NSSTA 2007 Winter Regional Meeting-1

"Who Does Your Client Trust?"

That was the theme of the 2007 Winter Regional Meeting of the National Structured Settlement Trade Association (NSSTA) which took place January 24-26, 2007 in Santa Fe, New Mexico.

The answer, from NSSTA's perspective, appears to be a "work in progress."

Keynote speaker Bill Richardson, New Mexico's Governor and Democratic Presidential candidate, set the tone for an introspective NSSTA program with this general advice: "Set aside your ideological differences and bring civility back. Do whatever is necessary to bring people together."

Two preliminary reports from NSSTA-sponsored projects designed to improve the reputation and public image of structured settlements were among the highlights of the NSSTA conference:

• Marketing Study
  • Joseph M. Costello, Chairperson of NSSTA's Marketing Committee, reported the preliminary results of a survey of attorneys involved in structured settlements and structured settlement recipients which is being conducted for NSSTA by the University of Georgia Research Center.
  • The survey's purpose, according to Costello, is "to better understand the perceptions these stakeholders have of structured settlements."
  • The survey is titled: "A Study of the Structured Settlement Process Conducted on behalf of the National Structured Settlement Trade Association". It is directed by Robert E. Hoyt, the Dudley L. Moore, Jr. Chair of Insurance at the Terry College of Business at the University of Georgia.
  • Based upon telephone surveys of 43 attorneys, the results included responses to the following question: "Whom do you prefer to use for purposes of financial planning for your clients?" The results to date:

• Trust company/department - 30%

• Financial planner - 28%

• Structured settlement consultant - 23%

• No response - 19%

• The final survey results, according to Costello, will be reported at the NSSTA 2007 Annual Meeting April 22-25 in Toronto .

• Broker Relations Initiative
  • Lynn Courier, the project facilitator, provided a progress report for the NSSTA-financed Broker Relations Initiative.
  • The project's Mission is to improve the reputation and public image of structured settlements by establishing more effective broker to broker communication and understanding.
  • Courier announced preliminary work product has been completed and emailed to approximately 600 structured settlement brokers. The deadline for comments is February 9, 2007.
  • Courier said she will also present a progress report at the SSP Annual Meeting March 7-8, 2007 in Washington, D.C.

• Courier identified these marketing messages developed by the Broker Relations Initiative:

• The structured settlement industry should reclaim its brand;

• Tell the structured settlement story through people who have benefited;

• Partner with educational institutions;

• Educate the public;

• Develop targeted marketing;

• Explain the importance of the defense broker to plaintiff attorneys.

• Additional recommendations from Courier's progress report:

• Develop acceptable standards of conduct;

• Eliminate negative talk; Expand positive talk;

• Create a structured settlement Seal of Approval;

• Establish a voluntary dispute resolution process;

• Organize a structured settlement broker entity separate from NSSTA with its own governing board and supported financially by the broker community.

A repeated message during the NSSTA meeting was the need to reclaim the structured settlement brand. The alleged usurpers: factoring companies generally and J.G. Wentworth specifically.

In his presentation titled "Reclaiming the Structured Settlement Brand", marketing expert Larry Larsen outlined a framework for a NSSTA public relations strategy combining media coverage and advertising. NSSTA's dilemma, according to Larsen: "We are losing control of our own brand. How do we regain control?"

One possible answer, according to speaker Kathryn Katz: develop a better Internet strategy. In her presentation titled "The Ten Golden Rules of Internet Marketing" Katz described the "New Internet Boom" and recommended strategies for improving search engine results.  For more about Internet strategies, see S2KM's mashup titled "Web 2.0 for Lawyers".  Most of the content, including the embedded concept maps, is also relevant to non-lawyers.

For additional coverage of NSSTA's 2007 Winter Regional Meeting, see:

•  NSSTA 2007 Winter Regional Meeting-2 which summarizes NSSTA presentations by five factoring experts; and
• NSSTA 2007 Winter Regional Meeting-3 which summarizes additional presentations including the Trust Workshop, NSSTA's Legal Panel ("ATC"), AIG's new structured settlement "transparency" initiative, and non-qualified annuities for installment sales.

For prior coverage of NSSTA conferences, see these S2KM blog posts:

• NSSTA 2006 Fall Regional Meeting - S2KM Summary
• NSSTA 2006 Fall Regional Meeting - S2KM Wiki
• NSSTA 2006 Annual Meeting
• NSSTA 2006 Annual Meeting - Take 2
• NSSTA 2006 Winter Regional Meeting
• NSSTA 2005 Fall Regional Meeting
• NSSTA 2005 Annual Meeting - Part One
• NSSTA 2005 Annual Meeting - Part Two