag used on Twitter to help people find tweets related to the conference.

My blog posts about #NICSAGMM

OppenheimerFunds on the separation of marketing and sales

Citi on financial services’ biggest potential social media mistake

Opposing financial services’ social media paralysis at #NICSAGMM

Robert Pozen, MFS Investment Management, on financial reform

The back office makes mutual industry go, says Bob Pozen, MFS #NICSAGMM

Bob Pozen: SRI = systematically risky institutions. Means lots of extra regs #NICSAGMM

Pozen: Cost of SRI bailouts borne by other SRIs, NOT taxpayers #NICSAGMM

Pozen: Proprietary trading will shift from US banks to least regulated countries and companies with Volcker Rule #NICSAGMM

Pozen: Good change with Dodd-Frank: clearing for derivatives #NICSAGMM

Pozen suggests investment advisors form their own SRO #NICSAGMM

Pozen: C shares will be required to convert to A shares eventually #NICSAGMM

Pozen: Fluctuating NAV for money market funds would be end of MMFs for retail investors #NICSAGMM

Pozen: Hope we don’t over-regulate MMFs. Only 2 broke the buck #NICSAGMM

Pozen: Public-private firms like T Rowe, Franklin, Legg Mason, Black Rock will be winners in asset mgt #NICSAGMM

Pozen: Public-private means some public stock, but strong internal mgt control #NICSAGMM

Pozen: Restricted shares shouldn’t vest just because you’re still alive. Tie to performance. #NICSAGMM

Pozen: “Mortgages are the big banana that has never been touched.” Barely touched by Dodd-Frank #NICSAGMM

Pozen: Qualified residential mortgages (QRMs) will be important. Downpayment requirement will be key. #NICSAGMM

Bob Pozen: Europe has solvency crisis, US doesn’t have one…yet #NICSAGMM

Pozen: Repeated budget crises -> instability. Need to bring back compromise. #NICSAGMM

Pozen: Another crisis is inevitable at end of 2012 when Bush tax cuts expire & budget is issue #NICSAGMM

Pozen: Customers want best products at best price. #NICSAGMM

Pozen: People don’t understand inverse relationship between interest rates and bond prices #NICSAGMM

Marty Willis, OppenheimerFunds

Marty Willis, Oppenheimer Funds: Mutual funds’ biggest challenge = lack of differentiation. #NICSAGMM

Willis: New tech will allow wholesalers to improve the value they offer. Like pharmaceutical reps. #NICSAGMM

M. Willis, Oppenheimer Funds: Marketers’ toolkit now more complete. #NICSAGMM

M. Willis: Fund marketing has become editor of content across web, print, social media. #NICSAGMM

OppenheimerFunds is using predictive modeling to help wholesalers decide who to call on. #NICSAGMM

Peter Thatch, Merrill Lynch Global Wealth Management

Peter Thatch, Merrill Lynch Global Wealth Management: “Clients’ risk appetite has fallen off the cliff.” #NICSAGMM

Thatch: Products that meet clients’ current needs are more complicated #NICSAGMM

P Thatch: You’ll see more global TAA with risk parameters. #NICSAGMM

Joseph D. Kringdon, Pioneer Funds Distributors/Pioneer Investments

J. Kringdon, Pioneer Funds Distributors: If you died tomorrow, what would your clients miss about you? That’s your value. #NICSAGMM

J. Kringdon, Pioneer Funds Distributors: Clients don’t care about benchmarks #NICSAGMM

Kringdon: Pioneer Investments tries to build its intellectual capital & deliver in multiple media #NICSAGMM

Visit to see creative site for advisors to back-test fund #NICSAGMM

Lee Kowarski, kasina

L Kowarski of @kasinaUS: Compensation is broken, but no one wants to lose wholesalers. #NICSAGMM

Penny Alexander, Franklin Templeton Investments

Penny Alexander, Franklin Templeton: Best biz growth opportunities for fund cos = non-US #NICSAGMM

P Alexander: Most developed countries aren’t breeding any more. #NICSAGMM

P Alexander: $10/month invested by world’s middle income earners−>$391 billion in annual gross sales. #NICSAGMM

P Alexander: Need scale to manage lots of small accounts #NICSAGMM

Cartoon: “If we take a late retirement and an early death, we’ll just squeak by.” #NICSAGMM

P Alexander: 3-legged stool for retirement isn’t enough #NICSAGMM

P Alexander: Retirement now needs a kaleidoscope with lots of little pieces. #NICSAGMM

P Alexander: Fund industry can affect mindset & behavior to meet retirement challenge. #NICSAGMM

Penny Alexander: Technology is key to reaching next generation of investors. #NICSAGMM

P Alexander: Muslim investors don’t get as much attention as they should. #NICSAGMM