As the National Structured Settlement Trade Association (NSSTA) prepares to host its 2007 Annual Meeting in Toronto April 22-25, the structured settlement industry is facing some of the most significant challenges in its 30 year history. These challenges, which include factoring, government benefits and the Internet, will determine the future of structured settlements. For the structured settlement industry to resume its growth and to maintain its important role in personal injury settlement planning, new industry leadership and new industry thinking is required.
Historically, the structured settlement industry has depended upon NSSTA for leadership including lobbying and education. NSSTA's industry leadership, however, has diminished in recent years because NSSTA increasingly avoids controversial issues, protects the status quo and prioritizes public relations over education. As a result, other trade associations such as SSP, ASNP, NASP, NAELA, and NAMSAP have become increasingly important for structured settlement professionals.
Recent elections for NSSTA's Board of Directors have been disappointing. Candidates rarely, if ever, challenge the status quo, identify new ideas or provide a future vision. NSSTA's election process resembles a junior high school student council election. Campaign speeches typically consist of an embarrassing mixture of platitudes, odes to NSSTA and ingratiating pleas for votes. Afraid of losing votes or challenging conventional thinking, candidates rarely say anything meaningful or important.
For these reasons, Mark Wahlstrom's April 6, 2007 blog post, announcing his candidacy for NSSTA's Board of Directors, represents a refreshing and welcome departure from the NSSTA norm. Significantly, Mark is the first-ever candidate for the NSSTA Board of Directors to announce his candidacy using web 2.0 technologies. Unlike most NSSTA candidates, Mark appears genuinely less interested in "winning" than in challenging NSSTA, and other NSSTA candidates, with his industry views and priorities.
Here is a summary of Mark Wahlstrom's strategic imperatives for NSSTA as outlined in his blog announcement:
- Recognize that traditional structured settlement sales have stagnated and/or declined;
- Re-focus NSSTA education and lobbying on trial attorneys and personal injury victims;
- Raise professional structured settlement standards;
- Establish and practice transparency in pricing, underwriting, commission sharing;
- Eliminate approved broker lists as a tool to avoid competition;
- Prioritize the development of new products and ideas;
- Step out of the shadows to promote a positive and progressive industry;
- Improve members understanding of and ability to sell structured settlements:
- In the context of personal injury settlement planning; and
- In conjunction with (as well as an alternative to) competitive products and product providers.
Although this blog author is a friend of Mark Wahlstrom, and has collaborated with Mark professionally, the purpose of this blog post is not to endorse Mark Wahlstrom or his industry views. Instead, the purpose is to highlight Wahlstrom's NSSTA announcement as a positive example for aspiring structured settlement leaders. Where are the new structured settlement leaders? What is their industry knowledge and industry assessment? What is their vision for the future of structured settlements?
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