Wealth & Risk Management Blog

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

Posts Tagged ‘Wealth Management’

Master Limited Partnerships’ (MLPs)

Posted by William Byrnes on March 20, 2014


By Theron West and William Byrnes.

Why Are Wealth Managers Interested In MLPs?

According to the National Association of Publicly Traded Partnerships, Master Limited Partnerships (“MLPs”) have reached a market capital of $400 billion, with over 100 MLPs traded on major exchanges.  Generally established as LLCs with advantageous partnership flow through tax treatment, MLPs present attractive return vehicles to attract long term capital to the energy extraction, energy transportation (“midstream”), and most recent, energy distribution (“downstream”), markets.

MLPs have offered profitable vehicles for “midstream” businesses, that is, businesses that own assets which focus primarily on the transportation of natural resources like natural gas or crude oil.  One reason that midstream assets have been so profitable is that the pipelines and ships act as toll roads for the natural resources.  By owning these midstream assets many MLPs can avoid the volatility of the oil and gas markets directly by charging a fixed price for the units shipped.  However, in recent years many MLPs have entered into the “downstream” asset business, that is, the refining, processing or marketing of natural resources.

What is an MLP?

At the most basic level, the MLP is a type of publicly traded entity that is taxed as a partnership, but publicly traded on a national securities market in the same manner as corporate stock. M any investors are attracted to invest in MLPs because of this type of security’s high yield offer of return.  MLPs entice investors by contractually agreeing to distribute quarterly all available cash.

How is an MLP Taxed?

IRC Section 7704 provides that a publicly traded partnership will be taxed as a corporation unless the partnership meets certain gross income requirements.  A partnership satisfies the gross income requirements when at least 90 percent of the partnership’s gross income is “qualified income.”  Some forms of qualified income include interest, dividends, real property rents, income and gains derived from the exploration, development, mining or production, processing, refining, transportation (pipelines, ships, trucks), or the marketing of any mineral or natural resource.

Mutual Funds Investors?

IRC Section 851 was amended by the American Jobs Creation Act of 2004, and now provides that a RIC may include “net income derived from an interest in a qualified publicly traded partnership” in calculating its 90 percent income requirement.  Essentially, this amendment provided mutual funds the ability to diversify their portfolios because any income derived from the MLP will not affect its status as a RIC.  Still, there are significant limitations imposed on the ability of a mutual fund to invest in MLPs.  A mutual fund is not permitted to invest more than twenty-five percent of its assets in a MLP.  Nor are mutual funds permitted to own more than 10 percent of the interests issued by a MLP.


2014_tf_on_investments-m

 

2014 Tax Facts on Investments provides clear, concise answers to often complex tax questions concerning investments.  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 Investments delivers the latest guidance on:

tax-facts-online_medium

  • Mutual Funds, Unit Trusts, REITs
  • Incentive Stock Options
  • Options & Futures
  • Real Estate
  • Stocks, Bonds
  • Oil & Gas
  • Precious Metals & Collectibles
  • And much more!

Key updates for 2014:

  • Important federal income and estate tax developments impacting investments, including changes from the American Taxpayer Relief Act of 2012
  • Expanded coverage of Reverse Mortgages
  • Expanded coverage of Real Estate Investment Trusts (REITs)
  • More than 30 new Planning Points, written by practitioners for practitioners, in the following areas:
    • Limitations on Loss Deductions
    • Charitable Gifts
    • Reverse Mortgages
    • Deduction of Interest and Expenses
    • REITs

The company also points out that the expert authors—Robert Bloink, Esq., LL.M., and William H. Byrnes, Esq., LL.M., CWM®—are delivering real-life guidance based on decades of experience.

The authors’ knowledge and experience in tax law and practice provides the expert guidance for National Underwriter to once again deliver a valuable resource for the financial advising community,” added Kravitz.

 

 

Posted in Wealth Management | Tagged: , , , | 1 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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Gifting Life Insurance Policies: Not a Simple Matter

Posted by William Byrnes on October 17, 2013


Making a gift of a life insurance policy can prove to be anything but simple for clients who may not know what questions to ask in order to ascertain the potential tax consequences of the transaction. Transferring a policy that is subject to a policy loan can prove even more problematic, even if the transferee is a family member and the transfer is intended entirely as a gift.

Though the rule’s name might suggest otherwise, the transfer for value rule can create a serious tax trap for a client who transfers a life insurance policy, even if nothing tangible actually changes hands in the transaction.   Want to read more?  Open access content at Think Advisor!

Posted in Estate Tax, Insurance, Taxation, Wealth Management | Tagged: , , , , , , , , , , | Leave a Comment »

Whole life — A new asset class to allocate?

Posted by William Byrnes on October 4, 2013


Clients who think they have seen all that whole life insurance has to offer need to take a closer look.  Insurance carriers have taken steps to bring whole life products back to relevance in today’s competitive environment.  In order to compete in a crowded marketplace for insurance products, carriers have developed options to allow clients to transform a traditional whole life policy into a flexible long-term investment product that can provide built-in protection against illness or disability.  Take a look at this entire article on Life Health Pro

If looking for planning tips and client acquisition strategies, feel free to explore National Underwriter Advanced Markets Journal and Main Library 

 

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

The Not-So-Irrevocable Trust: Unlocking Trust Assets

Posted by William Byrnes on July 18, 2013


The “irrevocable” label might have some clients feeling like they are locked into previously established irrevocable trusts for life, which might not always be the case. There are many reasons why a client might remain interested in preserving an irrevocable trust, but after the fiscal cliff deal made the generous $5 million estate tax exemption and spousal portability permanent, there are equally strong reasons why a client might prefer to terminate. …

The choice to terminate will force clients to reevaluate insurance and other trust held assets and lead to what are often long overdue replacement or reallocation discussions.

When Can an Irrevocable Trust Be Terminated?

Read the full analysis at ThinkAdvisorhttp://www.thinkadvisor.com/2013/06/17/the-not-so-irrevocable-trust-unlocking-trust-asset

 

Posted in Estate Tax, Taxation, Trusts, Wealth Management | Tagged: , , , , , , , , , , | Leave a Comment »

the new tax strategies book “2013 Tax Facts on Investments” just released

Posted by William Byrnes on December 5, 2012


2013 Tax Facts on Investments in PRINT and E-Book format 2013_tf_on_investments_cover-m_2provides clear, concise answers to often complex tax questions concerning investments. Pertinent planning points are provided throughout.

Organized in a convenient Q&A format to speed you to the information you need, 2013 Tax Facts on Investments delivers the latest guidance on:

  • Mutual Funds, Unit Trusts, REITs
  • Incentive Stock Options
  • Options & Futures
  • Real Estate
  • Stocks, Bonds
  • Oil & Gas
  • Precious Metals & Collectibles
  • And much more!

Key updates for 2013:

  • New section on captive insurance
  • New section on reverse mortgages
  • Expanded section on ETFs
  • Expanded section on precious metals & collectibles
  • More than 30 new Planning Points, written by practitioners for practitioners, in the following areas:
    • Real Estate
    • Limited Partnerships
    • Stocks
    • Interest and Expenses
    • Options
    • Mutual Funds

Posted in Estate Tax, Retirement Planning, Taxation, Trusts, Wealth Management | Tagged: , , , , , , , , , , , , , , | Leave a Comment »

How Many Basis Points Is the Competition Charging for Advisory Services?

Posted by William Byrnes on August 5, 2011


A recent study has blasted the popular belief that lowering your rate will increase your volume of clients. Likely surprising to most, the truth is that lowering your rates could backfire and decrease your attractiveness to potential clients.

PriceMetrix, Inc., a software firm, published the study, which focused on the needs of wealth management firms and their advisors. They considered data from 380 million transactions conducted between 2007 and 2010. Included in the data pool were 1 million fee-based accounts and 4 million transactional accounts totaling over $850 billion in investment assets.

The results of the study show that advisors are miscalculating the appropriate value of their services—and losing money in the process— averaging $20,000 in lost fees.

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 »

Wealth Management Employment in the Coming Decade

Posted by William Byrnes on December 3, 2010


Number of the High Net Worth Individuals (HNWI...

Image via Wikipedia

Wealth Managers Employment Opportunities

In 2008, Cap Gemini reported that wealth management firms will sharply increase hiring because of the impending retirement, from 2010-2020, of “baby-boomer” wealth managers.  Over the coming decade, wealth management firms will have substantially more client opportunities because the pool of high-net-worth individuals (HNWI) globally, and their assets, continue to grow steadily, and because half of HNWIs do not have a wealth manager.

Half of HNWIs Do Not Have a Wealth Manager

According to Oliver Wyman, only 50% of HNWI assets are professionally managed. An unprecedented amount of retiring boomers who had not previously used a wealth manager now require one to transition their asset portfolios to income ones, plan succession, and balance potential medical care needs.  Wealth management firms therefore have a pool of approximately five million (and expanding) new client opportunities.

Increasing Wealth Manager Salaries and Bonuses

The San Diego Business Journal reported in 2009 that wealth management salaries held steady in the midst of the great recession, ranging from USD150,000 to USD400,000.  Even more exciting, Cap Gemini reported that “bidding wars among firms for top advisors are not uncommon” and packages will include “bonuses equaling two or three times the payouts from just a few years ago”.  Reuters reports that brokerage firms offer sometimes triple an adviser’s fees and commission over the previous year, whereas private bankers receive one to two times their previous year’s salary and bonus to move.  (See Private banks battling for advisers to super-rich)

Significant Wealth Manager Hiring to Begin Working January 2011

Reuters reports that “Wells, he said, is looking outside the private banking world in its bid to add 150 new recruits. Citi has looked to Goldman Sachs Private Wealth Management as well as Barclays Wealth, a Barclays unit built from a business acquired from Lehman Brothers.  Citi has said it aims to double its private banker ranks to about 260 within three years.”

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Wealth Management Employment in the Coming Decade

Posted by William Byrnes on September 29, 2010


Expanding employment opportunities

In 2008, Cap Gemini reported that wealth management firms will sharply increase hiring because of the impending retirement, from 2010-2020, of “baby-boomer” wealth managers. New employment opportunities will also be created by expanding opportunities within the wealth management market.   Over the coming decade, wealth management firms will have substantially more client opportunities because the pool of high-net-worth individuals (HNWI) globally, and their assets, continue to grow steadily, and because half of HNWIs do not have a wealth manager.

Half of HNWIs not receiving advice

According to Oliver Wyman, only 50% of HNWI assets are professionally managed. An unprecedented amount of retiring boomers who had not previously used a wealth manager now require one to transition their asset portfolios to income ones, plan succession, and balance potential medical care needs. Wealth management firms therefore have a pool of approximately five million (and expanding) new client opportunities.

Oliver Wyman reports that the new generation of HNWIs is predominantly (70%) self-generated wealth; through entrepreneurship or executive compensation. These HNWIs consider it normal business practice to seek outside expertise and are more likely to leverage wealth managers.

Senior staff salaries and jobs

The San Diego Business Journal reported in 2009 that wealth management salaries held steady in the midst of the crisis, ranging from USD150,000 to USD400,000.  Even more exciting, Cap Gemini reported that “bidding wars among firms for top advisors are not uncommon” and packages will include “bonuses equaling two or three times the payouts from just a few years ago”.  Reuters reports that brokerage firms offer sometimes triple an adviser’s fees and commission over the previous year, whereas private bankers receive one to two times their previous year’s salary and bonus to move.  (See Private banks battling for advisers to super-rich)  Reuters reports that “Wells, he said, is looking outside the private banking world in its bid to add 150 new recruits. Citi has looked to Goldman Sachs Private Wealth Management as well as Barclays Wealth, a Barclays unit built from a business acquired from Lehman Brothers.  Citi has said it aims to double its private banker ranks to about 260 within three years.”

For my complete analysis in my September article of Offshore Investment magazine – read it online – Wealth Management Employment in the Coming Decade

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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.

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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 »

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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International Estate Planning & Immigration (summer course)

Posted by William Byrnes on May 2, 2010


Topics: Executive Compensation, High Net Wealth Families, Immigration, Estate Planning strategies and compliance

Delivery: 36 hours of live lecture and discussions – audio headsets required (online)

Start: May 28 (Friday) – end August 6 (Friday) – 11 weeks

When: most lectures’ times are weekdays at New York 11am / London 4pm / Paris 5pm / Dubai 7pm / Mumbai 8:30pm / Hong Kong 11pm

Recordings: all lectures are made available within 24 hours on-demand until August 27  

Instructors include: Richard Duke, Marshall Langer, Alfred Ongcapin, and others

Contact: Prof. William Byrnes, Associate Dean – wbyrnes@tjsl.edu to enroll

Enrollment: either as continuing education or as graduate program credit (graduate program credit includes full Westlaw, Lexis, CCH, IBFD, Checkpoint, Orbitax and 20 other professional databases)

Certification: applies toward the CTEP professional designation of the American Academy of Financial Management as disclosed for FINRA.

Accreditation: applies toward the Legum Magister, Juris Scientiae Magister, Scientiae Juridicae Doctor of Thomas Jefferson School of Law (San Diego) as disclosed for the American Bar Association.

Posted in Courses, Teaching Opportunities | Tagged: , , , , , | 2 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

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

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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Wealth Management Trends: Are You Positioned For the Frame Shift of the Next Decade?

Posted by William Byrnes on July 16, 2009


This first short ice-breaker presentation of a multiple part series will serve as a resourceful backdrop upon which to embark upon our exploration of the coming “frame shift”, for those of you familiar with neuro linguistics, regarding what attributes are necessary for a wealth manager to successfully compete and attract high net wealth individuals and families  (“HNWIs”) in this coming decade – just six months away.   The inevitable conclusion of the intensive research including a survey from 1998 to June 2009 of all industry based reports, both independent, examples including IBIS and S&P, and internal, examples being Merrill Lynch Cap Gemini and JP Morgan, is that this decade has seen a global HNWI requirement shift from what is coined the USA (a.k.a. broker-dealer, transaction-based) model to the European (a.k.a. advisory service, fee-based) model.  Basically, HNWIs want a holistic wealth management services approach and are willing to pay for it.   If you are tooled for collaborative advisory delivery required by example for family office counsel, you will make more money.  If not, well, employment is a Darwinian marketplace.

In the past decade, the number of global high-net-worth individuals (HNWIs) served by practitioners, such as my able graduates, has doubled to more than 10 million by 2008 (though the global financial crisis has caused a decline to less than 9 million) —and their assets have more than doubled from $17 trillion to at least $40 trillion (just under $33 trillion currently as the crisis matures).  The average HNWI, excluding primary residences and collectibles, is now worth more than $4 million! In the next four years, the pool of HNWI client assets is projected to grow to nearly $50 trillion.  (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.)

The new-breed of HNWI are the majority of the nearly double-digit HNWI increasing fold who are no longer being knighted via wealth transfers but instead are earning this status upon developing their own fortune via business and investment acumen.  The systemic iceberg that in the first quarter of 2008 gouged our Titanic and lead to the inevitable sinking of many titans of the economy is commonly projected to have completely melted in the first quarter 2010.  However, the impact of our Titanic to wealth management is that new-breed trends that first surfaced in 2006, have been accelerated according to the most recent studies (December 2008 through April 2009).  These trends now clearly show a lack of institutional fidelity by HNWIs, as well as the desire for strategic allocation that includes leveraging international investments, and finally the demanding of trusted planner relationships that are holistically and dynamically approached.

Moreover, another development that has shaken institutional fidelity both for the government and for HNWI the past year regards the acknowledgement in Congressional testimony (and the subsequent prosecutorial agreement) that UBS had not complied with its qualified intermediary agreement regarding approximately 19,000 (the most recent figure exceeds 52,000) non-tax compliant US HNWIs of its total of 20,000 US HNW clients.[1] It is widely reported that UBS is not the exception as regards this situation.  The consequence of the prosecutorial agreement is that inevitably, whether through declaration by UBS or via the latest IRS amnesty program, no less than 19,000 HNWI worth (as of June 2008) $17.9 billion, and by a extrapolation estimate using a rounded multiple range of five to ten, 100,000-200,000 USA HNWIs worth $100 – $200 billion (before taxes, interest, penalties, and tax claw back for last year’s losses) will be swimming ashore over the next twelve months.  Based upon Forbes billionaire Igor Olenicoff suit against UBS, this class of HNWIs’ institutional fidelity has been permanently severed.

The good news is that those of you holding the Master and Doctorate from the Walter H. & Dorothy B. Diamond Graduate Program (http://www.llmprogram.org) are the best positioned to compete for these new-breed HNWI.  This blog over the coming weeks will examine the frame shift and identify the corresponding opportunities to successfully compete for these HNWI clients.  Over the coming weeks, as I post the follow up parts (another ten sections) I will share with you at least two strategies from my out-of-the-box thinking and perspectives that I am known for on your preparation for the new-breed HNWI.


[1] Tax Haven Banks and US Tax Compliance, Staff Report, Permanent Subcommittee On Investigations, United States Senate (2008).

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