Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews

"Offered" at the University of Notre Dame Mendoza College of Business?

In announcing a new version of a seminal text, the National Structured Settlements Trade Association states that a professional designation IT awards is "offered at the University of Notre Dame Mendoza College of Business" when it is merely hosted at the University (see else where in NSSTA website "By hosting the NSSTA CSSC Program at Notre Dame..."). A search of the University of Notre Dame school's website comes up empty on a search for "Certified Structured Settlement Consultant" on May 2, 2011 @930am EDT.

http://business.nd.edu/search.aspx?searchbox=Certified Stuctured Settlement Consultant

Unless those that actually award the designation  (i.e. NSSTA) set a proper example, how can a new generation of Certified Structured Settlement Consultants be expected to properly characterize their credentials to the public?.

Lest we forget...  a "pre-Pilates program" history lesson from The Structured Settlement Watchdog™ in 2009:

 

The structured settlement watchdog cares about the structured settlement industry and the value provided by the Certified Structured Settlement Consultant Designation education program. He earned the CSSC after "4 Days In The Vicinity of Touchdown Jesus" in 1995.    

If you must

 

Download Notre Dame response to promotion of CSSC 7-15-2009

Download Letter to University of Notre Dame concerning CSSC 2009

Download CSSC completion certificate circa October 2007

Some Certified Structured Settlement Consultants Still Citing Wrong Institution That Didn't Award Them Professional Designation  April 6, 2011

 

 

 

SEC Expands the CFP Board of Standards' power to discipline Financial Advisors

The Securities and Exchange Commission has expanded the CFP Board of Standards' power to discipline advisors now that it has made it clear that Registered Investment Advisers (RIA) and broker-dealers can provide client information to the board without violating a privacy rule and facing an SEC enforcement action.

Advisors often have cited Regulation S-P, a federal privacy rule, as the reason they could not share client information with the CFB Board of Standards concerning a customer complaint. SEC has now sent the  CFP Board a "No Action" letter that says the SEC staff will not bring an enforcement action against a broker-dealer or registered investment advisors that shares non-public personal customer information with CFP Board. While Regulation S-P is intended to protect the privacy rights of customers, the No Action letter acknowledges that protecting the public from criminal and improper conduct is paramount to ensuring investor confidence, the Board says.

A number of participants in the structured settlement industry are CFPs or financial advisors and a number of structured settlement brokers , settlement planners and firms have relationships with financial planners and advisors. Perhaps the expanded  power of the CFP Board will impact sectors of the structured settlement industry. As has been documented here over the years,  despite having a published code of ethics, unfortunately, the National Structured Settlement Trade Association (NSSTA), which awards the Certified Structured Settlement Consultant designation, has historically failed to enforce its own code of ethics.

Some Certified Structured Settlement Consultants Still Cite Wrong Certifying Institution That Didn't Award Them Professional Designation

by Structured Settlement Watchdog

Several years ago the structured settlement watchdog started ragging on certain Certified Structured Settlement Consultants for credential  puffery, with some doing themselves no favors by citing the incorrect name of university they claimed awarded their professional certification. These appeared on company websites and in Social Media such as LinkedIn. I'm not going to name them because I am too ashamed and embarassed for the structured settlement industry and the apathy of the few.

But if YOU have interest in scavenger hunts, try Googling "CSSC Notre Dame University" or " Certified Structured Settlement Consultant Notre Dame University".

University of Notre Dame is South Bend, Indiana. Notre Dame University is in Zouk Mosbeh Lebanon. One of them hosts the Certified Structured Settlement Consultant educational program over 4 days and the other doesn't. Most significant is that neither university actually awards the designation, the National Structured Settlements Trade Association does.

 The structured settlement watchdog "shaking things up"

Premature Hindertulation Raises Sticky Questions About Seminal Text

Patrick Hindert's latest pedantic emission on Business Standards and Practices-2 attacks the NSSTA Certified Structured Settlement Consultant certification hosted at University of Notre. He states:

"Advanced training" for those structured settlement broker/consultant/agents who are members of NSSTA ("America's largest association of structured settlement professionals") may include a one-time one weekend "certification" program (CSSC) at the University of Notre Dame plus continuing education credits at NSSTA-sponsored education conferences. "

While the structured settlement watchdog has himself rightfully roasted members of the structured settlement industry who have mischaracterized their CSSC credential, Hindert's comments simply raise the question of Patrick Hindert's own credibility.

The CSSC program has been ably run by Karen Meyers, a former associate of Hindert, for many years. The curriculum for what Hindert describes as a "weekend course" requires approximately 40 hours of pre-reads, the bulk of which is from Structured Settlements and Periodic Payment Judgments by Patrick Hindert, Jules Dehner and Dan Hindert.

If Hindert doesn't respect a course that is built substantially around his co-authored text then perhaps the course can be improved upon with another text or texts. For example there are texts by Paul Lesti ( published by Clark Boardman Callahan), and Matt Garretson/Kornblum ( published by Thomson West) which together, or in conjunction with others could present a meaningful improvement. Hindert has brought this to a head, where do we go from here?

The structured settlement watchdog puts the subject up for debate:

Should the treatment for the premature Hindertulation be a total pull out by NSSTA and Notre Dame from using Structured Settlements and Periodic Payment Judgments in its CSSC curriculum?

Comments?

 

If Christine O'Donnell Can Do It Why Can't Certified Structured Settlement Consultants?

by Structured Settlement Watchdog

Christine O'Donnell, the Delaware Senate nominee, is a "role model" for the remaining shameless credential puffers of the NSSTA.

According to "The Sarge", Washington Post's Greg Sargent, here,  Christine O'Donnell listed the following under education in her LinkedIn profile.

University  of Oxford

"Post Modernism in the New Millennium"

It turns out it was just a course held in rented space at University ofOxford and held by The Phoenix  Institute.

According to "The Sarge", Chris Fletcher, overseer of the Institute's 2001 Oxford Summer Programme, which included the course O'Donnell took, said the course was not actually overseen by Oxford.

"We never represented it as a course run by Oxford University," Fletcher, who is now an assistant professor of religious studies at Benedictine University in Illinois, told " The Sarge". Fletcher said the only connection to Oxford is that they rented space there and organized some lectures with "guest lecturers from Oxford and Cambridge" as well as from other institutions."It was our curriculum, and we did the grades," Fletcher continued. Fletcher's conclusion about O'Donnell's Oxford claim: "It's misleading."

Smells eerily familiar to some members of the National Structured Settlement Trade Association  who apparently felt that 4 days in the vicinity of "Touchdown Jesus" was enough to make them one of the "The Fighting Irish" or part of its $90,000 Executive MBA program, or having fulfilled the post graduate requirements at University of Notre Dame for relative chump change.

CSSC | 4 days in the vicinity of "Touchdown Jesus" DOES NOT make you one of " The Fighting Irish"! - Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and John Darer Reviews (typepad.com)

As to Christine O'Donnell, she took "fake it 'til you make it" too far. Her supporters have to understand that she is supposed to be a role model.  As a nation we've already suffered from an elected official who lied under oath and on national TV.

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.

"Los Angeles Lawyer" In A Bad Case of First Impression

The Los Angeles Lawyer sure knows how to make a "good first impression". I've received 2 emails from them today. In each they are trying to hock structured settlement consultants to advertise in a March 2010 Los Angeles Lawyer publication about cashing in your structured settlement and then they either (1) engage in credential puffery or (2) show abject ignorance about the Certified Structured Settlement Consultant designation.

Here is the solicitation:

"LOS ANGELES LAWYER, the official publication of the Los Angeles County Bar Association with more than 25,000 members, offers you a special advertising opportunity.  A feature story in the March 2010 issue is titled “Cashing out of Structured Settlements.”

 

To quote:

 “Most structured settlements are designed by professional consultants who are themselves licensed. More than 550 individuals have been certified as Structured Settlement Consultants, pursuant to a National Structured Settlement Trade Association’s (NSSTA) program. This professional program trains licensed individuals to assist insurance companies, banks, and other institutions with organizing and running structured settlement programs. The licensing program, a joint effort between the NSSTA and the University of Notre Dame School of Law, has included instruction in needs-based evaluations, tax implications, special needs trusts, guardianship rules, loss reserving, Medicare set asides and claim valuations. After completing the course an individual may be licensed as a Certified Structured Settlement Consultant (CSSC).”

 This is an excellent opportunity to promote your expertise in structured settlements!"

 Comments:

1. What self respecting structured settlement consultant wants to promote a "cash now pushers" agenda?
2. The Certified Structured Settlement Consultant professional designation IS NOT a licensing program!
3. The designation is conferred by the National Structured Settlement Trade Association in cooperation with the University of Notre Dame Executive Education program, NOT the University of Notre Dame School of Law.  There's a huge difference!
4. Once again the CSSC is a professional designation program not a license!
5. Surely the Los Angeles County Bar Association has the resources to get it right.

 Where has Attention to Detail Gone?

Long Time Passing

Where has Attention to Detail Gone?

Financial Lit. They Blow

Where has Attention to Detail Gone?

Get with the program everyone!

Oh When will they ever learn?

Oh When will they ever learn?

(to the tune of "Where have all the Flowers Gone?")

 

Lighten Up! We Make No Apologies For Exposing Funny Typos, Laziness or Stuff That Is Downright Wrong

Every now and then I receive a call or email from a structured settlement industry colleague, mommy blogger, or reporter, who has been the subject of a post. As one can imagine such calls involve someone with an otherwise normal sense of humor that appears to be impaired in the area of "self deprecating wit".

These folks need to lighten up and realize that the responsibility for THEIR, or their company maintaining accurate websites, marketing materials, posts or articles IS NOT MINE.

In the immortal words of Sgt. Hulka, the grizzled drill instructor from the movie Stripes "Lighten Up Francis!"

For those who get off on empirical evidence , there was a clear momentum shift to the good concerning the mischaracterization of the Certified Structured Settlement Consultant designation once names of the mischaracterizers started to be revealed.

It seems that people feel uncomfortable in the sunlight, despite the fact that the inaccuracies, intentional or unintentional mischaracterizations, or blatant misrepresentations we report on have been put out by them in the public domain.

Where does the responsibility lie?

If you are not going to prioritize it, just recognize that someone else will!

LOOK, have a good laugh at your own expense, correct the error and move on. Nothing personal.

Oregon Law Seems to Preclude Use of CSSC in Advertising by Settlement Consultants

by John Darer® CLU ChFC CSSC RSP CLTC

The new rule concerning new standards to protect consumers from misleading and fraudulent marketing practices took affect on November 1, 2009.

Section 836-080-0160 of Trade Practice rules from the Insurance Division of the State of Oregon Department of Consumer and Business Services entitled "Use of Certifications or Professional Designations by Insurance Producers", seems to eliminates the legal use of the CSSC in the State of Oregon.

The prohibition specifically applies to

1. Use of a designation that does not have reasonable standards or procedures for monitoring and disciplining its designees or certificants for improper or unethical conduct   see OAS 836-080-0160 (e)(C)
2. Use of a designation that does not have reasonable continuing education see OAS 836-080-0160 (e)(D)

While it is this author's understanding that NSSTA is working on a mandatory continuing education for the program, such program is not currently in place.

The fact that one or more CSSC designees advertised to be "plaintiff exclusive" while concurrently, on more than one occasion, also attesting to the United States Department of Justice, under penalty of perjury,  to have provided for the 3 previous consecutive years substantial services to defendants and their counsel. NSSTA did not discipline the designee(s) in question for the obvious duplicity (evident the mutual exclusivity of the statements).

The fact multiple CSSC designee members of the association, including a board members misrepresent the designation and are neither monitored nor disciplined by the association which confers the designation.

Structured Settlement Credentials | CSSC Certificate Leaves No Excuse For Misrepresentation

by Structured Settlement Watchdog®

The Certified Structured Settlement Consultant certificate leaves no excuse for misinterpretation or puffery.

"The National Structured Settlement Trade Association in cooperation with The University of Notre Dame has conferred upon (state your name) the designation of Certified Structured Settlement Consultant in recognition of the successful completion of the course of study required for certification as evidenced by a comprehensive examination" -excerpt from actual CSSC completion certificate
Download CSSC completion certificate circa October 2007

Now let's get this straight!

1. The NSSTA logo prominently appears on the certificate.
2. The NSSTA confers the designation NOT The University of Notre Dame.
3. Ha Ha. I know that by redacting the name of the CSSC designee who kindly provided the above "exhibit" makes it appear that the University of Notre Dame conferred upon NSSTA)
4. How anyone could confuse the Lebanese Notre Dame  (Notre Dame University) after reading the certificate is beyond me. 
5. It states on the certificate that it is a designation (i.e not an Executive MBA or post graduate course as some structured settlement consultants have grossly misrepresented)
6. As a reminder the check for the course is payable to NSSTA NOT University of Notre Dame.

I'll leave the readers to digest all of the evidence that has been presented against the puffers to determine whether this is a mischaracterization, misrepresentation or worse. 

The NSSTA Bylaws state:

Article II.  The Board of Directors shall have authority and shall be responsible for the supervision, control and direction of the Association. Implicit in this is the fact that the NSSTA Board of Directors has knowledge of a member of its board of directors who is not following published guidelines on the CSSC and is doing nothing visible about it.  The word supervision is the key here.

Article VI  Permits a Board of Director to be removed for good cause. Is continuing to decouple NSSTA from a professional credential and holding this out to the public, two months after the board on which he serves voted on the guidelines to promote the CSSC, sufficient cause to call for the removal of Jim Logan? This author opines that Logan should be suspended from the NSSTA board until he complies.

Principal VI of the NSSTA Code of Ethics calls for compliance with state and local laws. Included in those laws are truth in advertising laws.

IMPORTANT NOTICE: While this author is a member of NSSTA, the above represents his personal independent opinion based on what has been presented in this post and previous posts, his understanding of the NSSTA bylaws and code of ethics, state insurance laws and Federal truth in advertising laws. The author is not a lawyer and readers will have to draw their own conclusion.