by John Darer CLU ChFC CSSC RSP CLTC
Some structured settlement companies are really insurance agencies that engage independent contractors to sell financial products on their behalf.
To wit, in a legal petition related to an insurance coverage dispute filed in 2014,
"Plaintiff Ringler was a party to an Agreement for Services with Defendant Woodyard which provided that Ringler engaged Woodyard and his corporation, Ringler Associates North Texas Inc., as an independent contractor to sell financial products, including settlement annuities , on behalf of Plaintiff Ringler" [Plaintiff's First Amended Petition, Ringler Insurance Agency, Inc. v W. Michael Woodyard; Ringler Associates of North Texas, inc., et al. District Court of Dallas, Texas 116th Judicial District DC-14-15041 p2, paragraph 3]
Despite appearances, very few structured settlement consultants in the industry are salaried employees. Most work on contingency based compensation and may charge fees for certain services unrelated to the placement of structured settlement annuities.