Uniform Fiduciary Standards| Only Half The Story

by John Darer CLU ChFC MSSC RSP CLTC

It's a pity that an otherwise well written blog post by Patrick Hindert about Uniform Fiduciary Standards, inexplicably omits standards for the secondary market. Setting aside the good players, the secondary market for structured settlements (buyers) unfortunately includes:

1. Individuals in practice with criminal records.
2. People advising structured settlement annuitants about money who have problems handling their own money
3. People soliciting investors who have problems handling their own money
4. People soliciting investors and annuitants who have virtually no assets to their name.
   
5. A pattern and practice of unfair trade practices those soliciting American consumers but take extraordinary measures to remain anonymous by using websites registered overseas. engaging with proxy or privacy services to remain anonymous and using fake identities.
   
6. Better Business Bureau Report filings using fictitious names
7. Failing to be registered with the Secretary of State and/or obtain a Certificate of Authority to do business in ALL States they are doing soliciting investors or soliciting sellers of structured settlement payment rights.
8. The actions of sociopaths with an affinity for "spear-chucking" under the cloak of anonymity as a competitive business strategy who have no regard for the truth.
   
9. Individuals and/or companies who play dirty with diabolical black hat search engine manipulation schemes to steal competitors web traffic.
   
10. Hiring writers on the cheap who are at best not knowledgeable, and at worst functionally illiterate, to bombard the Internet with gaffe ridden social media mentions and blog posts that appear to have one or more of the following goals (1) suppress legitimate structured settlement and settlement planning content (2) defame legitimate players as part of an ongoing business strategy (3) lower the credibility levels of the companies who benefit from the rubbish.
    

The structured settlement secondary market also has a lack of (1) licensing, (2) regulatory oversight, and (3) lack of mandatory continuing education, or an professional certification program. Imagine how much more respected the industry would be if these were in place.