Chuck Derenne, President of The Society of Settlement Planners (SSP) clucks again. In his cock-a doodle-do "rally the troops" letter (copy posted on www.benfun.typepad.com) you'd think that the SSP members were "the chosen ones" and, implied in his writings, the sole standard bearers of morality in the structured settlement business. Derenne pompously implies that any settlement planner or structured settlement professional who is not a member of the SSP "is a pretender".
Answers.Com describes a pretender as "one who fakes: charlatan, fake, faker, fraud, humbug, impostor, mountebank, phony, quack". Pretty strong words Chuck. The implication that simply hanging out a shingle, stating that you are plaintiff exclusive means "good eatin', is just plain flawed logic. If you are "plaintiff exclusive" you better have more going for you than that!
In some of my prior posts I've covered SSP members who made it through the so called SSP "vetting process" who have given presentations that are factually incorrect, don't use spell check, fail to identify broker dealer affiliations in print materials when soliciting investment planning services, or are careless enough not to proofread their work or marketing materials. and then hand them out to hundreds of trial lawyers. A similar "vetting process" also approved the association's intake of thousands of dollars in membership fees and contributions accepted from factoring companies.
While there are some highly qualified members of the Society of Settlement Planners (SSP), there are many more people who are highly qualified to serve plaintiffs that are not members of The Society of Settlement Planners (SSP). With all due respect his clients may love him and he may do a good job but Mr. Derenne himself has not earned the designation of Certified Structured Settlement Consultant (CSSC), a professional designation of the National Structured Settlement Trade Association, of which he is also a member. Nor does Derenne appear to have any other nationally recognized accredited financial professional designations. Why not? There are also many non SSP settlement professionals who are Certified Financial Planners, Chartered Financial Consultants, Chartered Life Underwriters, CPAS, Investment Advisers, Lawyers and other financial professionals who may work alone or in concert with other financial professionals to achieve client objectives in the structured settlement and settlement planning area.
Those of us with accredited financial professional designations from the American College (which has been awarding such designations for over 80 years) subscribe to the Professionals' pledge which states:
"In all my professional relationships, I pledge myself to the following rule of ethical conduct: I shall, in light of all conditions surrounding those I serve, which I shall make every conscientious effort to ascertain and understand, render that service which, in the same circumstances, I would apply to myself."
As stated on the American College website, an American College Graduate:
- Pledges to place your interests above all else when helping you to establish financial goals and implement financial strategies to accomplish them.
- Pledges to follow the latest industry developments and legislative challenges to help you reach your financial goals.
- Pledges to adhere to a strict code of ethics.
- Is committed to providing you with superior service.
- Has successfully completed a comprehensive curriculum of college-level courses from The American College.
- Has a minimum of three years of qualifying professional experience.
- Is one of a select group within the financial services field to earn their respected credentials from The American College.
Consumers of structured settlements and settlement planning services and their attorneys should steer clear of the marketing hype offered by Derenne and certain members of the Society of Settlement Planners. . Casting aside for a moment the significant factoring money that has flowed into this organization, the SSP offers but one business model. Choose them if you wish. However, it is clear that there are many other highly qualified service providers besides their members. Focus on the professional qualifications of the professional who is in front of you
The message of my January 20, 2006 post entitled Marketing Hype from Settlement Planners still applies.
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