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January 24, 2011

Platinum Financial is Louisiana Frightening: Not "Ben Yay" About " Filet Dumbo"!

by Structured Settlement Watchdog

"Key word stuffer" Platinum Financial Strategies of Lake Charles, Louisiana is yet another example of a structured settlement factoring broker that uses insurance terms in a misleading way as a search engine optimization and solicitation strategy.

A search for active companies with insurance licenses in Louisiana on January 24, 2011 came up empty for Platinum Financial Strategies and its Principal MIchael Potthoff. There was no company domiciled in Louisiana with the word Platinum in its name that even came up in the search results!

https://www.ldi.state.la.us/ProducerAdjusterSearch/Default.aspx?type=Producer

Let's examine some of the claims and statements made by Platinum Financial Strategies and see what is really questionable about the solicitation of investors by Platinum Financial Strategies:

A. "Structured settlement annuities are sold by structured settlement annuitants to Platinum Financial Strategies at a discount in exchange for a lump sum payment, Platinum offers these annuities for resale"

B. "Platinum Financial Strategies only offers annuities paid by insurance companies with high Standard and Poor's credit ratings".

Comment

With no insurance license in Louisiana how can Platinum Financial Strategies legitimately say it "offers annuities"?

C. "What if you could invest in those companies' products that provide the same level of trust for much higher that traditional market rates on investments that have comparably low risks?"

Comment

A secondary market annuity is not an annuity. When you invest in what Platinum Financial Strategies appears to be selling, you are investing in structured settlement payment rights, you ARE NOT investing in an annuity.  A structured settlement annuity is a qualified funding asset that is owned (in the majority of cases) by a qualified assignment company and stays owned by the qualified assignment company regardless of whether or not the structured settlement payment rights are transferred by a structured settlement annuitant.

D. "Structured settlement annuity payments are made directly to the buyer by a US Based insurance company with a credit rating that is generally AAA to A by Standard and Poor's"

Comment

If you are purchasing a payment that is being serviced the payments may not come directly from a US based insurance company, they may come from a servicing company. Servicing arises where the annuitant is only selling part of their payments and the life insurance company that issues the annuity chooses not to split payments between the original annuitant and the buyer of the partial interest in payment rights (as is its option under the structured settlement protection acts).  I've previously covered the topic of structured settlement servicing (and related issues) in this forum.

E. "A structured settlement annuity has been "previously owned" "

Comment

What Platinum says is rubbish. Structured settlement annuities ARE NOT "previously owned".  As stated in C above, "a structured settlement annuity is a qualified funding asset that is owned (in the majority of cases) by a qualified assignment company and stays owned by the qualified assignment company regardless of whether or not the structured settlement payment rights are transferred by a structured settlement annuitant".

F. " Platinum Financial Strategies has a number of channels, including an extensive broker network, through which structured settlement annuities are acquired"

Comment

Total rubbish. Platinum Financial Strategies DOES NOT acquire structured settlement annuities through its "extensive network", it/they acquire structured settlement payment rights. There is a difference and it's not so subtle.

While as a foodie I'm a big fan of Louisiana cuisine, I'm not "Ben Yay" about "Filet Dumbo".  Time to "kick it up a notch!"

Financial Literacy, GET IT?!

Structured settlement watchdog has bone to pick

 

Posted at 09:55 AM in Financial Literacy, Lake Charles Structured Settlements, Louisiana Structured Settlements, Misinformation about Structured Settlement Factoring, Misinformation About Structured Settlements, New Orleans Louisiana Structured Settlements, Platinum Financial Strategies, Structured Settlements in Louisiana | | Comments (0)

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Guide to Structured Settlements 2024

  • What is a Structured Settlement? What You Need to Know
    Structured settlements and what you need to know about them including a helpful introductory video featuring A.M. Best Client Recommended Structured Settlement Expert and Registered Settlement Planner John Darer of 4structures.com LLC
  • How Do Structured Settlements Work? How Structured Settlements Work
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  • Rated Ages and Structured Settlement Cost
    Rated Ages for Structured Settlement Annuities present advantages to all parties. Shift the mortality risk to a life insurance company whose business it it is to assess mortality risk to price its life insurance and annuities. Rated ages boost your structured settlement annuity benefit per premium dollar, or your yield on lifetime payments. Rated ages help to reduce the cost of funding a Medicare Set Aside arrangement where a Structured MSA, is being used { WCMSA LMSA or NFMSA].
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    Which life insurance companies issue structured settlement annuities in 2024? A list of current structured annuity issuers, the location of their home offices and their financial ratings from A.M. Best, Moodys, Fitch, Standard & Poors and/or other Tier1 NAIC ratings, with links to their websites and other useful information. Last updated June 14, 2024
  • Treasury Funded Structured Settlements
    Treasury Funded Structured Settlements are a settlement option for the most conservative using the OTHER permissible qualified funding asset under IRC 130(d), United States Treasury Bonds in addition to, or instead of, structured settlement annuities. Treasury Funded Structured Settlements can also be used to fund installment sales, also known as structured sales and other non qualified structured settlements.
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    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.
  • Structured Settlement Quote Lock-Ins | What You Need To Know
    What does a Structured Settlement Lock-In Mean? How do plaintiffs, defendants and insurers benefit from a structured settlement quote lock in when finalizing a settlement? How does the defendant/insurer/court benefit from using a structured settlement lock-in? Where to be careful when using structured settlement lock ins.
  • 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
    Tracing the roots of structured settlements history from 1918, when Congress exempted damages for personal injury or sickness from income tax, to the establishment of structured settlements as a core personal injury settlement planning tool to the present day.
  • 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
    iStructure is an innovative game changing fixed index structured settlement annuity for plaintiffs or attorneys. with an intermediate to long term horizon
  • Structured Settlements and Longevity Risk| What Are the Odds?
    Do your financial resources give you enough road, or will the road run out before you do? A structured settlement annuity helps mitigate the risk of outliving your savings, no matter how long you live. A structured settlement can include one or more customized payment streams and types.

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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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.
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