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

Chartered Special Needs Consultant (ChSNC) Release Now January 1, 2014

The wide release of the ChSNC professional  program has been postponed to January 1, 2014.  ChSNC is a special needs focused professional designation program developed by the American College and Mass Mutual and introduced in 2011. The Mass Mutual exclusivity period now ends December 31,2013.

Chartered Special Needs Consultant program

by John Darer CLU ChFC CSSC RSP CLTC

The Chartered Special Needs Consultant,  a robust professional designation offered by the American College, that educates financial professionals so they thoroughly understand the intricate tax law, trust law and government programs that impact the care of a person with a disability.

Allen Mclellan, associate dean at The American College in the June  2011 edition of Best's Review said "It takes a special knowledge and sensitivity, and quite frankly not everybody's going to be able to do it."

The ChSNC was initially offered exclusively to MassMutual captive agents in recognition of MassMutual's contribution to the development of the program. The exclusive period ends in June and starting July 1, 2013 the ChSNC professional designation program will be available to those who qualify. I encourage my structured settlement industry colleagues to join the program as part of a community effort to elevate the stuctured settlement and settlement planning profession.

What Are the requirements to earn the ChSNC professional designation?

1. Hold CLU, ChFC, CFP designations or the MSFS degree (which means a minimum of 10 courses prerequisite)
2. Have three years experience in financial services
3. Complete the following three courses:

• The Psychology of Disability (HS375)taken by self study
• Legal and Financial Issues for Special Needs Families (HS376) taken by self study
• Financial Planning for Special Needs Families, a live two and a half day seminar

All three courses culminate with a final exam.

It's obviously alot of effort for those who do not already have a CLU, ChFC, CFP or MSFS, but in the long run it is worth it to stay on top of your game and its many dynamic moving parts.  There are some excellent review programs available to help accelerate your learning and make for an efficient educational journey.

University of Notre Dame | Notre Dame University Still Confounds Some CSSCs

by John Darer CLU ChFC MSSC CeFT RSP CLTC

The NSSTA CSSC is a  structured settlement industry professional designation program hosted on the University of Texas at Austin.

Until a change was announced in May 2021, the CSSC program was held at the University of Notre Dame campus in South Bend Indiana. This author earned his CSSC from NSSTA in 1995, after a 4 day program (a "sequester" not a semester)  at the University of Notre Dame campus in South Bend, Indiana

But here's something you probably didn't know.

As of January 7, 2013, it appears that some of my industry colleagues, including a former Executive Director of the NSSTA, obtained their designations by taking a "sequester" abroad. According to certain folks' websites and/or LinkedIn profiles they completed their CSSC at "Notre Dame University", which is located in Zouk Mosbeh Lebanon. There is of course also a campus in Shouf, which was the scene of a lovely Christmas recital on December 20, 2012.

CSSC is the acronym for Certified Structured Settlement Consultant

Hundreds of structured settlement consultants have earned the NSSTA CSSC designation, according to the website of the National Structured Settlements Trade Association. The program, developed by NSSTA  in conjunction with the University of Notre Dame, consists of more than 80 hours of classroom and study, culminating in a comprehensive examination.

Last updated August 29, 2021

 

NSSTA CSSC Certification Course for Structured Settlement Brokers

by John Darer CLU ChFC CSSC MSSC CeFT RSP CLTC

CSSC stands for Certified Structured Settlement Consultant.

This author has held the CSSC designation since 1995. 

The CSSC designation is a valuable credential for prospective clients of structured settlement brokers as it represents the measurement of a fundamental body of knowledge essential to success in the structured settlement field.

Structured settlement consultants who complete the CSSC curriculum of more than 80 hours of classroom and study followed by a comprehensive exam, earn the oldest professional designation dedicated to structured settlements and available to structured settlement professionals.

Keep in mind the CSSC Program is the NSSTA CSSC Program and NOT the University of Notre Dame CSSC program or Notre Dame University CSSC Program as was unfortunately misrepresented by a number of structured settlement brokers. The designation is awarded by NSSTA and was simply hosted at University of Notre Dame. The Mendoza College of Business master calendar  for 2010 listed the education program as the NSSTA CSSC.

Remember that 4-5 Days in the vicinity of "Touchdown Jesus" Would Not Make You One of The Fighting Irish. Nor does it make your structured settlement broker

Post Pandemic, the CSSC program moved to a new host, the Macombs School at the University of Texas at Austin. So just remember that 4-5 days in Austin does not make you a Longhorn!

"Foghorn and Longhorn"

 

Last updated April 14, 2024

 

 

CSSC Sponsor NSSTA Must Add CE Requirement Now!

New rules proposed by the State of Oregon Department of Consumer and Business Services designed  to protect consumers might lead to some additional "white space" on the business cards of settlement professionals.

836-080-0160 (NEW  September 14, 2009)  Use of Special Certifications and Professional Designations by Insurance Producers

(1) A person may not use a certification or designation that falsely indicates or implies that the person has special certification or training, in connection with the offer, sale or purchase of insurance or providing advice as to the value of or the advisability of purchasing insurance.  The prohibition in this section applies to the use of such a certification or designation directly or indirectly, through a publication or writing, or by issuing or disseminating information relating to insurance. The prohibited use of a certification or designation includes but is not limited to the  following activities:

Excerpt...

(a) Use of a certification or professional designation by a person who has not actually earned or is otherwise ineligible to use the certification or designation.
(b) Use of a nonexistent or self-conferred certification or professional designation
(e) (C) Does not have reasonable standards or procedures for monitoring and disciplining its designees or certificants for improper or unethical conduct;
     (D) Does not have reasonable continuing education requirements for its designees to maintain the designation or certificate

(4)(b)(5) Violation of section (1) of this rule is an unfair trade practice for the purpose of ORS 29 746.240.

Comments

1. The efforts of the State of Oregon Department of Consumer and Business Services should  be applauded.
2. The aforementioned proposed regulation is now open for public comment
3. Should the NSSTA, administrators of the CSSC, start to require continuing education to keep the designation? I say YES! Elevate the standard further. As a comparison, the PACE program of the American College, which confers the CLU ChFC designations (among others)  requires that CLU and ChFC designees have a significant CE requirement. Per the American College "Because the regulations and market dynamics impacting our industry are constantly changing, The American College wants to ensure that the credentials you worked so hard to earn remain current, relevant and serve as an emblem of excellence and expertise with both your peers and your clients".   In addition the Registry of Settlement Planners Board includes a meaningful CE requirement. Here! Here!
4. Let's hope that other states introduce similar measures.
   
5. Bye bye factoring agents and bloggers who falsely advertise their qualifications to Oregon citizens. Expect to be "smoked out" and turned in.

NSSTA Position on "Promoting the CSSC" Certification

The National Structured Settlement Trade Association has posted a web page about "Promoting the CSSC", a settlement industry professional certification program that it administers. The page came about after conversations between officials at the University of Notre Dame and the National Structured Settlement Trade Association following a letter (Download Letter to University of Notre Dame concerning CSSC) that this author sent to the University of Notre Dame (also see archive post 3 below) with a request for its position on the extensive credential puffery fomented by certain NSSTA members, including members of the NSSTA Board of Directors, and the NSSTA itself (in a June 2009 press release announcing 2 new Board of Directors).

The publication of the subject matter on the new NSSTA web page is a welcome positive development that should have been in place from the inception of the certification program over 15 years ago. This author encourages NSSTA to circulate communication to all of its members alerting them to this web page and reminding them about their ethical requirements, under the NSSTA Code of Ethics to promote the certification properly.

There is now no excuse for ANY NSSTA member, or other settlement professional ,to simply state that they earned their CSSC from Notre Dame , particularly NSSTA Board members, like industry veterans James E. Logan (who was even copied on the letter to University of Notre Dame in an email on July 14, 2009 sent 532pm Download 1138388839 highlight added for emphasis today-not in original email ), or Doug Brand, who should be setting an example, in my opinion.  Logan's bio page  at 101pm September 13, 2009 reads "University of Notre Dame (Certified Structured Settlement Consultant - CSSC). Another bio NSSTA Board member, Doug Brand appears on Lexis Nexis and states that "He earned his Certified Structured Settlement Consultant (CSSC) diploma from the University of Notre Dame in September 2000"

 

A third NSSTA Board member referred to in a prior post has changed his profile on his company website to more accurately reflect his credentials. In this author's opinion NSSTA Board members must be held to the highest standard, without exception, even those revered in the industry as Jim Logan and Doug Brand. How about it Jim and Doug? 

For the record, this author regrets having to begin naming individuals. What choice is there when even after NSSTA posts guidelines its own leaders are non compliant?

One has to consider that

(1) fair notice has been given (posts below, emails to NSSTA)

(2) the information is ALREADY in the public domain 

(3) the information is of public interest and

(4) the fact that NSSTA has only recently posted a web page about promoting the CSSC (after 15 years) is irrelevant because nothing has changed in relation to what the program is (or has been) in relation to NSSTA and University of Notre Dame.

(5) the amount of labor to make the correction can be measured in minutes and cost to make the correction is minimal (not that cost should have any bearing on ethics for something that should have been right in the first place)  

All NSSTA members are encouraged to view their own profiles on the Internet, including social media, to assure that they are not misrepresenting the CSSC certification.

Archive of Articles This Author Has Written to Address the Problem

1. Notre Dame Responds to CSSC Promotion Concerns  July 15, 2009

2. Notre Dame asked for Position on CSSC Representations About Associations with School-2  July 14, 2009

3. Notre Dame asked for Position on CSSC Representations About Associations with School-1 July 14, 2009

4. Certified Structured Settlements Blowing Hot Air About Credentials  July 12, 2009

5. Florida Annuities Fraud law...A Sign of Things To Come Elsewhere February 13, 2009

6. Some Structured Settlement Consultants Shamelessly Puff Their Credentials January 17, 2009

7. Settlement Planner's Credential Hype Is Misleading April 26, 2008

8. Do You See Yourself As A Certified False Advertiser December 5, 2007

9. 4Days In the Vicinity of Touchdown Jesus Does Not Make You One of The Fighting Irish October 18, 2007

10. Structured Settlement Broker and Settlement Planner Credentials March 11, 2006

11. American Settlement Fund (JG Wentworth) Structured Settlement Advertising Wall of Shame December 2, 2005

Notre Dame Responds to CSSC Promotion Concerns

by John Darer CLU ChFC CSSC RSP

This author received the following response to his letter to University of Notre Dame concerning the manner in which NSSTA members who are CSSC designees are promoting their association with the school. In his response, Paul Slaggert, Director of Non-Degree Programs stated that he would begin discussions with Joe Ricci (Executive Director) at NSSTA so that the proper use of the CSSC designation can be clarified.

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

NSSTA members who hold the CSSC designation and the general agencies with whom they are affiliated need to be mindful of how they are currently promoting themselves and make whatever changes are necessary so as not to mischaracterize or misrepresent the credential.

Chuck Derenne earns RSP Designation

Congratulations to Charles Derenne, RSP of Richfield, Wisconsin based Premier Settlements who is the country's 3rd Registered Settlement Planner. Derenne is a member of the National Structured Settlement Trade Association and a founding member and former President of the Society of Settlement Planners.

The Registered Settlement Planner Program (RSP) is a professional credentialing program, a product of collaboration between the Registry of Settlement Planners Board (RSP Board) and Texas Tech University's Personal Financial Planning Division. The coursework is rigorous and compares to graduate-level work. It is designed for people who have made a serious commitment to the field of comprehensive settlement planning. The program consists of two courses, each of which must be completed within a year of registration. Successful completion of these courses is required to meet education requirement of the RSP designation. In addition each candidate must write a comprehensive settlement plan incorporating what they have learned and have that pass the RSP Board and subscribe to the RSP code of ethics.

Florida Annuities Fraud Law... A Sign of Things To Come Elsewhere?

by Structured Settlement Watchdog

Florida's annuities fraud law, an amendment to Florida Statute 627.4554 "Annuity Investments By Seniors" went into effect January 1, 2009.

In addition to new suitability standards, one of its provisions could easily apply to insurance agents and brokers or settlement planners selling structured settlement annuities to seniors.

Unlawful or deceptive use of designations F.S. 626.9541 (1)(ff) which states

Unlawfully using designations or misrepresenting the agent qualifications is made an unfair or

deceptive act or method of competition, as prohibited by the bill in s. 626.9541(1)(ff), F.S., as

follows:

• When making a sales presentation or solicitation for insurance, a licensee is prohibited

from utilizing designations or titles that falsely imply that the licensee has special

financial knowledge or has obtained specialized financial training or is certified or

qualified to provide specialized financial advice to senior citizens.

• Terms such as “financial advisor” may not be used to falsely imply the licensee is

licensed or qualified to discuss, sell, or recommend financial products other than

insurance products.

• When making a sales presentation or solicitation for insurance, a licensee is prohibited

from falsely implying he or she is qualified to discuss, recommend, or sell securities or

other investment products in addition to insurance products.

Fines for unfair trade practices $5,000 for each non-willful vilation up to an aggregate $20,000 fine AND $30,000 for each willful violation up to an aggregate of $150,000!

Read CFO Sink Warns Annuity Fraudsters: Tougher Laws Now On The Books"

This author has already written about the number of people in the structured settlement industry who "innocently" pass off a 4 day course and exam in South Bend Indiana as if they matriculated at the University at Notre Dame. The Certified Structured Settlement Consultant (CSSC) professional designation is of course a program offered by the National Structured Settlements Trade Association in conjunction with the Executive Program at University of Notre Dame.

This author has written about a structured settlement general agency which used a non existent designation to promote its agents. Click here

Recently this author became aware of a sworn affidavit submitted to the New York State Supreme Court in Bronx County New York by John T. Bair of Forge Consulting, LLC in Buffalo, NY. Download John T. Bair Structure Broker's Affidavit Excerpt

In a statement made under oath, Bair attests:

1. that he is a "Certified Specialist". How important sounding and vague! A Google search of Certified Specialist comes up with the following: The Certified Specialist Program recognizes members of the Law Society of Upper Canada who have met established standards of experience and knowledge requirements in one or more designated areas of law and have maintained exemplary standards of professional practice. Show me the paper!

2. that he limits his practice to tax issues arising in personal injury litigation. Is Bair a CPA or a tax attorney? Not according to his Linked In profile or his company website. What professional certification does Bair have beyond his CSSC?

3. that he advises injured plaintiffs of their rights pursuant to a non existent act of Congress.

4. falsely, that structured settlements have "an inherent absolute protection for the minor"

5. falsely, that a traditional structured settlement is the only mechanism that prevents the minor from cashing in on the entire settlement upon reaching the age of majority.

Is this what it means on the Forge Consulting website when it says that "John's accreditation and expertise are virtually unparalleled"?

Many tort victims are seniors and those that aren't often possess some of the same vulnerabilities as seniors. They deserve no less protection.

Chartered Financial Consultant® Program Expanding "To Put More Distance Between It and Other Credentials in The Field"

by John Darer® CLU ChFC MSSC RSP CLTC

As professional credentialing moves to the forefront in consumers vendor selection process, The American College has announced February 2, 2009 that the Chartered Financial Consultant® (ChFC®) designation program, will require a total of nine college-level courses for students starting the program on or after October 1, 2009. This will include all of the elements of the CFP certification plus additional specialized electives including a comprehensive case analysis course.

Said Larry Barton, Ph.D., President and Chief Executive Officer of The American College "ChFC® is the single strongest indication consumers have that a financial planner is well qualified to practice and exemplifies the highest standard of knowledge and trust. The new enhancement to the requirements for this designation continues to put more distance between this mark and other credentials in the field.”

The Chartered Financial Consultant® designation was established as a professional designation in 1982 and is conferred by The American College, a non-profit public educational institution with the highest level of academic accreditation and an 82-year history of raising professionalism in the financial services field. This author, John D. Darer is one of more than 45,000 financial planners have earned this leading credential since its inception.

The ChFC®  takes several years for the typical professional to earn, and it includes adherence to a strict code of ethics and requirements for continuing education throughout an advisor’s career. Each of the nine courses involves 50 hours or more of study time and has a detailed, proctored examination. The comprehensive curriculum covers the full range of financial planning topics, including ethical considerations in creating a financial plan; insurance, tax, retirement and estate planning; investments; and case analysis. It also includes the option for additional study in the areas of macro economic environment, estate planning applications, financial decisions for retirement, and executive compensation.

More on the ChFC® designation

A Message to Settlement Brokers and Settlement Planners

With all due respect to NSSTA and the Executive Program at University of Notre Dame, settlement professionals should not rest on their laurels with just a Certified Structured Settlement Consultant designation. Obtaining the CSSC should not be the end of your academic endeavours. Challenge yourself and others. Elevate your industry.Take the Registered Settlement Planner designation program. Go for the ChFC® designation and/or the CFP®. Even the old hacks! You can do it and if you "can't" or are unwilling then how about mentoring someone else to do it?