Structured Settlements 4Real® Blog: Structured Settlements | Settlement Planning News and Commentary

Registry of Settlement Planners Board Top Heavy With Settlement Professionals Inc.?

by John Darer® CLU ChFC CSSC RSP

Is it appropriate to have a board of directors composed 62.5% from one company? That is exactly what the story is with the Registry of Settlement Planners Board  (RSP Board) , five of whose eight members are affiliated with a single company, Settlement Professionals,Inc. This is not to take away from the knowledge that these individuals have, or years of experience that might make them an asset to such Board, but it seems to have the potential to create a major conflict of interest. There are enough RSPs to create greater diversity on the RSP Board than there is today.

I'm proud to have earned the designation of  Registered Settlement Planner (RSP) and was the first one in the United States to earn the designation. Yet I am concerned that the RSP Board lacks the level of diversity that will give it greater credibility and foster future growth of the RSP designation.

I hope that those that are responsible for creating this potential conflict of interest on the Registry of Settlement Planners Board make things right and soon.

"D" for The Tilley Man on "Comprehending Settlement Contract Language"

by Structured Settlement Watchdog®

"If a personal injury victim does not want to be taxed on the anticipated settlement they expect to receive, then it is essential that a release bearing the necessary language be implemented, a consistent and fit transfer must be carried out and the defendant should make sure that company assigned to take over the payments of the structured settlementto the victim is given a proper check. " -Bill Tilley Amicus Settlement Planning

 Comments:

1. A personal injury victim who is collecting damages for personal physical injury or physical sickness can receive those damages income tax free pursuant to IRC 104(a)(2), with or without a structured settlement.
2. What is a "consistent and fit transfer"?
3. When he says proper check does he mean a valid check that won't bounce or does he mean that you should "kick the tires"?

 "The allowance agreement is purchased from an issuer with the payment that is given by the defendant to the assignment company. The issuer of the allowances guarantees the payments and the assignment company becomes the obligor or the one that owes the victim the recovery money. It is necessary for the aforementioned release to contain in writing the responsibility of the defendant to pay regular allowances to the personal injury victim, and this responsibility is then assigned to the life insurance company. Called the qualified assignment, which shifts the commitment of the defendant to the assignment company, it is a necessary certificate in the contract". Bill Tilley-Amicus Settlement Planning

Comments

This author understands that Tilley is affiliated with Settlement Professionals, Inc. Is anyone at SPI proof reading this drivel?

1. What is an "allowance agreement"? This term is unique to "The Tilley Man" A search of the term on Google in relation to structured settlements comes up with Tilley's blog entry "by its lonesome".
2. If one takes a stab at translating "Tilley speak" the word "allowances" probably means annuity.
3. The reponsibility is assigned to the life insurance company.. WRONG!
4. Demonstrating how a misplaced comma changes the meaning of a sentence, Tilley states "Called the qualified assignment, which shifts the commitment of the defendant to the assignment company", Tilley is saying that the qualified assignments hifts the commitment of the defendant to the assignment company, instead of what he should be saying which is "shift the defendant's obligation to pay the plaintiff, to the assignment company"

Bill Tilley may be apt at running a legal funding company and may be an outstanding search engine optimizer, but, in my opinion, the material he spits out on structured settlements is consistently poorly written. What amounts to a "throwing as many bags of S$%t against the wall and seeing what sticks" strategy has been found out. The industry has no room for people who don't care enough to commit themselves to learn and use the proper terminology when educating the public.

The structured settlement watchdog snarls at and will continue to nip at the heels of people like BIll Tilley because he is in favor of increasing the level of financial literacy.  It seems that he believes that a higher level of financial literacy within the structured settlement industry elevates the level of the profession.  Tilley should either become committed and take the time to learn the business or stick to his "day job". SPI bears some responsibility in all this. Tilley is listed as an affiliate of SPI on its website. I have previously spoken to one of the two principals of SPI about Tilley's blog. Little to nothing appears to have been done.  It is a unfortunate for settlement planner Joseph Tombs, a Texas Tech professor and developer of the Registered Settlement Planner, massive valued contributor to the financial literacy effort and another SPI affiliate, to have to share the Amicus name with Tilley, but for a different ending.

 

Structured Settlement Planning and Settlement Consulting

What is Settlement Planning and Settlement Consulting?

Structured Settlement Expert Credibility Test

by John Darer CLU ChFC CSSC RSP

More than one of my settlement industry colleagues proudly lists membership in the National Association of LIfe Underwriters (NALU) on his/her CV. The problem is that the name NALU has not been in existence for over a decade. The 109 year old organization's name was replaced in 1999 by National Association of Insurance and Financial Advisors (NAIFA)

Naturally such a poor demonstration of "keeping current" begs the obvious question of how current those up the "NALU river" are on the matters on which they claim to be experts.

Come on folks, stop the insanity, this stuff isn't THAT hard to figure out!

 Update your websites!

 

Structured Settlement Consultants Who Flout NSSTA Guidelines for Promoting the CSSC-5

The list of those who hold the Certified Structured Settlement Consultant designation but mischaracterize or misrepresent their credentials has been updated. Please click below to see the current list of

Settlement Consultants Who Flout the NSSTA Guidelines for Promoting the CSSC

The list includes a sitting NSSTA board member whose reticence for change deserves the most consternation in that the NSSTA board of directors voted on the guidelines.

All information has been obtained from what is ALREADY IN THE PUBLIC DOMAIN.

Minimal effort is required to move from mischaracterization, or misrepresentation, to more truthful representation of the credential that is within the guidelines of the organization that confers the designation.

This author encourages a company like Ringler Associates, which has a substantial number of people on the list to institute a global audit of its associates and change the bios on their website. Another firm, Millennium Settlement Consulting did it and their associates were promptly removed.

One person has asked why I didn't send personal emails to each person. I believe I have already answered this question in my September 13, 2009 post and in this video commentary on the Legal Broadcast Network

Once again:

(1) The certificate that was issued to CSSC designees is clear that the designation is conferred by the National Structured Settlement Trade Association and the name of the institution where the program is "hosted".

(2) That the NSSTA just issued guidelines at this author's instigation is irrelevant in light of #1.

(3) Correct the errors, submit written evidence or a link to this author and the name will be removed from the list.

It is this author's understanding that the upcoming 2009 CSSC class will have a segment on how to use the CSSC so that future generations of CSSCs will not make the same errors.

Sunlight is said to be the best of disinfectants" 

-Louis D. Brandeis , Supreme Court Justice 1916-1939 from Other People's Money - and How the Bankers Use It, (1914) complete text from Louis D. Brandeis School of Law

Footnote: As a reminder structured settlement consultants who do business in the State of Oregon should consider having a separate set of business cards. The new law in Oregon effective November 1, 2009 seems to preclude the use of the CSSC.

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.

Certified Structured Settlement Consultants Flout NSSTA Guidelines For Promoting the CSSC-Week 3

The structured settlement watchdog continues commentary about shameless and mendacious credential puffery by structured settlement professionals and settlement consultants by exposing those in the industry who just don't get, or worse appear to not care,  that "4 days in the vicinity of Touchdown Jesus does not make you one of he Fighting Irish!" 

Led by the "example" of James E. Logan, CSSC, a member of the NSSTA Board of Directors, the roll call of rank and file CSSC puffers continues... It will continue weekly, featuring a new list of structured settlement puffers, until the problem is corrected. It's unpleasant but these folks brought it on themselves.

The following people like ALL CSSC designees simply took a 4 day course HOSTED at University of Notre Dame. and at the time of publication did not follow NSSTA guideline for Promoting the CSSC which states:

"The Certified Structured Settlement Consulting (CSSC) program is administered by the National Structured Settlement 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"  (bold added for emphasis)

1. Michael Davis, CSSC CFP CSSC Summit Structured Settlements/ Settlement Partners Denver

"He has successfully achieved the designation of Certified Structured Settlement Consultant fulfilling the postgraduate requirements at Notre Dame University"

Whats the problem?

• Fails to link NSSTA with CSSC. A no no.
• It's University of Notre Dame NOT Notre Dame University. Think that those that are actually accepted at University of Notre Dame (and pay its tuition) know the difference? 
• One of our reader's says that "Davis’s claim of “the postgraduate requirements at Notre Dame University" he misses by a mile. I just took a quick look at the CSSC application and nowhere does it require an undergraduate degree, so by no stretch of the imagination can a CSSC designee claim the designation as a “post-grad” achievement. The designation is an achievement in itself…and should simply stand on its own…"
  
• There is a Notre Dame University with its main campus in Zouk Mosbeh, Lebanon. In addition, Notre Dame University boasts campuses in Shouf and offices in Washington DC and Detroit, MI. Its President is Walid Moussa and George Gipp "The Gipper" was long dead before Notre Dame University was founded in 1987.
• Click here http://www.ndu.edu.lb/About/ndu.mp3 for the Notre Dame University anthem 

• The anthem for the University of Notre Dame, founded in 1841, is unmistakable and might  even be considered legendary

2. Louis Omansky JD CSSC  Ringler Associates  Baltimore Maryland

Bio on Ringler website as of 10/18/2009 states:

"Lou received his designation as a Certified Structured Settlement Consultant (CSSC) from Notre Dame University in 1994.  No NSSTA linkage and see above regarding name of University. 

3. Don McNay CLU ChFC CSSC, MSFS  Richmond Kentucky  Bio says 10/18/2009  "Don  received the  Certified Structured Settlement Consultant’s (CSSC)  designation from Notre Dame University". No NSSTA linkage and see above regarding name of University.  

More to come next week until this problem goes away.

So why am I so passionate about this when I did not even go to University of Notre Dame?  I'll leave you with part 2 of the real Daniel "Rudy" Ruettiger story about someone who actually worked against all odds to get into the University of Notre Dame and what that means.

If you don't have time to watch it all, please watch the final 2 minutes. Perhaps you will be as moved as I was and you will then understand why I will continue to fight certain members of the structured settlement industry who continue to get away with the disrespect of this fine institution.And believe me I am not alone.

Certified Structured Settlement Consultants Flout NSSTA Guidelines For Promoting the CSSC-Week 2

In what will be an ongoing series until the problem is cleared up, the structured settlement watchdog continues commentary about shameless and frankly embarrassing credential puffery by structured settlement professionals and settlement consultants by exposing those in the industry who just don't get, or worse appear to not care,  that "4 days in the vicinity of Touchdown Jesus does not make you one of the Fighting Irish!" 

For those of you out there who think this author is splitting hairs, let's visit the University of Notre Dame website and review the  search results for (1)  " Certified Structured Settlement Consultant" Download Notre Dame Search Results_ certified structured settlement consultant..and (2) for "CSSC Download University of Notre Dame Search Results_ cssc. On the first page of search results for either "CSSC" or Certified Structured Settlement Consultant there not even a mention of either term in conjunction with a course, certification program or the National Structured Settlement Trade Association or NSSTA

"Led by the example" of  two members of the NSSTA Board of Directors, the roll call of rank and file CSSC puffers begins... It will continue weekly, featuring a new list of structured settlement puffers, until the problem is corrected. It's unpleasant but these folks brought it on themselves.

The following people like ALL CSSC designees simply took a 4 day course HOSTED at University of Notre Dame. and at the time of publication did not follow NSSTA guidelines for Promoting the CSSC which state:

"The Certified Structured Settlement Consulting (CSSC) program is administered by the National Structured Settlement 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"  (bold added for emphasis)

1. Gregory J, Mayer , Esq. CSSC CFP CSSC Ringler Associates New York

"earned...and his designation as a CSSC from Mendoza School of Business, Notre Dame University in 2002"

Whats the problem?

1. No mention of NSSTA in the bio. Fails to link NSSTA with CSSC. A no no.
2. It's University of Notre Dame NOT Notre Dame University. Try Googling it!
3. A separate web page for Mayer at his former firm Atlas Settlements still appears on the Internet. According to Google the cached page was most recently indexed on September 2, 2009. It still appears when you click through to current page. The web page likely lying dormant on Atlas' web server. It should be deleted to stop the indexing (1) for the reasons stated in this post and (2) why promote someone unless affiliated with your company?

Mayer's bio states he is a registered representative of NASD, which hasn't existed since July 2007. If he indeed is still a registered rep it is of FINRA.

As an attorney admitted in State and Federal Courts in New York Mayer should know better.

2. Dan Huver  Huver & Associates

CV States under Education:

"Notre Dame University, South Bend, IN

Certified Structured Settlement Consultant (CSSC) Designation"

Wbat's the problem?

1. Another Notre Dame University faux pas on his CV!
2. Fails to link CSSC and NSSTA.

Document was created in May 2007.  How about an update Dan?

3. Christopher Narducci    Company unknown

http://paychoice.com/webart_pcu/license/PDFs_pa/Newsletters/20081QEncoreEdge.pdf

"Chris earned a BA in history from Rowan University
and his certified Structured Settlement Consultant
(CSSC) designation from Notre Dame University".

Wbat's the problem?

1. Another Notre Dame University faux pas Payroll Associates, LLC newsletter!
2. Fails to link CSSC and NSSTA.
3. Says in ad that is professional member of NSSTA but does not come up on NSSTA website member search

4. Thomas Dunlap   Delta Settlements

Wbat's the problem?

"Mr. Dunlap has earned his designation of Certified Structured Settlement Consultant through the Executive MBA program at the University of Notre Dame. He is a director of the Delta Group"

Another really really nice guy,  but complete and utter misrepresentation. The NSSTA website is clear, so is the website of University of Notre Dame.The tuition for an Executive MBA at University of Notre Dame-Chicago program is $90,000. The tuition for the 4 day CSSC program variesfrom $2,850-$4,500 depending on whether or not you qualify for the "early bird special" or whether or not you are a member of the National Structured Settlement Trade Association. That's quite a difference, eh laddie?

CLOSING COMMENT

This roll call will be indiscriminate. It doesn't matter whether you are a nice guy or gal and you think I'm an a**hole, QUIT PUFFING...it's bad for your career. READ THIS!

"This is deceit plain and simple" say Legal Recruiters

The kleig lights are out. Why should the minority be "quietly " allowed to continue to demean the value of the CSSC certification (for those who represent it properly) or worse, demean the hard work and financial sacrifice that goes into a graduate or undergraduate academic degree from University of Notre Dame, by intentionally or unintentionally mischaracterizing or misrepresenting what the CSSC is.

"

"This is deceit, plain and simple" Say Legal Recruiters

One of our watchdog projects for this year has been to clean up the credential puffery and resume omissions or truth stretching (on LInkedIn) that has gone on for far too long in the settlement industry.

While reading the ABA Journal online I came across an excellent article simply titled "Keep Your Resume Honest". The following are two poignant excerpts:

"In the age of e-resumes and data systems that store millions upon millions of historical documents, recruiters and employers now have the ability to look longitudinally at information in resumes provided by candidates over many years and map the "content drift" of this information. This provides an entirely new way of determining a candidate's veracity when it comes to his or her employment history". Deborah Ben-Canaan and Martha Fay Africa  The Recorder  September 22, 2009

“Candidates may think that stretching the truth a little bit is not a big deal, but it is,” the article says. “We have heard lawyers tell us that they only worked in a job for a few months, so they left it off their resumé, or they had a bad experience in that job, so it was left off the resumé and then dates were stretched to cover any resumé ‘gaps.’ This is deceit, plain and simple.” (underline added for emphasis)

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.