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**Document Image Text Extraction** **Chart 81: What do you expect to be the main driver of success for robo advisors?** * A low and transparent cost structure * An efficient technology and interface platform * Advanced portfolio construction that outperforms * Department of Labor fiduciary rule * Access to a human in volatile markets **Source:** BoFA Merrill Lynch Global Research **State of the Multifamily Market: Cooling or Collapsing?** We hosted a panel to discuss the state and the outlook for the multifamily market following a year which has witnessed increased investor anxiety around multifamily loan growth and heightened scrutiny by bank regulators of multifamily loan portfolios, particularly at banks with a high concentration of multifamily loans. Our panelists included John Jardine, Co-CEO of Ares Commercial Real Estate Corp, David Brickman, Executive Vice President and the Head of Multifamily business at Freddie Mac and Alan Fishman, Chairman of the Board at commercial real estate investment trust Ladder Capital. **Multifamily on solid footing:** The panelists view the multifamily market as having a solid foundation with most of the risk lying at the high end, class A properties in particular markets (New York, San Francisco). Even here, the panelists agreed that the issues at the high end segment were more likely to manifest themselves in the form of decelerating growth in rents (and increased incentives by landlords) as opposed to serious credit issues. Investors echoed this sentiment during a live audience poll with 60% of the investors seeing issues in the multifamily market limited to certain regions and at certain rental price points. **2016 Future of Financials Conference | 17 November 2016** **55** **HOUSE_OVERSIGHT_014369**