Five Questions for Amy Arnold, Concorde’s Chief Due Diligence Officer

For the latest installment of “Five Questions for…,” the AltsWire editorial team sat down with Amy Arnold, chief due diligence officer at Concorde Investment Services. Arnold leaned into her decades’ experience and expertise in operations as we discussed how the independent broker-deal channel is influencing innovation and increasing access within the alternative investments industry.

AltsWire: How would you describe the current landscape for alternative investments, particularly Delaware statutory trusts and private real estate, across the independent broker-dealer versus wirehouse channels?

Amy Arnold: There’s a clear contrast between the independent broker-dealer, or IBD, and wirehouse environments when it comes to alternative investments.

Wirehouses tend to operate within tightly controlled product lists, where offerings are limited and standardized to fit large-scale distribution and compliance frameworks. IBDs, by comparison, have the flexibility to evaluate a broader universe of sponsors and structures, allowing advisers to match client goals with more precision and creativity.

That independence leads to greater choice, deeper due diligence, and a stronger focus on aligning product quality with investor needs.

In the independent channel, we’re also seeing more seasoned real estate professionals become FINRA-licensed. These individuals bring deep experience not only in Section 1031 exchanges, but also in real estate analysis and assessment overall, which adds tremendous value to the conversations they’re having with clients.

Additionally, registered representatives within the IBD community are eager to learn more about alternative investments and how to use them to help their clients meet specific goals. At the same time, there’s been a notable shift in competition, as large sponsors increasingly seek access to the IBD space because they recognize the value it brings to both advisers and investors.

AW: What factors have made the IBD space more active or open to alternative investments and with the broader menu of DSTs that IBDs tend to offer, how do they maintain quality and compliance?

AA: The IBD space benefits from a unique combination of experience, resources, and long-term commitment to alternatives. Many firms have dedicated due diligence teams with years of experience assessing whether an investment has a reasonable chance for success. Independent third-party firms, such as Mick Law and FactRight, add another layer of expertise and transparency through external reporting.

Beyond that, the independent ecosystem now includes specialized infrastructure –educational platforms, research tools, and processing systems – built specifically around alternatives. The firms and professionals who thrive here share a strong belief in the value alternatives can bring, whether through enhanced portfolio diversification or thoughtful tax planning.

With thousands of investors completing 1031 exchanges each year, it only makes sense to offer a broad selection of sponsors and structures rather than confining advisers to a narrow list.

At Concorde, we invest heavily in experienced due diligence officers with deep product knowledge and expand our team as necessary to maintain quality and capacity. Our compliance professionals are well-versed in the distinct risks and benefits of alternatives, and our operations and accounting teams maintain strong relationships with sponsors to ensure accuracy, transparency, and proactive communication. The result is a process that balances breadth and choice with rigorous oversight, so advisers can recommend solutions that best fit their clients’ goals and risk tolerances.

AW: From an adviser standpoint, what advantages does the IBD model provide when it comes to serving clients interested in alternative investments?

AA: Education and transparency are two major advantages. At Concorde, we make it a priority to ensure that advisers have direct access to the due diligence officers who reviewed each offering. That firsthand communication gives representatives the insight they need to narrow down options and make informed recommendations tailored to client needs.

IBDs also foster collaboration and ongoing education. Organizations like ADISA bring professionals together to share best practices and elevate the industry’s knowledge base. We want advisers who are informed, ethical, and focused on solving for client goals – not simply chasing yield.

Operationally, the IBD model provides strong back-office support from teams who understand these products inside and out. Advisers benefit from efficient processing, flexibility, and access to a broader array of compliant investment options that allow for genuine diversification.

AW: How do you see the role of IBDs evolving as alternatives become more mainstream?

AA: As alternatives move further into the mainstream, IBD advisers have a real opportunity to distinguish themselves through expertise and service. The ability to analyze a real estate offering, understand its assumptions, and communicate both potential and risk to clients will be critical. Knowledge and transparency will define the next generation of success in this space.

Technology will also continue to enhance that process. AI-powered research tools are helping due diligence teams and advisers evaluate offerings more efficiently, while deeper partnerships between independent firms and sponsors will continue to drive innovation.

Competition is healthy, but expertise will always be the differentiator. The most successful advisers will be those who focus on understanding and solving for clients’ objectives rather than simply selling products.

AW: How do you balance innovation and investor protection in such a rapidly changing space?

AA: It’s about being cutting edge, not bleeding edge. Every innovative idea should still be grounded in fair underwriting and a reasonable chance of success for the level of risk involved.

Tax-advantaged investments can offer compelling opportunities, but they must be structured carefully and transparently. With thorough due diligence and sound business fundamentals, innovation and investor protection can absolutely coexist.

At the end of the day, success in alternatives depends on balance, ensuring that opportunities are fair for investors, responsible for sponsors, and sustainable for the professionals who represent them. That’s how we protect investors while continuing to advance the industry.

As chief due diligence officer of Concorde Investment Services, Amy Arnold brings nearly 27 years of operations and relationship management experience, with a focus on alternative investment products. Prior to joining Concorde, she served as an independent contractor of due diligence services and three years prior as the vice president of due diligence at Triloma Securities, a managing broker-dealer.

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