What I Get Out of ARM Industry Conferences

I am back at my desk after spending the last few days at the DCS conference in Red Rock.  Inevitably I will be asked if it was worth attending.  I will answer that question later.  First, I want to explain why I attend conferences in general.

My primary objective is always the same for every trade show that I attend:  I set out to speak to as many people as possible so I can walk away with as broad a perspective as possible about the current affairs of the ARM industry.  Success is gauged by the number of conversations that I have and not by the number of leads I walk away with (although, like everyone else, I do hope to walk away with a few leads, too).  Exhibitors, speakers, attendees, those in the lobby bar without a badge, first timers, and Judy’s crew are all fair game for me.  I suppose you can call me an equal opportunity networker because I value everyone’s opinion regardless of their perceived position in the industry.  I believe that if I talk to a lot of people, I will walk away with a feeling for the state of affairs of the industry.

So how did that work out this week? Mission accomplished.  Here’s what I learned.

This is an intense time for ARM professionals.  After nearly 2 years, the recession has taken its toll on all of us.  Some have weathered the storm quite well and others have suffered immensely.  Some agencies expanded their operations significantly while others were forced to downsize, sell out for a low price, or file for bankruptcy protection.  Some issuers reduced or ceased debt sales because of price reductions and lack of buyer financing, taking the opportunity to on-board new debt collection agencies.   Some vendors did not exhibit while others noticeably expanded their trade-show budgets to build awareness of their operations.

Hot topics of discussion included the regulatory environment and how anticipated changes will impact debt buying and recovery efforts.  Others voiced concern about the reduction of volumes placed or sold due to dramatic decreases in loan originations.   Media and Attorney Generals’ focus on the industry was also addressed.  As I expected, some executives are accepting change as opportunity for advancement of their operations or the industry in general.  Others clearly are not reacting fast enough and will be left behind (which might be a good thing).

I think there is one point worth mentioning which annoys me.  I noticed a lot of people in the lobby and bars that were not wearing a badge.   I ask why they did not register and the canned answers include that they are only in for a few hours, have a few meetings lined up, don’t care about the exhibit hall or won’t be attending any sessions, so why register?  My answer always is the same.  You really should register whether you’re there for one meeting, a few hours, or a few days.  The only reason that your meetings were possible was because of the conference that you’re not supporting financially.  If everyone supports the shows they are attending, prices will be lower and the experience will be far better for all of us.  Just saying.

Finally, the answer to the question whether attending was worth it is absolutely yes. This conference was an excellent opportunity for me to talk to as many people as possible which I took full advantage of.  Judy, Dennis, and their team of pros did a great job.  I feel that I walked away with perspective which is always my primary objective.  I also have a few leads to follow up on which is great too.

Why did you attend?  Was it beneficial?   Post your comments or I am happy to schedule a time to discuss.