Wealth & Risk Management Blog

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

Posts Tagged ‘financial planning’

TaxFacts Intelligence Weekly of July 18, 2019 – Actionable Analysis for Financial Advisors

Posted by William Byrnes on July 19, 2019


2019’s Tax Facts Offers a Complete Web, App-Based, and Print Experience

Reducing complicated tax questions to understandable answers that can be immediately put into real-life practice, Tax Facts works when and where you need it….on your desktop, at home on your laptop, and on the go through your tablet or smartphone.  Questions? Contact customer service: TaxFactsHelp@alm.com800-543-0874

 

William H. Byrnes, J.D., LL.M. and Robert Bloink, J.D., LL.M.

Jul 18, 2019

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Words of Caution for Non-spouse Beneficiaries of Inherited IRAs

Generally, non-spouse beneficiaries are required to take distributions from the account either under the five-year rule (i.e., exhaust the funds within five years of inheriting them) or based on that beneficiary’s life expectancy. However, what many beneficiaries fail to understand is that when they take a distribution, that distribution will be taxable, cannot be undone by rolling the amount into another IRA and can cause the IRA to forfeit its stretch treatment. Non-spouse beneficiaries should be advised that their only opportunity with respect to rollover of an inherited IRA is to transfer the account (as an inherited account) to a new IRA custodian via a direct trustee-to-trustee transfer. For more information on inherited IRAs, visit Tax Facts Online. Read More

District Court Finds Retiree Not Entitled to Change Election Regarding Pension Distribution Form

A district court recently ruled that a pension plan did not abuse its discretion by denying the request of a participant in pay status to change her election from a monthly annuity payout to a lump sum payment. In this case, the pension had opened a window whereby retirees could elect to switch from receiving an annuity to the lump sum option. The option also allowed the participant to revoke the change by a certain set date, and revert back to the annuity. Here, the retiree and her son, who had power of attorney, took the lump sum option but later revoked it to revert back to the annuity. Later, when the retiree was diagnosed with a neurological disease, they attempted to revoke the revocation to receive the lump sum. The court held that there was no abuse of discretion in the pension’s denial of that request because the window for electing the lump sum had closed. The impact of the neurological disease was irrelevant because the son who made the initial requests had power of attorney to speak on the participant’s behalf. For more information on what to consider when facing a lump sum option, visit Tax Facts Online. Read More

Updated IRS FAQ Confirms Section 1231 Gains Invested in Qualified Opportunity Funds in 2018 are Qualifying Investments

The second round of proposed regulations regarding qualified opportunity zone fund (QOF) investments generated questions as to the treatment of Section 1231 gains that had been invested in a QOF. Section 1231 capital gain treatment generally applies to depreciable property and real property used in a business (but not land held as investment property). Under the proposed regulations, Section 1231 capital gains are only permissible QOF investments to the extent of the 1231 capital gain amount, if the investment is made within 180 days of the last day of the tax year. IRS released FAQ to provide relief for the 2018 tax year, so that investment in the QOF and deferral will be available for the gross amount of Section 1231 gain realized during the 2018 tax year if the investment was made within 180 days of the sale date, rather than the last day of the tax year (assuming that the taxpayer’s tax year ended before May 1, 2019, when the regulations were released). For more information on opportunity zones, visit Tax Facts Online. Read More

Posted in Taxation | Tagged: , , , | Leave a Comment »

15 Recent Tax Debates Between Robert Bloink and William Byrnes

Posted by William Byrnes on March 18, 2019


the weekly tax debate transcribed from Tax Facts authors Professors Robert Bloink and William Byrnes, both of Texas A&M University Law School’s Wealth Management graduate program for professionals.

— More Bloink & Byrnes Go Thumb to Thumb:

  1. IRS Relief for Tax Underpayment: Bloink & Byrnes Go Thumb to Thumb
  2. IRS’ New 199A Real Estate Safe Harbor
  3. Postcard Premiere of IRS Form 1040
  4. Repeal SALT Cap, Raise Corporate Tax
  5. Tax Deferral on Stock Options and RSUs
  6. Should Annuity Products Get a Fiduciary Safe Harbor?
  7. Should Tax Hikes Need Supermajority Vote?
  8. Does DOL’s HRA Proposal Go Far Enough?
  9. Should 2017 Tax Changes Be Permanent?
  10. Is the Proposed Child Tax Credit Even Needed?
  11. Is Inflation Indexing of Capital Gains Good?
  12. Are New USA Plans a Boon to Savers?
  13. Was It Right to Kill the DOL Fiduciary Rule?
  14. Is DOL Rule on Health Plans Bad?
  15. Trump’s RMD Rule Change

 

2019’s Tax Facts Offers a Complete Web, App-Based, and Print Experience

Reducing complicated tax questions to understandable answers that can be immediately put into real-life practice, Tax Facts works when and where you need it….on your desktop, at home on your laptop, and on the go through your tablet or smartphone.  Questions? Contact customer service: TaxFactsHelp@alm.com800-543-0874

 

Posted in Tax Policy, Taxation | Tagged: , , , | Leave a Comment »

Teaching an old dog a new trick: the modified endowment contract (MEC) and the modern portfolio

Posted by William Byrnes on June 6, 2014


The MEC 

A MEC is essentially a type of cash value life insurance policy that is subject to less favorable tax rules because it has been funded with premiums during the first seven years of the policy’s existence that exceed certain maximum amounts (depending on the policy’s benefit level and cost).  Despite this, the MEC’s worth today can remain substantial.

In some cases, dismissing the MEC too quickly can cause your clients to miss out on a valuable product.  For clients with sufficient means, the opportunity to rapidly fund a life insurance contract so as to become subject to the rules governing MECs may actually provide a powerful strategy in the well-rounded planner’s arsenal.

read this analysis in the article “The MEC and the Modern Portfolio

 

If you are interested in discussing the Master or Doctoral degree in the areas of financial planning, please contact me: profbyrnes@gmail.com to Google Hangout or Skype that I may take you on an “online tour” 

Posted in Insurance, Retirement Planning, Wealth Management | Tagged: , , , | Leave a Comment »

Creative use of Social Security timing strategies

Posted by William Byrnes on May 30, 2014


Creative use of Social Security timing strategies can be key to securing comfort in retirement, and timing benefits so that your client can receive a lump sum payment during retirement can unlock many options for the older client. For those nearing retirement age, this seldom-discussed strategy may be needed to ensure longevity protection throughout a long retirement.  Read about this Social Security lump sum strategy

 


If you are interested in discussing the Master or Doctoral degree in the areas of financial planning, please contact me: profbyrnes@gmail.com to Google Hangout or Skype that I may take you on an “online tour” 

Posted in Retirement Planning | Tagged: , , | 1 Comment »

High-income clients able to fund Roth IRAs?

Posted by William Byrnes on May 27, 2014


Roth IRAs usually do not make it into a higher-income client’s retirement planning playbook. The income limits set in place even prevent many upper-middle class clients from contributing to a Roth.

These limits do, in fact, block clients with earnings above the annual threshold level from contributing to a Roth directly, but there is an alternative route to Roths for high-income clients looking to minimize their tax burden in retirement.

Read >Roths for high earners: the strategy < !

2013_tf_insurance_emp_benefits_combo_covers-m_2Authoritative and easy-to-use, 2014 Tax Facts on Insurance & Employee Benefits shows you how the tax law and regulations are relevant to your insurance, employee benefits, and financial planning practices.  Often complex tax law and regulations are explained in clear, understandable language.  Pertinent planning points are provided throughout.

Organized in a convenient Q&A format to speed you to the information you need, 2014 Tax Facts on Insurance & Employee Benefits delivers the latest guidance on:

  • Estate & Gift Tax Planning
  • Roth IRAs
  • HSAs
  • Capital Gains, Qualifying Dividends
  • Non-qualified Deferred Compensation Under IRC Section 409A
  • And much more!

Key updates for 2014:

  • Important federal income and estate tax developments impacting insurance and employee benefits including changes from the American Taxpayer Relief Act of 2012
  • Concise updated explanation and highlights of the Patient Protection and Affordable Care Act (PPACA)
  • Expanded coverage of Annuities
  • New section on Structured Settlements
  • New section on International Tax
  • More than thirty new Planning Points, written by practitioners for practitioners, in the following areas:
    • Life Insurance
    • Health Insurance
    • Estate and Gift Tax
    • Deferred Compensation
    • Individual Retirement Plans

Plus, you’re kept up-to-date with online supplements for critical developments.  Written and reviewed by practicing professionals who are subject matter experts in their respective topics, Tax Facts is the practical resource you can rely on.

Posted in Retirement Planning | Tagged: , , , , | Leave a Comment »

$135 billion of reported gifts for 2012 nearly tripling 2011 levels

Posted by William Byrnes on January 28, 2014


Yesterday, the IRS Tax Stats Dispatch (#2014-2) included the link for the summation of data from all 2012 Gift Tax Returns.   (see http://www.irs.gov/uac/SOI-Tax-Stats—Total-Gifts-of-Donor,-Total-Gifts,-Deductions,-Credits,-and-Net-Gift-Tax)

Interestingly, the total reported gifts of 2012 of approximately $135 billion was substantially more than double the 2011 year of approximately $51 billion, and previous years before that.  The significant pickup in reported gift giving over the last several years compared to 2012 is in the category $1 million and larger gifts.

Will be interested to read your comments as to why this may be ?  By example, is this the result of the now settled Estate and Gift tax rates ?  Is it a result of the timing of retiring baby boomers wealth transfer to the next generation of their progeny?  Is it charitably driven ?

Were financial planners prepared for the planning of this more than doubling of gifts to future generations and for charitable / legacy purposes?

Use Comments below.

Tax status and size of taxable gifts, current period [1]
Total gifts [2] Total annual exclusions Total included amount of gifts Total deductions [3] Taxable gifts, current period [4]
Number Amount Number Amount Number Amount Number Amount Number Amount
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)
All returns, taxable and nontaxable 258,393 $134,846,285,766 244443 11794733033 191816 123051555062 5606 8120138820 190401 114968624890
$0 67992 5822167968 67680 4054653753 1415 1767514212 1415 1767514212 0 0
Less than $2,500 7612 362423498 6528 233021040 7612 129402627 24 119914708 7612 9487920
$2,500 under $5,000 7433 412615201 7075 262415929 7433 150200871 407 123,960,592 7433 26240997
$5,000 under $10,000 9294 563330627 8934 321839948 9294 241490859 264 172533814 9294 68957045
$10,000 under $25,000 26161 1366229180 25611 924979071 26161 441250106 217 17,630,195 26161 423619911
$25,000 under $50,000 23829 1731665895 22746 796632342 23829 935033551 397 84434152 23829 850599399
$50,000 under $75,000 13048 1239385141 12504 400229648 13048 839155682 17 38,557,818 13048 800621940
$75,000 under $100,000 8306 996198369 7583 183011743 8306 813186628 6 91,801,097 8306 721385532
$100,000 under $250,000 29570 6071771849 26863 961754449 29570 5110017617 311 338746401 29570 4771297431
$250,000 under $500,000 17,470 $7,519,686,206 16193 709363682 17470 6810322321 662 439160459 17470 6371161683
$500,000 under $1 million 16,149 $12,885,834,594 14609 773330454 16149 12112504390 390 346832003 16149 11765882467
$1 million or more 31,529 $95,874,977,236 28117 2173500974 31529 93701476195 1497 4579053368 31529 89159370564

Posted in Retirement Planning, Tax Exempt Orgs, Wealth Management | Tagged: , , , , , , | Leave a Comment »

NationalUnderwriter.com is celebrating throughout the month of December with two FREE Shipping offers! (No coupon necessary)

Posted by William Byrnes on December 12, 2013


NationalUnderwriter.com is celebrating throughout the month of December with two FREE Shipping offers! (No coupon necessary; links provided below.)  Also, in preparing for the new year, NationalUnderwriter.com has the book titles for January 2014 that students need!2014_tf_on_individuals_small_businesses-m_1

Now through 12/14/2013, shoppers enjoy FREE Shipping on Insurance, Finance, and Legal bookstore purchases of $100 or more at NationalUnderwriter.com!

And then, from 12/15/2013 through 12/31/2013, shoppers to enjoy FREE Shipping on any Insurance, Finance, or Legal bookstore purchase at NationalUnderwriter!

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Overcoming Objections: What Part of “No” Don’t You Understand?

Posted by William Byrnes on December 9, 2013


… Objections are the sales profession’s version of death and taxes. They’re inevitable, nobody likes them, but nobody’s figured out a way to prevent them from cropping up. You’ve heard all of these and more besides. How do you respond to them?

Read Professor William Byrnes and Robert Bloink on ThinkAdvisor !

ThinkAdvisor.com supports the professional growth and vitality of the Investment Advisory community, from RIAs and wealth managers of all kinds, to independent broker-dealer and wirehouse representatives. We provide unparalleled access to the knowledge, information and critical resources they need to succeed at every stage in their career, including professional development, education and certification, industry news and analysis, reference tools and services, and community networking opportunities.

Posted in Wealth Management | Tagged: , , , | Leave a Comment »

Using Deferred Annuities to Build Pension Plans for the Next Generation

Posted by William Byrnes on November 13, 2013


The most recent shift in the audience for deferred annuity products may come as a surprise to many advisors who are accustomed to selling these vehicles to older clients in pursuit of secure income late in life. Insurance carriers have taken steps to break free of this typical market, in many cases by changing product cost structures to appeal to an expanded (and much younger) client base.

As a result, advisors need to recognize that this new generation of deferred annuity products can be marketed even to clients who are in their 30s, 40s and 50s, erasing the common perception that most annuity purchasers are those stereo typically risk-adverse clients who have already retired. Younger generations have joined the market for secure income, which should have every advisor asking this question: How young is my next annuity prospect?

Read William Byrnes and Robert Bloink’s analysis of indexed variable annuities and how these product offerings may be attractive for certain of your clients at > http://www.thinkadvisor.com/2013/10/21/using-deferred-annuities-to-build-pension-plans-fo <

 

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DB(k): A 10-Year Retirement Strategy for Business Owners

Posted by William Byrnes on September 19, 2013


Small business clients who have seen their businesses return to profitability following the economic crisis of the past few years may have secured their continued viability, but many have done so at the expense of personal retirement security. As a result, a vast portion of the baby boomer population is now struggling to play catch up. Unfortunately, traditional retirement savings vehicles, with their strict contribution limits, often are not enough to replace years’ worth of lost savings.

For many baby boomer clients who own small businesses, a new strategy that combines a defined benefit plan with elements of a voluntary 401(k) plan can allow the client to save more than 10 times as fast as a traditional plan, with dramatic tax savings that your clients will have to see to believe.

Read William Byrnes’ full analysis at  > Think Advisor <

Posted in Retirement Planning | Tagged: , , , , , | Leave a Comment »

Term Life: An better option for clients?

Posted by William Byrnes on September 12, 2013


Advisors who think they know all there is to know about term life insurance might be surprised to learn that these policies are finally being brought up to speed.

Increasing demand for already popular term life policies has insurance companies jumping to differentiate their products in a crowded market. The result is a new generation of term life products that can be customized to meet the needs of an extremely diverse section of the market.

Whether your clients are concerned about covering education costs or providing enhanced benefits in the case of specific accidents, modern term life insurance might be the solution.  … Read this full analysis by William Byrnes at  > LifeHealthPro <

Posted in Insurance, Retirement Planning | Tagged: , , , , , , , | Leave a Comment »

How to Build Your Own Solution to Long-Term Care Insurance Scarcity

Posted by William Byrnes on September 10, 2013


A basic problem for clients looking for long-term care insurance today is that they simply may not be able to find it. Major carriers have pulled out of the market in the last year, and the policies that remain can be prohibitively expensive and contain strict qualification requirements.

Fortunately, the product market is evolving so that a relatively new method of securing tax-preferred long-term care benefits has emerged. Hybrid annuity products that combine the estate and income planning features of an annuity with the protection of long-term care insurance are becoming increasingly popular among clients looking for replacement insurance.

Read William Byrnes’ analysis of building your own solution to long-term care insurance at > The Law Professor Column of Think Advisor <

 

Posted in Insurance, Retirement Planning | Tagged: , , , , , , , , | Leave a Comment »

SEC Okays CFP Board’s Request to Dig into Applicants’ Backgrounds

Posted by William Byrnes on August 24, 2011


Cerftified Financial Planners (“CFPs”) and CFP applicants can longer hide their discplinary history behind the shield of client confidentiality. At the request of the Certified Financial Planner Board of Standards, Inc. (“CFP Board”), the Securities and Exchange Commission (“SEC”) issued a no action letter that gives brokers and advisors unlimited discretion to share customer complaint information with the Board without fear of reprisal from the SEC. The no action letter eradicates advisors’ ability to assert client confidentiality as a justification for not disclosing customer complaint information to the CFP, giving the Board free-reign to scour members’ backgrounds.

Read this complete analysis of the impact at AdvisorFX (sign up for a free trial subscription with full access to all of the planning libraries and client presentations if you are not already a subscriber)

For previous coverage of the financial planning industry in Advisor’s Journal, see Wall Street Reform Act Mandates Study of Financial Planning Industry (CC 10-73).

For in-depth analysis of financial planning concepts, see Advisor’s Main Library: A – The Need For Financial Planning.

Posted in Wealth Management | Tagged: , , , , , , , | Leave a Comment »

SEC Okays CFP Board’s Request to Dig into Applicants’ Backgrounds

Posted by William Byrnes on August 22, 2011


The dynamics of the confidentiality is enduring change. Certified Financial Planners (“CFPs”) and CFP applicants can no longer hide their disciplinary histories from the CFP Board under the shield of client confidentiality. At the request of the Certified Financial Planner Board of Standards, Inc. (“CFP Board”), the Securities and Exchange Commission (“SEC”) issued a no action letter that gives brokers and advisors the  to share customer complaint information with the Board without fear of reprisal from the SEC. The no action letter removes advisors’ ability to maintain client confidentiality as a justification for not disclosing customer complaint information to the CFP, giving the Board free-reign to scour members’ backgrounds.

What impact will this heightened need for disclosure have on the advisor- client relationship?

Read this complete analysis of the impact at AdvisorFX (sign up for a free trial subscription with full access to all of the planning libraries and client presentations if you are not already a subscriber)

For previous coverage of the financial planning industry in Advisor’s Journal, see Wall Street Reform Act Mandates Study of Financial Planning Industry (CC 10-73).

For in-depth analysis of financial planning concepts, see Advisor’s Main Library: A – The Need For Financial Planning.

Posted in Wealth Management | Tagged: , , , , , , , | Leave a Comment »

Advisors’ Stairsteps of Influence

Posted by William Byrnes on July 12, 2011


Advisors understand that referrals from existing clients are their best source for new business, but what else is working, and how effective are other methods being used by advisors to generate new business? A recently released survey provides us with a laundry list of approaches used by advisors to solicit new clients and gauges the productiveness of their marketing efforts.  The survey, which polled 262 financial advisors in November and December of 2010, found that client referrals are still the top way advisors generated new business. Behind client referrals, professional referrals were the second biggest producer.  Read this complete analysis of the impact at AdvisorFX (sign up for a free trial subscription with full access to all of the planning libraries and client presentations if you are not already a subscriber).

Posted in Wealth Management | Tagged: , , , , , , , | Leave a Comment »

The Wealth Manager’s Trust Basics

Posted by William Byrnes on September 21, 2010


Why is this Topic Important to Wealth Managers?  Estate Planning almost always involves some consideration of legal trust(s).  It is essential that wealth managers understand the purpose for trusts and the ways trusts can be used in a comprehensive financial plan.  By example, ILITs can be “an effective estate planning device” because, “life insurance proceeds [are not included] in the insured’s estate.”

We invite you to read about some common uses of trust in estate planning, such as Irrevocable Life Insurance Trusts, and analysis at AdvisorFYI.

Posted in Insurance | Tagged: , , , , , , | Leave a Comment »

Supporting a Surviving Second Spouse without Liquidating the Family Business

Posted by William Byrnes on September 20, 2010


When an adult child has an active role in the family business, how can a client pass that business to the managing child while still providing for the client’s surviving second wife?

Read the answer to this question and analysis by our Experts Robert Bloink and William Byrnes at AdvisorFX Journal Supporting a Surviving Second Spouse without Liquidating the Family Business.

After reading the analysis, we invite your questions and comments by posting them below, or by calling the Panel of Experts.

Posted in Uncategorized | Tagged: , , , , , | Leave a Comment »

Life Insurance Ownership Hits Fifty-Year Low

Posted by William Byrnes on September 19, 2010


Life insurance ownership has hit a fifty-year low, according to the August-released Trends in Life Insurance Ownership, a LIMRA study administered once every six years.  But do the economic clouds have a silver—or better yet, gold—lining?

Today’s analysis by our Experts Robert Bloink and William Byrnes is located at AdvisorFX Journal Life Insurance Ownership Hits Fifty-Year Low

After reading the analysis, we invite your questions and comments about policies maturing after age 100 by posting them below, or by calling the Panel of Experts.

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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.

Posted in Compliance, Courses, Insurance, Taxation, Wealth Management | Tagged: , , , , , , , , , , | 3 Comments »

Chartered Wealth Manager® (CWM)

Posted by William Byrnes on December 7, 2009


Course length: January 18th – April 9th 2010

Lectures: 42 lecture hours over 12 weeks using webcams / headsets (www.wimba.com) with sharing of applications – also recorded for later on-demand viewing.

Online Databases & Library: full access included Course book: online Professional Designation: by the American Academy® (www.aafm.us)

Contact: Assoc. Dean William Byrnes wbyrnes@tjsl.edu (619) 374-6955

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