by Structured Settlement Watchdog®
Beware of taking life impacting financial advice from people who claim to be “financial consultants” but lack relevant credentials, licensure or business registrations.
Financial consultants are professionals who counsel clients in the use and management of their money, investment options and asset relocation. Depending on the situation, this can be something as simple as helping them create a budget, or as involved as giving them tools to help them get out of debt, understand tax liabilities or contribute to their retirement pension
Do they have relevant professional designations?
Examples:
- Certified Structured Settlement Consultant (CSSC)
- Master Structured Settlement Consultant (MSSC)
- Registered Settlement Planner (RSP)
- Certified Financial Planner (CFP)
- Chartered Financial Consultant (ChFC)
- Chartered Financial Analyst (CFA)
- Chartered Life Underwriter (CLU)
- Chartered Special Needs Consultant (ChSNC)
- A business degree from an accredited university
- A JD, LLM law degree or a CPA with relevant practical experience
Have they passed one or more FINRA examinations such Series 6, Series 7, Series 65, Series 66, and continue to meet the standards required to keep them?
Do they have proper licensure where required and in related areas?
Do they have membership in a relevant industry trade association to the consulting services you are seeking?
Is there a professional picture of them on their website or LinkedIn, without a hat* or “do-rag“?
One company website includes stock photos (that are purported to be customers who have purportedly given testimonials) but there is no information or photos about the owner or management team.
*with religious and medical exceptions of course
Are there videos or podcasts that can give you some insight into how articulate the principals of the company are on the subject of financial consulting, in particular the area from which you seek advice?
Is the address a real office or simply a mailbox to collect mail and forward elsewhere, even out of the United States?
Is there an arrest/conviction record involving the firm or any of its principals. for any reason?
One’s eyebrow of caution should not be lowered simply because a company has merely slapped up a Better Business Bureau seal because such information may be easily fabricated, as revealed in the June 28, 2013 deposition testimony of David Springer. President of Sovereign Funding Group.
- Purports to be in operation since 2010, but a November 7, 2013 search with the Missouri Secretary of State shows no records
- Used a Missouri address on its LinkedIn profile that the owner of company has not been at for over 9 months. According to the Missouri Court Records in the matter of Susie Thomas v Nicholas J Jackson et al. Case 13JE-AC00073 the property was repossessed as of February 13, 2013. [ Source: Missouri case.net]
- Claims to have ‘been around for over 15 years and won several awards for the best insurance firm’. on the active website for jacksonstructuredfunding.com, The information is inconsistent with the Linkedin profile for the principal, Nicholas Jackson.
- One of the many places the toll-free number of 1-800-477-5175 (listed on the Jackson Structured Funding website at time of posting) resolves to, is an Indian company in West Bengal.
Furthermore
- The State of Missouri does not show a valid insurance license for Nicholas Jackson or Jackson Structured Funding despite the website stating at time of posting that the company offers insurance rates.
- Mr. Jackson also has an outstanding 2nd degree felony charge dating back to September 29, 2012 for Domestic Assault, a Class C felony. [See State v Nicholas J. Jackson Jefferson County, Missouri Case 12-JE-CRO344]
565.073. 1. A person commits the crime of domestic assault in the second degree if the act involves a family or household member, including any child who is a member of the family or household, as defined in section 455.010, and he or she:
(1) Attempts to cause or knowingly causes physical injury to such family or household member by any means, including but not limited to, by use of a deadly weapon or dangerous instrument, or by choking or strangulation; or
(2) Recklessly causes serious physical injury to such family or household member; or
(3) Recklessly causes physical injury to such family or household member by means of any deadly weapon.
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