William Byrnes' Tax, Wealth, and Risk Intelligence

William Byrnes (Texas A&M) tax & compliance articles

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National Underwriters Appoints New Leader of Financial Advisory Publications

Posted by William Byrnes on July 14, 2010

National Underwriters Establishes Go-To Service for Producers

Effective this summer, in order to embrace the changing landscape of the greatest wealth transfer in global history, National Underwriter/Summit Business Media is honored to announce that the renown professor, author, and financial services industry analyst William Byrnes will lead our financial advisory publications.  In an interview William Byrnes stated that “I will leverage community-comment blogging with innovative multimedia to deliver daily strategies for insurance producers and financial service regulatory updates for risk managers.  National Underwriters’ Advanced Underwriter Service®(AUS®) will emerge as the dominant go-to strategy service for the insurance/financial planning industry.” 

When asked how he intends to effectively connect AUS® strategic information with the needs of producers, Byrnes replied, “Through direct engagement with producers’ burning questions via the new AUS® Advisor blog, through my editorial panel of connected industry experts and enterprise-wide subscribers, and through feedback from the elected production leaders from the over 50,000 chartered wealth managers of the American Academy of Financial Management®.  National Underwriters will proactively educate the AUS subscribers about developing insurance and wealth management advisory strategies and sales techniques before the subscribers’ competitors hear about them via industry word of mouth.”

William Byrnes’ Background

Byrnes continued, “I have a lot of experience delivering cutting edge information to professionals seeking to better serve their clients and win business from the competition.  About twenty years ago, Dr. George Mentz and I pioneered residential executive training, and soon thereafter online degrees, for wealth managers seeking to become top producers.  Over time we trained these industry leading wealth managers with our executive programs for the likes of EuroMoney-Institutional Investor, IIR, and the Society of Trust and Estate Practitioners.  We even managed for the first time ever that the American Bar Association acquiesced to an online wealth management oriented graduate law degree being granted to both lawyers and non-lawyers alike by an accredited law school in the USA.”

“And in terms of executing multi-media publishing, I’ve written and edited 10 books and treatises and 17 chapters for best-of-class publishers like Lexis-Nexis, Wolters Kluwer, Thomson-Reuters, and Oxford University Press, whereas Dr. Mentz focused on wealth management techniques and soft skills books distributed international via the 120-country membership of the American Academy of Financial Management.  I have published my multi-media textbooks online since 1998!”

New Community-Collaborative Technology

When asked how he transitioned from practitioner to education-pioneer, Byrnes reminisced “I never imagined when I was an associate director of international tax of the big 6 audit firm Coopers & Lybrand, now known as PwC, that I would move from serving high net wealth families to helping wealth managers better serve their clients via my role as the Associate Dean of an ABA accredited law school, Thomas Jefferson.  This year Thomas Jefferson School of Law will open its new $130 million dollar state-of-the-technology new campus in San Diego that will be able deliver via innovative ways interactive training and education to wealth managers across the nation, and the globe.  Over the coming year I will combine the cutting-edge technology of Thomas Jefferson law school, my online training expertise, and the National Underwriters best-of-class information services to deliver real-time fresh strategy and sales approaches to AUS subscribers, with followup webinars and training where subscriber interests warrants.”

Delivering the Competitive Advantage to Producers

Byrnes added, “National Underwriters/Summit Business Media wants to deliver an information service that will place its subscribers in a better competitive advantage.”  To this end National Underwriters has allowed me to assemble the industry’s finest editorial team in Investment Advisory, Wealth Management, and Risk Management.  I already have commitments from the two well known industry experts, investment-advisory attorney Robert Bloink, and the chair of the American Academy of Financial Management®, Dr. George Mentz, who will underpin this team”.

Robert Bloink’s Background

“I think it is critical for National Underwriters subscribers to know that Robert Bloink, one of two underpinning editorial team members, put in force in excess of $2B of longevity pegged portfolios for the insurance industry’s producers in the past five years.  Robert Bloink’s insurance practice incorporates sophisticated wealth transfer techniques, as well as counseling institutions in the context of their insurance portfolios and other mortality based exposures.  His success proves that he really has an unparalleled knowledge of the advanced insurance markets.”

“And in terms of risk management editorial expertise, I previously met Robert Bloink when he had just finished serving as Senior Attorney in the IRS Office of Chief Counsel, Large and Mid-Sized Business Division, where he litigated many cases in the U.S. Tax Court, served as Liaison Counsel for the Offshore Compliance Technical Assistance Program, coordinated examination programs audit teams on the development of issues for large corporate taxpayers and taught continuing education seminars to Senior Revenue Agents involved in Large Case Exams.  In his governmental capacity, Mr. Bloink became recognized as an expert in the taxation of financial structured products, and was responsible for the IRS’ first FSA addressing variable forward contracts. Mr. Bloink’s core competencies led to his involvement in prosecuting some of the biggest corporate tax shelters in the history or our country.”

Chartered Wealth Managers Endorse 

“It is also critical for National Underwriters subscribers who serve middle America to know that the editorial team has Dr. George Mentz, chair of the 50,000 affiliated members of the American Academy of Financial Management® (AAFM®), Byrnes said.”  In an interview with Dr. Mentz, he stated that “I am excited to introduce our membership of Chartered Wealth Managers to the competitive client advisory strategies of Advanced Underwriter Service® and Tax Facts®.”  The AAFM® has endorsed National Underwriters’ Advanced Underwriter Service® as the information service of choice for its board designation CWM®s (Chartered Wealth Manager) in all of its 150 countries of membership.

Panel of Experts

In describing the newly formed editorial team, Byrnes said “To provide AUS® subscriber examples of other experts who will round out various aspects of the new editorial team, let me introduce you to three others, Mike Rodman, Don Goode and Robert Stuchiner.  Mike Rodman is a three time qualifier for Top of The Table, MDRT’s highest honor, as well as a four-year member of the International Forum, and the Association of Advanced Underwriters (AALU). Rodman served as past president of NAIFA-San Diego as well as an active member of The Financial Planning Association (FPA), The Society of Financial Service Professionals (SFSP) and The National Association of Independent Life Brokerage Agencies (NAILBA).  He founded Advanced Planning Services, Inc. (APS) as “the Premier Advanced Sales and Advanced Underwriting organization” serving the entire industry, including producers, producer groups, and other agencies and carriers, for which it has been a two-time INC 500 winner.”

“Don Goode joined Potomac West, where he was instrumental in building their large case department.  Along with his partner, Don successfully designed and negotiated the Power Play program for American General, and most importantly to National Underwriter subscribers, his team lent support to the first agent in the history of the industry to ever receive more than $100mm in a single calendar year.  When he stepped down from partner status at Potomac West, Don accepted a one year contract to lead the sales and marketing department for the esteemed Producer’s Group.  Thereafter Don Goodman joined the Advanced Planning Division of the public company-Bisys-Potomac where he consistently produced individual policy transactions that were more than 20 times the company average.”

“Robert Stuchiner worked for some of the largest insurance companies, most recently AIG where he was Senior Vice President in charge of market development and strategy for the AIG Affluent Markets Group. He has also worked for consumers of insurance products ranging from large corporations (North American Phillips) to a major law firm (Davis, Polk & Wardwell).  Robert Stuchiner has published articles on life insurance products in “Trusts & Estates” magazine as well as “CCH” professional publications. He is a frequent speaker to the insurance industry associations. Robert is the winner of the “National Career Achievement Award” granted by the Lighthouse for the Blind.  

Community Calibration

Byrnes concluded the interview stating, “To bring AUS to the next level of becoming the industry’s leader for strategic information, this next six months is going to be about collaboration with AUS subscribers and calibration of the new information service to align to the feedback received from them.  John Frey, Head of National Underwriters Institutional Relationships, and I will reach out to establish a focus group of the enterprise-wide subscribers, as well as a focus group of the producers.” 

“Via my community-based feedback approach, the subscribers will drive AUS’ topic approach to strategic information, even receiving direct answers to ‘questions for the authors’ so that the producer may better address client questions either in the living room or in the board room.  AUS will be a subscriber-focused service, tailored to the needs of the producer to place more product with customers”.  Byrnes said that he welcomed feedback from current AUS subscribers and would provide his direct National Underwriters telephone number and email address on the AUS subscriber site.

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Immigration, Tax Planning, & AML Compliance for High Net Wealth Families & Executives

Posted by William Byrnes on June 6, 2010

The course instructors will “bridge the gap” between the often complex and quite intricate realm of international tax, estate planning, and immigration law. There is an obvious “nexus” between working professional immigrants, “high net worth immigrants,” and their financial dealings as to taxation and estate planning.  The course will first provide a survey of the foundational principles of U.S. international tax and estate planning.  The course will then provide a survey of relevant immigration visa categories, their status requirements, and “triggers” that have international tax and/or estate planning consequences.  Then the course will apply the legal principles with US case scenarios in order to establish a greater understanding between the “nexus” of international tax and immigration laws.

Next the instructors will lecture on the international movement of high net wealth executives and families: tax and immigration issues and strategies.  Finally the instructors will analyze the often overlooked overlap amongst financial reporting requirements, with a particular emphasis on the Patriot Act and related requirements.

Instructors: Prof. Fred Ongcapin is an Adjudications Officer (Policy) for the Policy and Regulation Management Division, Citizenship and Immigration Services, U.S. Department of Homeland Security, Headquarters Office, Washington D.C. In his current position he has authored and led to the publishing of numerous national policy guidance memos and formal regulations as to immigration law for the U.S. Department of Homeland Security. He also provides regular statutory and policy guidance concerning immigration policy for Citizenship and Immigration Services field offices throughout the country due to his subject matter expertise in immigration law. On several occasions, Fred has represented Citizenship and Immigration Services before senior policy level liaison meetings with the U.S. Department of State, U.S. Department of Justice, and certain Congressional Committees on Immigration.

Prof. Marshall Langer, the globally renown international tax author, lecturer and practitioner. Famed for Langer’s Practical International Tax Planning and for Rhoades & Langer U.S. International Tax and Treaties. Prof. Langer retired Of Counsel at the firm of Shutts & Bowen, London, England, and Miami, Florida.

Prof. William Byrnes has been an author and editor of 10 books and treatises and 17 chapters for Lexis-Nexis, Wolters Kluwer, Thomson-Reuters, Oxford University Press, Edward Elgar, and Wilmington. He is currently working on several Concept Maps for Lexis-Nexis Tax Law Center. This year he takes over as the author of National Underwriters’ Advanced Underwriting Service – the dominant information service in the insurance/financial planning industry with tens of thousands of subscribers.

In professional practice William Byrnes was a senior manager, then associate director of international tax for Coopers and Lybrand which subsequently amalgamated into PricewaterhouseCoopers, practicing in Africa, Europe, Asia, and the Caribbean. He has been commissioned and consulted by a number of governments on their tax and fiscal policy from policy formation to regime impact.

Delivery: 14 hours of live lecture and case studies via WIMBA web-conferencing – requires no download and works on PC/Mac.

Dates:  June 8, 15, 22 (Tues) 9pm-10pm (Eastern); June 29 (Tues) 9pm – midnight (Eastern); July 22 & 29 (Thurs) 10am-11am (Eastern); Aug. 5, 12, 19, 26 (Thurs) 9pm – 10pm (Eastern); Sept. 2 (Thurs) 9pm – 11pm (Eastern)

Recordings: all lectures are made available within 1 hour after class – on-demand video streaming and MP4 download until September 5th.

Contact: Prof. William Byrnes, Associate Dean – wbyrnes@tjsl.edu +1 (619) 297-9700 x 6955 for a registration form. Payments are only made by credit card to Thomas Jefferson School of Law. The fee is $49 per lecture hour ($686 for 14 hours) and includes electronic course materials.

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Certified International Tax Analyst

Posted by William Byrnes on May 14, 2010

Professional Designation: American Academy of Financial Management

Exam preparation: International Tax Planning & Risk Management course

Topics: Treaty Structures, Transfer Pricing, Risk Score Cards, Offshore Strategies and Compliance amongst others – taught via case studies

Delivery: 40 hours of live lecture and case studies – audio headsets for web conferencing

Start: May 24 (Monday) – end August 13 (Friday)

When: New York 11am – 12:30 pm (Eastern Time)

Recordings: all lectures are made available within 1 hour on-demand

Contact: Prof. William Byrnes, Associate Dean – wbyrnes@tjsl.edu   +1 (619) 297-9700 x 6955

Materials: tuition includes full Westlaw, Lexis, CCH, IBFD, Checkpoint, Orbitax and 20 other professional databases

Accreditation: applies toward the Legum Magister (LL.M.), Juris Scientiae Magister (J.S.M),  Scientiae Juridicae  Doctor (JSD) of Thomas Jefferson School of Law (San Diego)

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Wealth Management & Financial Planning

Posted by William Byrnes on April 22, 2010

In my 900-page economic report on the international financial services industry, I examined and calculated the economic size and impact of the sector on local jurisdictions, and in doing so reviewed the global industry as a whole.[1]  But for the periods of global financial crisis, the sector had experienced double-digit annual global growth from the eighties and contributed robustly to local economies and society.  Since 1998, the international financial services sector client base has expanded nearly 10% on average during growth years.  Even with the dampening caused by the current global crisis, this industry is still projected for healthy growth in the high single digits over the next five years.

During the decade period until 2008, the international pool of high-net-worth individuals (HNWIs) potentially served by AAFM® Chartered Wealth Managers® had more than doubled, to just over 10 million, as had their assets, from $17.4 trillion to between $40 and $50 trillion.[2]  By 2007, the average HNWI, excluding primary residences and collectibles, achieved an average of $4 million of worth![3]  

The financial recession of 2008 through the first half of 2009 and the corresponding collapse of USA investment banking system temporarily decimated the available high net wealth pool, reducing it to just under nine million holding $33 trillion in assets.  Because of their substantial exposure to the USA economy and financial markets, the USA suffered the greatest impact, a loss of 18.5% of its HNWI pool and its overall investable wealth.[4] 

Yet by the first quarter 2010 the high net wealth pool has rebounded to near 2007 levels as markets have regained nearly 85% of the lost ground of the past 24 months.  In 2009 some residential property markets experienced substantial price rebounds and increases, such as in China, India and Brazil with the top three in China.[5]

Over the next five years financial forecasters expect positive growth exceeding 8% annualized for the assets of high net wealth individuals.  In just three years, by 2013, the pool of HNWI clients’ assets will expand by 50% and exceed $50 trillion – accomplishing a decade’s record in one-third the time.[6] 

70% of this new wealth is self-generated, either through entrepreneurship or via executive compensation, representing a “new” breed of HNWI versus the inherited wealth clients of the past.[7]  These self-generated HNWIs bring new attitudes and requirements to their wealth managers.

This is the first of several update blogticles for the career services course of the International Tax & Financial Services Graduate Program.   Prof. William Byrnes

[1] Report on the Economic, Socio-Economic, and Regulatory Impact of the Tax Savings Directive and EU Code of Conduct for Business Taxation upon Selected Offshore Financial Centers as well as a Competitiveness Report for Selected Offshore Financial Centers (Foreign Commonwealth Office 2004).

[2] Cap Gemini Merrill Lynch World Wealth Report 2008 calculates $40.7 trillion.  However, see Oliver Wyman’s The Future of Private Banking: A Wealth of Opportunity? (2008) at 9 wherein using its own wealth model and reliance upon data from the OECD, IMF, WFE, UNECE, national banks and stock exchanges calculates $50 trillion.

[3] A High Net Wealth Individual has at least one million dollars investable assets, excluding the primary residence and collectables.

[4] Cap Gemini Merrill Lynch World Wealth Report 2009, p.2.  Note the U.S. is still responsible for nearly 29% of global HNWIs at $2.5 million.

[5] The KnightFrank (Citi Private Bank) Wealth Report 2010 at 7.

[6] Though the global re-calibrating of asset values may impact the nominal wealth value for HNWIs in the short term, historically, based upon both the recessions coined after the Asian Financial Crisis and the Tech-Bust, the wealth value will likely return to projected levels with a two-year lag.  While equity and real estate markets may have declined by January 2009 by as much as 50% of their highest value in OECD countries, HNWI portfolios are spread among other investments without such a sharp plunge.  A reliable decline in value estimate for HNW is 25% based upon the decline experienced in Switzerland, which accounts for 28% of the global asset management market.  See the report Wealth Management in Switzerland, Swiss Bankers Association (2009) at 8.

[7] The Future of Private Banking: A Wealth of Opportunity?, Oliver Wyman (2008) at 21

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Certifications starting Jan 18

Posted by William Byrnes on November 30, 2009

  1. ® CAM Chartered Asset Manager – Certification Course – ITX 604 International Financial Services with Expert Speaker – Dr. George Salis (Vertex)
  2. ® RFS Registered Financial Specialist Course – ITX 605 International Anti-Avoidance Legislation & Jurisprudence with Expert Speaker – Kithsri DeSilva (New Zealand Revenue)
  3. ® CITA Certified International Tax Analyst Course – ITX 608 European Union Taxation 3
  4. ® CWM Chartered Wealth Manager – ITX 613 Advanced Wealth Management – With Expert Speaker – George Mentz, JD, MBA, CWM (Chair, American Academy ® )
  5. ® CCA Chartered Compliance Analyst – Certification Course – ITX 616 Anti Money- Laundering and Compliance 2 – Expert Speaker – Dr. Robert J. Munro
  6. ® CAMC Certified Anti Money Laundering Consultant – Course – ITX 618 Financial Crimes & Security lead instructor Phillips Gay (CEO, National Assoc. Bank Security)
  7. ® CITA Certification International Tax – ITX 626 Advanced Income Tax (US) Expert Speaker – Robert Bloink, Esq. (prev. 7 years IRS Counsel)
  8. ® CAPA Certified Asset Protection Analyst Course – ITX 627 Civil Tax Procedure (US) Expert Speaker – Larry Fedro, Esq (prev. 37 years IRS Appeals Manager)
  9. ® CITA Certified International Tax Analyst Course – ITX 628 Corporation Tax (US) Expert Speaker – Hannah Bible J.D., LL.M.
  10. ® CTEP Chartered Trust and Estate Planner Certification – ITX 630 Estate & Gift (US) lead instructor Richard Duke, J.D., LL.M.
  11. ® CBA Chartered Bankruptcy Analyst Certification – ITX 638 Bankruptcy Procedure
  12. ® CBA Chartered Bankruptcy Analyst Certification – ITX 641 Bankruptcy Taxation, Accounting and Financial Reporting
  13. ® CIB Chartered International Banker – ITX 642 Law of Banking and Financial Institutions – Certified International Banker Programme
  14. ® CPM Chartered Portfolio Manager – ITX 643 Equity Investments and Strategies lead instructor Stephen Polak, MSA, CPA/PFS, CFE, CFF (25 years IRS LMSB)
  15. ® CLA Chartered Loan Analyst – ITX 644 Loan Workouts, Debt Collection and Foreclosure
  16. ® AAPM – CPC Certified Project Consultant – ITX PM – Contingent upon demand/enrollment – Experts C. Thong & Mentz. Contracts & Scope

Collaboration each course is 42 lecture hours  webcam-online for with showing and sharing of applications – recorded for on-demand viewingGlobal network built amongst students, faculty, and returning alumni.

Knowledge & Efficiency Stand out from peers with full access and training on the industry tax and financial services databases, Westlaw and Lexis, CCH, Checkpoint, IBFD, Tax Analysts, BNA, Westlaw Business, Westlaw China, Complinet, and Butterworths, amongst the others.

Technology Confidence with planning and compliance software such as Orbitax, CCH compliance, Compliance Resource Network, and tax risk management enterprise systems e.g. Vertex.

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