The Investment Program Association (IPA) has named Frank McCarthy, of Ameriprise Financial Services, as chairman of the board for 2013. McCarthy is the first chairman elected from a broker-dealer and will lead the board as the IPA continues to raise awareness and educate advisors and investors about direct investments.

The IPA also added the following five board members: Anthony Chereso, principal, president and CEO of FactRight; Sherri Cooke, president and CEO of AI Insight; Kevin Keefe, executive vice president of Advisor Group; Nicholas Schorsch, founder and CEO of American Realty Capital; and Kevin Shields, chairman and CEO of Griffin Capital Corp.

Headquartered in Ellicott City, Md., IPA's mission is advocating for direct investments, including non-listed REITs, oil and gas, and equipment leasing programs through education.

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