by Structured Settlement Watchdog
Surveyed another plaintiff attorney with the hypothetical yesterday and the survey said** extreme disappointment would result if I were to contact one of their clients whose structured settlement I had created to solicit a structured settlement factoring transaction for compensation. Don't worry, just surveying for my web log I said!
Then this afternoon I spoke to a respected Texas structured settlement broker and financial planner, who joins me and the large and growing consensus that it's a conflict of interest to "double dip" on fees creating a structured settlement and then structured settlement factoring transaction (structured settlement transfer, or "structured settlement destruction"-you have choice of full or partial)
From what I hear, the spin that some of the "ipso structured settlement factos" are putting on this to lawyers is that they will survey all the factoring companies and then get them the best deal. Mind you, the best deal might involve a hefty deep discount plus the ipso structured settlement facto's commission.
I have heard that one broker may have canvassed a judge or two for access to such cases that the judge sees in his or her Court. Where does it stop? I expect to get a copy of that solicitation shortly and will post here as soon as I do.
Why do certain structured settlement brokers and settlement planners (... for the reading public, clearly a minority) feel that this is necessary? Is it Fear? Is it Greed? Or is it plain career or organization suicide?
One of the "dwindling minority" tried to justify the inclusion of factoring (transfer) companies in the structured settlement mix as part of the process of "gathering money to do things to make it a more equal marketplace". Surely one can find a better way to raise money that is not in conflict with being "dedicated to improving the lives of personal injury victims using structured settlements"***.
**Richard Dawson-Family Feud"
***Introducing the Society of Settlement Planners (SSP) 2003...