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

"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 assignment shifts 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 structured settlement watchdog snarls at and will continue to nip at the heels because he is in favor of increasing the level of financial literacy. 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 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.

"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.

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 Asked For Position on CSSC Representations About Association With The School

by John Darer CLU ChFC CSSC RSP

This author has written the following letter to the University of Notre Dame Download Letter to University of Notre Dame concerning CSSC.

The letter is necessitated by the mischaracterization by many CSSC designees as set forth in yesterday's blog post and 3 other blog posts since October 2007. In addition to writing to Chris Cushman the Program Director of the Execitive Education division that hosts the CSSC program, this author has written to the Director of Degree Programs at the Executive MBA for the school's position on non graduates and non enrollees using the name of the school to imply something that is not.

If you are using the University of Notre Dame in advertising your credentials in a way that omits "in conjunction with the NSSTA" and suggests that you did more than attend a 4 day non degree course then you might wish to sit up and take this more seriously than you previously have. The chains are moving.