2026 NASAA Investment Adviser Training

Registration

Breakfast

Registration

NEMO Workhsop (Bring your own laptop)

In-person Attendees Only – Sign up at the Registration Desk.

Bring your questions to the NEMO workshop for one-on-one training!

Interview Practice Workshop

For in-person attendees only.

For individuals seeking practice being the interviewer when conducting examinations of investment advisers(“IA”), this workshop offers a mock case study with actors to interview. You will receive your case-study material after signing up, so come prepared with your own interview questions or use the template provided.

This workshop will offer a 30-minute interview with approximately 15 minutes of debrief and feedback from the moderator and actor. Sessions offered on an hourly basis. Space is limited and on a reservation basis.

Opening Ceremonies

Introductory Remarks

Steve Brey, Investment Adviser Section Chair

Welcoming Address

Scott Jolly, Louisiana Office of Financial Institutions

Presidential Address and Awards Ceremony

Marni Gibson, NASAA President

Session 1: Empathetic Leasership and Accountability

Leadership is more than a title and more than just managing others. Leading with empathy and humanity can make you shine as a leader in your personal and professional life. It starts with building trust through accountability of one’s words and actions, and improvements come from embodying the traits you desire to see in leaders. This session will discuss practical leadership strategies regulators can apply to their own jobs and personal life.

At the conclusion of this presentation, participants will be able to:

• • Define empathetic leadership and explain why it is important.
  • Explain the role of accountability in empathetic leadership.
  • Apply practical strategies to incorporate empathy as a leader.
  • Conduct difficult conversations using empathy and accountability.
    

Speaker: Elizabeth Bolwing, NASAA President-Elect, Tennessee Securities Division

Break

Session 2: Navigating Resistance: Managing Difficult Investment Adviser Interactions

This session will provide an explanation as to how IAs can be difficult during each step during an examination process and how to address those difficulties at each step. The speakers will include stories from actual inspections as to how such scenarios have been handled in the past.

At the conclusion of this presentation, participants will be able to: 

• • Request required documents sternly while maintaining professionalism.
  • Establish sufficient follow-up with initial requests for records.
  • Effectively interview difficult advisers.

Speakers:

• • William “Jake” Bono, Virginia Division of Securities and Retail Franchising
  • Mike Kirwin, New Hampshire Bureau of Securities Regulation
  • Lauren Munschauer, Massachusetts Securities Division

Lunch

Break

Refreshment Break

Individual Zone Meetings (In-person Attendees Only)

• • Canadian – Saint An
  • Central – Astor Ballroom 1
  • Mid-Atlantic – Astor Ballroom 2
  • Northeast – Bourbon Room
  • South Central – Bienville Room
  • Southeast – Iberville Room
  • Mountain – Toulouse Room A
  • Western  - Toulouse Room B

Networking Reception

Breakfast

Registration

NEMO Workhsop (Bring your own laptop)

In-person Attendees Only – Sign up at the Registration Desk.

Bring your questions to the NEMO workshop for one-on-one training!

Interview Practice Workshop

For in-person attendees only.

For individuals seeking practice being the interviewer when conducting examinations of investment advisers(“IA”), this workshop offers a mock case study with actors to interview. You will receive your case-study material after signing up, so come prepared with your own interview questions or use the template provided.

This workshop will offer a 30-minute interview with approximately 15 minutes of debrief and feedback from the moderator and actor. Sessions offered on an hourly basis. Space is limited and on a reservation basis.

Break

Lunch

Session 11: Custodian Spotlight

In this session, the custodian will discuss the requirements established for state-registered investment advisers to join their platform. This interactive presentation will demonstrate the ongoing due diligence and monitoring custodians perform and address how they identify red flags among the various advisers on their platform.

At the conclusion of this presentation, participants will be able to:

• • Discuss the custodial requirements for state-registered investment advisers.  
  • Explain the custodian’s due diligence process, including the ongoing review and monitoring of investment advisers and representatives.
  • Identify custodial red flags as it relates to investment advisory activity.

Speaker: TBA

Break

Session 12: Model Providers

Model providers offer a range of services to investment advisers on their marketplace platforms. This presentation will explain the utilization of model providers by investment advisers, including responsibilities investment advisors have when using this service.

At the conclusion of this presentation, participants will be able to:

• • Explain how advisers utilize investment models to construct client portfolios.
  • Evaluate the suitability of model-driven recommendations against client-risk tolerance and financial circumstances.
  • Identify potential risks and limitations when advisers rely on models.

Speaker:

• • Devin Sullivan, Altruist

Refreshment Break

Breakfast

Registration

NEMO Workhsop (Bring your own laptop)

In-person Attendees Only – Sign up at the Registration Desk.

Bring your questions to the NEMO workshop for one-on-one training!

Interview Practice Workshop

For in-person attendees only.

For individuals seeking practice being the interviewer when conducting examinations of investment advisers(“IA”), this workshop offers a mock case study with actors to interview. You will receive your case-study material after signing up, so come prepared with your own interview questions or use the template provided.

This workshop will offer a 30-minute interview with approximately 15 minutes of debrief and feedback from the moderator and actor. Sessions offered on an hourly basis. Space is limited and on a reservation basis.

Session 15: The AI-Enhanced Adviser: Tools, Trends, and Trust

During this session, we will focus on an adviser’s potential use of Artificial Intelligence (“AI”). This could include AI tools for note taking during meetings, client communications, content creation, and investment analysis/ideation. This session will include potential best practices for advisers using AI tools to include possible data security concerns.

At the conclusion of this presentation, participants will be able to:

• •  Describe different AI tools available for use by advisers.
  • Apply the “human in the loop” concepts for records and advice recommendations.
  • Identify potential data security concerns caused by the use of AI tools.

Speakers:

• • Stacie Craddock, Integrated Compliance Advisors
  • Jason Gross, Colorado Division of Securities

Trade Blotter Workshop – Morning

(In-Person Attendees Only)

For individuals seeking additional help analyzing a trade blotter when conducting examinations of investment advisers, this workshop will offer hands-on experience on how to analyze a trade blotter to determine if an investment adviser is trading within a client’s state risk tolerance and investment objectives, engaging in potential trading-ahead or front-running activity, and evaluating the alignment of the trade blotter with firm disclosures, including Form ADV Part 1 and Part 2A. Participants will learn how to organize data on a trade blotter to allow for an effective review and analyze the data using basic features in Excel.

This workshop will offer a 90-minute hands-on experience, and space is limited and on a reservation basis (first come first serve). Participants should bring their own laptops to fully benefit from this workshop. The content will be the same for both the morning and afternoon sessions.

Facilitators:

• • William Pultanis, Ohio Securities Division
  • Drew McCollum, Washington Securities Division

Break

Session 16: Conversing About Cybersecurity with Advisers

There is more involved with cybersecurity than updating your password every now and then, especially for advisers who also have an entire business to run. This session will explore how examiners could address cybersecurity with advisers, including identifying underlying legal and technological standards to apply during the examination and when rectifying deficiencies. Further, examiners will be provided with guidance they can share with advisers on how to stay apprised of the ever-evolving world of cybersecurity and be proactive in protecting their advisory practice and clients.

At the conclusion of this presentation, participants will be able to:

• • Evaluate an adviser’s cybersecurity practices for compliance with applicable regulations and policies.
  • Refine approaches to the cybersecurity component of exams.
  • Identify resources to help distinguish the important from the unimportant when it comes to cybersecurity.

Speakers:

• • Chris Lund, Minnesota Department of Commerce
  • Clay Johnson, Kansas Department of Insurance

Lunch

Session 17: Don’t Ignore Digital Assets

With the continued rise of digital assets becoming mainstream, this session will focus on regulatory news and updates in the world of digital assets. With digital assets becoming more commonplace, the presentation will also provide guidance on the next steps an examiner can take if digital assets are found on an exam, including what records to request from the adviser and/or custodian.

At the conclusion of this presentation, participants will be able to:

• • Identify trends in digital assets.
  • Recognize the changes in the regulatory landscape.
  • Determine what records to request from the advisor and/or custodian and why those records are necessary.

Speakers:

• • Liam Glennon, TRM Labs
  • Vince Martinez, NASAA
  • Delfin Rodriguez, New Jersey Bureau of Securities

Break

Session 18: Enforcement Roundtable

This session will discuss recent enforcement cases that resulted from the findings of investment adviser exams. This will be a conversation amongst jurisdictions about how the examiners identified these findings and took applicable regulatory action.

At the conclusion of this presentation, participants will be able to:

• • Demonstrate the power of a well-thought-out exam. 
  • Give examples of items that could be easily missed during an exam. 
  • Contrast various enforcement actions.

Speakers:

• • Justin Anderson, Virginia Division of Securities and Retail Franchising
  • John Clabaugh, Washington Securities Division
  • Anthony Stack, Illinois Securities Department
  • Victor Turla, Illinois Securities Department

Trade Blotter Workshop – Afternoon

(In-Person Attendees Only)

For individuals seeking additional help analyzing a trade blotter when conducting examinations of investment advisers, this workshop will offer hands-on experience on how to analyze a trade blotter to determine if an investment adviser is trading within a client’s state risk tolerance and investment objectives, engaging in potential trading-ahead or front-running activity, and evaluating the alignment of the trade blotter with firm disclosures, including Form ADV Part 1 and Part 2A. Participants will learn how to organize data on a trade blotter to allow for an effective review and analyze the data using basic features in Excel.

This workshop will offer a 90-minute hands-on experience, and space is limited and on a reservation basis (first come first serve). Participants should bring their own laptops to fully benefit from this workshop. The content will be the same for both the morning and afternoon sessions.

Facilitators:

• • William Pultanis, Ohio Securities Division
  • Drew McCollum, Washington Securities Division

Refreshment Break

Session 19: The Structuring of Investment Adviser Contracts

During this session, the speakers will discuss key provisions and concerns in the investment adviser client contracts. The session will explore the legal bases for client contract requirements and the underlying policy considerations for those requirements. The session will also cover required and prohibited contract terms and review the most frequent deficiencies examiners identify when analyzing investment adviser contracts.

At the conclusion of this presentation, participants will be able to:

• • Explain to advisers the regulatory and policy drivers or key advisory contract provisions.
  • Locate and utilize resources that explain how contracts shape the adviser-client relationship.
  • Identify required and prohibited investment adviser contract terms.
  • Flag potential contract deficiencies when conducting an examination.

Speakers:

• • Steve Brey, Michigan Corporations, Securities & Commercial Licensing Bureau
  • Jonathan “Jon” Bash, New York Investor Protection Bureau

Break

Session 20: Investment Adviser Bingo!!!

(In-Person Attendees Only)

Join us for some interactive games of Bingo where we’ll put your knowledge about IAs to the test against other competitors for prizes.

Breakfast