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February 02, 2010

Eradicating Credential Puffery in the Settlement Industry

by Structured Settlement Watchdog®

The following is an excerpt from a 2010 communication from an NSSTA member firm to its members concerning advertising of the Certified Structured Settlement Consultant (CSSC) professional designation. There are still alot of people flouting the NSSTA guidelines. Kudos to this unnamed firm!

"Hello!

Fellow members of the industry, NSSTA and the University of Notre Dame have expressed concerns regarding the way CSSC designations are listed on bios of structured settlement brokers. 

To be clear, Notre Dame does not have a CSSC program.  Rather, the CSSC designation is offered by NSSTA in cooperation with the Notre Dame’s Executive Education Department.  For this reason, CSSC designations should not be listed as having been received from Notre Dame. 

To help ensure the CSSC designation is accurately described, NSSTA has provided sample language (below) for broker use.  If you have the CSSC designation, your bio will automatically be edited to comply with the description below.  If you would like to edit other components of your bio at this time, please forward your revised bio copy as soon as possible.  Please note that the only acceptable means for describing your CSSC designation are as stated below.   

 Thanks!

Sample Resume Language

The CSSC is administered by the National Structured Settlements Trade Association (NSSTA) and developed in cooperation with the University of Notre Dame Executive Education Department.

Certified Structured Settlement Consultant (CSSC) – The CSSC certification designates individuals who have demonstrated competency in all areas of structured settlement consulting. The CSSC is administered by the National Structured Settlements Trade Association (NSSTA) and developed in cooperation with the University of Notre Dame Executive Education Department.

The Certified Structured Settlement Consultant (CSSC) program is administered by the National Structured Settlements Trade Association (NSSTA) and developed in conjunction with the University of Notre Dame Executive Education Department. The CSSC is the structured settlements industry’s oldest and most respected designation, establishing educational standards for structured settlement professionals throughout the nation. The CSSC program consists of more than 80 hours of classroom and study culminating in a comprehensive examination and provides an objective measure of an individual's broad-based knowledge and competency in structured settlements".

Message to the stragglers...Unless you enjoy seeing your firm's or your firm's members names in lights perhaps you should consider reviewing your company's bios and marketing materials and if there are any offenders, then generating something similar to your own members.

CREDENTIAL PUFFERY, WHETHER INTENTIONAL OR UNINTENTIONAL IS MISLEADING AND MAY VIOLATE THE LAW. HELP STAMP OUT CREDENTIAL PUFFERY IN THE INDUSTRY BY REVIEWING YOUR OWN BIOS, LINKEDIN PROFILES AND MARKETING MATERIALS AND THOSE OF YOUR COLLEAGUES.

Posted at 03:01 PM in Certified Structured Settlement Consultant (CSSC) NSSTA, Cleaning Up "The Structured Settlement Neighborhood", Credibility of Financial Advisors, National Structured Settlement Trade Association, NSSTA, Structured Settlement Broker Business Practices, Structured Settlement Brokers, Structured Settlement Ethics Questions, Structured Settlement False Advertising, Structured Settlement Industry News, Structured Settlement Profession, Structured Settlement Puff Daddy, Structured Settlement Watchdog® |

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Guide to Structured Settlements 2024

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  • Top Structured Settlement Annuity Companies 2024
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  • Treasury Funded Structured Settlements
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  • Compare Structured Settlement IRR to Other Settlement Alternatives
    Use the Taxable Equivalent Yield chart to help compare the Internal Rate of Return (IRR) of a structured settlement to other alternative or complementary investments. Need help with the chart? Call 4structures.com® LLC at 888-325-8640
  • Structured Settlement Payments | Types of Structured Settlements 2024
    Ways You Can Structure Your Settlement Payments in 2024. With a structured settlement you can have more than one type of payment in a single contract. Different types of structured settlement payments can be customized and combined to meet your needs on a stand-alone basis, or in conjunction with other financial products. Diversify your structured settlement, if you wish, by funding with more than one annuity issuer, with treasury funded structured settlements, index linked structured settlement payments and market based structured .
  • Structured Attorney Fees for Tax Deferral for Attorney Contingency Fees
    Structured attorney fees is a financial strategy that offers a unique way to defer taxes for lawyers and law firms. Lawyers CAN structure their legal fees even if the plaintiff doesn't structure their settlement. There are multiple ways to structure your attorney fees, such as capped or uncapped index linked structured settlement annuities where payments are adjusted based on upside changes in the S&P 500 or another index, Trial Lawyers may also use a special deferred pay/deferred compensation arrangement, if market based returns returns are desired with no cap. Plan NOW for year end! Put structured attorney fee expert John Darer® on your settlement planning team in 2024.
  • Structured Settlement Annuity Company Customer Service Phone Numbers
    Receiving structured settlement payments from your own structured settlement or inherited structured settlement? You'll like this huge time saver. Click the title for a link to a comprehensive list of customer service telephone numbers that includes both current AND former structured settlement annuity issuers and reinsurers. If you have simple bank or beneficiary changes, or if the insurance company that issued the structured annuity has merged, sold or spun off its block of structured annuity business (e.g. Aviva, Allstate, Transamerica, AEGON, GE Capital, Liberty, CNA, Confederation Life), oran annuity issuer has changed its name and you're trying to track them down. Here you go! The list is regularly updated. Last updated May 20, 2024.
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  • What Are Structured Settlement Annuities?
    Structured settlement annuities are annuities that can provide one or more customized annuity payment streams in a single contract. Read about structured settlement annuities here.
  • History of Structured Settlements
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  • What Are Market Based Structured Settlements?
    Market based structured settlements are an alternative or supplementary structured settlement solution for the plaintiff, attorney or law firm that: 1. Can afford to take some market risk 2. Have discretionary settlement dollars. Claimants and attorneys alike may find that market-based structured settlements provide the opportunity to receive tax-free income, or tax-deferred income, while enjoying growth potential.
  • iStructure |Uncapped Fixed Index Structured Settlement Annuity
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  • Structured Settlements and Longevity Risk| What Are the Odds?
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Qualified Settlement Funds

  • What is a Qualified Settlement Fund?
    Qualified Settlement Funds | What You Need to Know
  • Firmwide Qualified Settlement Funds Debunked
    Firmwide qualified settlement funds have been heavily promoted to trial lawyers, but have been debunked in a detailed analysis in a July 2022 legal opinion a tax partner at the law firm of Faegre Drinker Biddle & Reath, LLP. Trial lawyers and firms who have established Firmwide QSFs or coinsidering establishing a Firmwide QSF should read the analysis as part of their evaluation.

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    with a stable readership that seeks credible structured settlement information, John Darer Reviews, commentary and/or opinion about topical issues related to settlement planning, targeted to lawyers, injured persons and their family members, guardians, survivors, judges, magistrates, special masters, mediators, administrators, trust companies, insurance company executives and adjusters, financial advisers, settlement professionals, financial professionals, insurance regulators, government leaders, federal and state law enforcement, buyers and sellers of structured settlement payment rights, the news media and other interested parties. 4structures.com LLC established this structured settlement blog in 2005. John Darer ®, CLU ChFC MSSC CeFT® RSP CLTC, President of 4structures.com, located in Stamford, CT 06902. John Darer is an experienced New York City area structured settlement expert, structured settlement broker, Certified Financial Transitionist, and Registered Settlement Planner. He holds insurance licenses in 45 states, has 41 years financial services experience and 31 years in the structured settlements and settlement planning space. In his capacity as a investigative journalist and commentator, and professionally, John Darer passionately believes that shining the light on a business practice is both healthy and newsworthy. It is in the best interest of injury victims, their families and their legal advisers, that the settlement planning discussion involve those that are properly trained in the topic, properly informed on the topic and, with respect to structured settlements, properly licensed and/or appointed. It has significant instructional and deterrent value to other practitioners and firms as well as those who may be caught in the cross hairs. WHAT YOU GET here is the straight stuff with a touch of irreverence and humor. We hope you enjoy and find the content to be helpful. Subscribe to the structured settlement blog feed, or a specific category feed through your blog reader, or through the Subscribe button at the top left of this page. Followers of JDDarer™ on Twitter may also receive select content. If you would like to speak with John he can be reached at (888)325-8640 Thank you for reading! Last updated July 10, 2024

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Structured Settlement Best Practices Corner

  • New York Insurance Advertising law requires the full name of the Insurer to be listed along with the city and state of the principal office. Stating that you represent these fine companies using Insurance company logos without the preceding information are also illegal
  • When it comes to settlement documents it is the ultimate responsibility of the lawyers or claims adjusters who receive input concerning the structured settlement aspects of the documents to actually read the entire document, exercise independent thought and advise their clients properly
  • Be aware that financial advisors use of testimonials is prohibited or restricted
  • Most states require that Testimonials represent the CURRENT opinion of the person who made the testimonial. Be prepared to back it up.
  • Number of States That Prohibit Payment of QSF expenses by licensed agents and brokers
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