by John Darer CLU ChFC CSSC RSP CLTC
Peter Arnold 'picked a peck of pickled factors" yesterday in San Antonio.
After 20 years serving the National Structured Settlement Trade Association in various roles, most recently as Deputy Director, Peter Arnold has taken the astounding step of:
1. Advising the factoring industry to give money to structured settlement broker companies to pay for their marketing
2. Opining the factoring company that first makes a deal with a structured settlement company will create a domino effect and win the pot of gold**.
3. Advising NASP to keep an eye on what the Consumer Financial Protecton Bureau and American Association of Persons With Disabilities are doing (with respect to protecting structured settlement annuitants)
4. Posting a slide entitled 'changing of the guard' posted names and estimated ages of 5 senior NSSTA board members, officials and lawyers, who he worked with for years, ostensibly appearing to support a position that anyone over age 60 in connection with NSSTA as has-beens soon to be replaced. [Arnold denies this]
But perhaps the most gelastic suggestion of Arnold's was ' self-policing" while addressing NASP, a trade association that represents an industry whose sales and solicitation practices are unregulated. The secondary market for structured settlements has a very poor record of self-policing. There is no justification for that to continue. Stay tuned for national news stories of how structured settlement annuitants have been abused by individuals and entities that Arnold suggests can self police. The most surprising thing is that I have had several conversations with Peter Arnold about this very subject.
Some will find it amusing that the order of the slides in Arnold's presentation implies that structured settlement industry production has stagnated since the 'rise of the plaintiff broker' Download Rise of plaintiff broker stagnancy huh?
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