Beyond Structured Settlements

NSSTA CSSC Celebrates 25th Anniversary

The National Structured Settlement Trade Association (NSSTA) Certified Structured Settlement Consultant (CSSC) Certification Program hosted its 25th class this past month at the University of Notre Dame. The structured settlement industry's "oldest and most respected designation", the CSSC Program continues to establish educational standards for structured settlement professionals throughout the United States.

More than 600 structured settlement professionals have earned their CSSC certification which consists of extensive pre-program study, more than three full days of on-site (at Notre Dame) class room study plus a final examination. The courses, which provide a unique, foundational understanding of structured settlements, include lectures, class discussions and case analyses.

To satisfy a demand for continuing education, NSSTA recently added a Masters Certificate in Structured Settlement Consulting (MSSC) which also includes classes taught by Notre Dame professors on the Notre Dame campus. Instead of an exam, MSSC candidates are required to submit an original paper on a structured settlement topic of their selection. Completed papers are posted on the NSSTA website.

No one is more closely identified with the CSSC Program than Karen Meyers, who (with Joseph O'Reilly and others) helped to organize the CSSC Program in 1992 and who (with Patricia Fairhurst) continues to co-Chair NSSTA's CSSC Committee today. Throughout its history, Karen has also been featured as one of the CSSC faculty members along with NSSTA Executive Director Eric Vaughn plus an esteemed group of Notre Dame professors.

This past week, during its Fall 2017 Conference in San Antonio, NSSTA recognized and celebrated the success of its CSSC and MSSC programs. Concurrent with NSSTA's Conference, Karen agreed to discuss both programs - their history, current status and future prospects.

S2KM: Karen, congratulations for the continued success of both the CSSC and MSSC programs. Twenty-five years (or classes) represents an incredible milestone. Who, in addition to yourself, deserves credit for the success of these programs?

KAREN MEYERS: Joe O'Reilly, CSSC, who had the original idea for the CSSC Program, all Board Members and Liaisons who have served since 1992 and engaged in dialogue/requests/criticism which has made the Programs stronger. All Co-Chairs, Patricia Fairhurst, CSSC and MSSC, Bill Wakelee, CSSC and MSSC, and Big Red, John Roeser, CSSC, Eric Vaughn, CSSC, Debbie Sink, you for sending me to Washington the day after I joined your firm on the then CSSC Project, All CSSC Committee Members since 1992, Frank McKellar, CSSC who helped spread our program into Canada and mentored me along the way, Tom Little who taught me the industry, Elvie Luetge and Randy Dyer, CSSC who kept the Program going in the early years, all broker and life and property casualty companies who have sent people to the programs, and the industry professionals who have taken the Programs.

S2KM: Looking back, what have been the greatest challenges in developing and maintaining the CSSC and MSSC programs - and what are you most proud of?

KAREN MEYERS: Let me start with the part of the program of which I am most proud -- the over 600 persons who have taken the CSSC Program and MSSC Program. It is their accomplishment and the cases they touch and the families, counsel, governments, self-insureds, and insurers whom they serve that give me the greatest sense of satisfaction. The greatest challenges are without a doubt spreading the word of how powerful the CSSC and MSSC Programs are, how they are immensely helpful in pursuing one’s career, and developing a system to support that spread.

S2KM: Given all of the changes currently impacting the structured settlement industry (generational; internet; settlement planning; etc.), how do you see these changes impacting CSSC and MSSC going forward?

KAREN MEYERS: Ever respectful of our stakeholders and varying interests, the CSSC and MSSC Programs will continue to be responsive to market changes and members’ needs as the settlement world changes. As examples I hope that we will add more interactive webinars prior to the Programs’ start on topics requested by participants, orient programs to comprehensive settlement planning concepts from the perspective of all stakeholders, and maybe even a List Serve where ideas can be readily exchanged.

S2KM: Has the CSSC been too successful? Where is NSSTA going to find additional CSSC candidates? Or do you believe that industry growth and generational change will solve this problem?

KAREN MEYERS: First and foremost, generational change will solve a great deal of this issue. That said, the saturation theory is one of the most frustrating myths that has permeated our industry. There are slightly over 300 active members (given a 7.5% variance possibility at any given time) or associates or top administrative support who have not taken the CSSC Program. If one includes life company member staffs, the number is larger. Recognizing there are complex issues around it which must be addressed, if we ever opened the CSSC Program, or more likely a Hybrid of it, to paralegals or attorneys or adjusters as CLE or CE, the numbers could skyrocket.

S2KM: Every program has its critics. What do you believe are the most valid criticisms of the CSSC program and how do you propose they be addressed?

KAREN MEYERS: This question provides a wonderful opportunity to affirm that criticism is always a source of continuous improvement. Criticism has provided a wealth of ideas that have improved and will continue to improve the Programs. Some opportunities that criticism has brought forward on which we are currently working are: how we can include more topics in the Programs, improve marketplace recognition of the MSSC and CSSC Programs, and the potential use of continuing education to enhance our members’ industry participation and knowledge base. It should also be noted that CSSC program participants themselves have consistently provided extremely favorable reviews of their CSSC educational experiences.

Looking to the future we plan to continue our solicitation of input on the Programs as was conducted at the NSSTA Regional Meeting in San Antonio last week, keep checklists of ideas, and commit to make the CSSC and MSSC Programs the best they can be. Indeed without criticism there is a risk of stagnation. With an open mind criticism will continue to be our friend, not our enemy. In that way we will support the growth of our industry. Even if an idea is not utilized the dialogue around it is critical. For in that dialogue respect and learning can be apparent and stakeholders served.

S2KM: Many NSSTA members (S2KM included) believe that NSSTA has substantially improved its educational programing in recent years - including introductory programs like Structures 202 plus NSSTA University. What challenges, if any, does that present for CSSC?

KAREN MEYERS: Continuous improvement is a requirement of any Program, business, profession, or service. The exciting improvement in NSSTA Education Programs represents a wonderful opportunity for the CSSC and MSSC Programs to continue to improve and complement those programs. Certification Programs demand additional rigor and in-depth study. The credibility of our industry and its professionals is significantly enhanced by certification opportunities. One does not become for instance a CLU or CPCU by attending a Basic or even Advanced Program without pre-reads/study and testing and like functionality.

S2KM: By reputation and example, your structured settlement practice represents one of the most professional and sophisticated examples within our industry. Do you believe the CSSC accurately presents the "best practice" developments of structured settlements? If so, how?

KAREN MEYERS: Yes, through participant and industry member input the CSSC Program has evolved into a knowledge base that supports best practices by CSSCs be they brokers, life company staff, or administrative personnel. It would be naïve/incorrect to state the CSSC Program covers all best practices for all stakeholders. That is physically and mentally impossible. Best Practices require a knowledge base. The CSSC Program is a major contributor to that knowledge base as reflected in participant evaluations compiled by Notre Dame. The MSSC and its topics and papers are a tremendous opportunity to grow one's practice and expand one's knowledge base while serving the industry. We will continue to focus on those best practices as the Programs and associated training continue to evolve.

S2KM: What do like best about the structured settlement profession generally and the CSSC and the MSSC Programs more specifically?

KAREN MEYERS: That can be answered in a few words as to the structured settlement profession—THE OPPORTUNITY TO SERVE. (Karen's emphasis). The lives we touch be they on the plaintiff or defense side or during Court oversight are forever changed for the better (or as noted in the song from musical "Wicked", changed for the good) by what our industry Professionals do. We face horrific and small injuries every day and come up with solutions no other professional can.

As to the CSSC And MSSC Programs, the answer requires the addition of one word. These Programs provide an enhanced Opportunity to Serve. (Karen's emphasis) The Programs have provided our Committee Members and myself an opportunity to give back to a unique service based industry. What is learned in those Programs is designed to be second to none, while providing unparalleled opportunities to network with other industry professionals.

S2KM: What, if anything, especially distinguished this year’s CSSC program and/or its program participants?

KAREN MEYERS: This year’s Program was enhanced by input from last year’s participants and Committee Co-Chair, Patricia Fairhurst, CSSC and MSSC, and Committee Member Chris Shumate, CSSC and MSSC, Geoff Hunt, CSSC, Bill Wright, CSSC and you, Patrick Hindert, CSSC. The "What is a Bond" Pre- Program was expanded. The "Fixed Income" Section was subdivided into three sections. The "Negotiation" Section addressed adding value through needs identification and handling objections. The review slides were updated. Additional links to our industry were added to all subject matters. The best part was the interaction by this year’s participants! They were terrific and made the sessions outstanding, as did the attendance by Committee Members. You could feel the industry growing in professionalism, production, and service as the sessions move forward.

S2KM: How does the MSSC Program enhance the CSSC Program?

KAREN MEYERS: There is no such thing as a stagnant Program. The CSSC is an important platform for industry best practices. The MSSC Certification and its continuing education value takes the Program to a higher level from a myriad of aspects including, but not limited to, an expanded knowledge base, mentoring and networking opportunities to grow the profession, profession presence opportunities through the designation and associated paper and research, and continuous improvement in service and quality aimed at best practice. The associated papers are something of which our industry and the writer can be incredibly proud.

Thank you, Karen for agreeing to participate in this interview. And, again, congratulations to you and all CSSC and MSSC recipients as NSSTA recognizes the 25th Anniversary of the CSSC Program.

NSSTA 2015 Annual Meeting

Continuing to advance a theme of "industry unity", which now appears to encompass some collaborative political lobbying as well as education, the National Structured Settlement Trade Association (NSSTA) hosted its 2015 Annual Meeting April 22-24 in Washington, D.C.

Incoming NSSTA President Michael Goodman highlighted these developments during his introductory address when he listed among other recent NSSTA successes: 1) a strong relationship with the American Association for Justice (AAJ); 2) improved dialogue with the Society of Settlement Planners (SSP); 3) guest educational participation involving SSP and National Association of Settlement Purchasers (NASP) representatives; as well as 4) successful cooperation with NASP to enact revised structured settlement protection legislation in Illinois.

The new Illinois legislation provides an antidote for problems created by the Brenston case. Among other changes to the prior Illinois statute, the new legislation also includes provisions to: 1) restrict forum shopping; 2) require the seller of payment rights to appear in person at the court hearing (unless the court determines that good cause exists to excuse the payee from appearing); and 3) require disclosure of prior transfers.

Representatives of both NSSTA and NASP have expressed their intent to cooperate in pursuing similar legislative reforms in other states including Florida, Tennessee, Virginia and Wisconsin.

Goodman also identified several goals for NSSTA during his term as President. These include: 1) modifying NSSTA's traditional "protect and preserve" message to inspire primary market growth; 2) moving beyond "interest rate selling"; 3) moving beyond a focus on factoring; 4) identifying and pursuing new markets for structured settlement annuities; 5) adding one or more new life company providers; 6) engaging new, younger structured settlement brokers; 7) providing a new and improved training initiative.

Goodman will be joined on the NSSTA Board by two newly-elected Directors: Jim Early and Geoff Kissel. They replace retiring Directors John Machir and Dan Goodmann. John McCulloch was re-elected to a new three year term of directorship. McCulloch was also honored as NSSTA's annual President's Award winner. Karen Meyers and Bill Wakelee were named recipients of NSSTA's annual Leadership Award.

NSSTA Executive Director Eric Vaughn updated members on the Structured Settlement Caucus which is co-chaired by Congressmen John Lewis and James Sensenbrenner and currently consists of 53 congressional members. The objectives of the Caucus include: 1) expanding the base of Congressional support for structured settlements; 2) educating new members of Congress about structured settlements; and 3) protecting and promoting structured settlements.

As an important auxiliary portion of its meeting, Vaughn and 125 NSSTA members "Took the Hill" to meet with Senators and Representatives. Their efforts received strong encouragement from Congressman Lewis who exhorted NSSTA members "to make some noise."

"Stand up! Speak up!" Lewis urged. "Structured settlements have always enjoyed strong bipartisan Congressional support. They are the right and necessary thing to do. They work by providing long term financial security for injury victims to live with dignity."

NSSTA and its Education Committee face a continuing challenge: how best to educate its members, who possess varying degrees of experience and who market to a diverse group of structured settlement producers and decision makers, to deliver high value services to their respective clients. NSSTA has addressed this challenge with multiple new initiatives:

• Structures 202 provides a comprehensive program of case management fundamentals and business development opportunities. Unlike Structures 101 (a prior NSSTA educational program for case managers), Structures 202 is also designed for structured settlement brokers who are new to the market and therefore includes an important, primarily plaintiff-oriented, business development component.
• Complementing and extending its Certified Structured Settlement Consultant (CSSC) Professional Certification Program, NSSTA has added a new Master's Certificate in Structured Settlement Consulting (MSSC). NSSTA recognized and honored the most recent graduates of both programs during its 2015 Annual Meeting.
• During its Fall 2014 Conference, NSSTA announced a new "NSSTA University" service whereby NSSTA will partner with any member to secure CE credits for member-sponsored educational seminars or insurance claims departments or law firms.
• In partnership with CLM Advisors, NSSTA's Marketing Committee has commissioned a three part survey project to provide its members with valuable marketing tools for discussions with the audiences surveyed. Part 1 (claims executives) and Part 2 (claims adjustors) have been completed. Part III will survey plaintiff attorneys.

In addition, from S2KM's perspective, NSSTA continues to upgrade its traditional educational conferences.

SPEAKERS AND TOPICS - NSSTA 2015 Annual Meeting

• Kevin Silo - Opening Remarks
• Congressman John Lewis - Keynote Speaker
• Michael Goodman - NSSTA Agenda and Objectives
• Sally Greenberg - Consumer & Legal Protections for Injury Victims
• Mike Montemurro and John Stanton - Internal Revenue Service Update
• Taylor Smith, Ronna Ruppelt, Robert Sampson - Delivering High Value Services to Claims Professionals
• Karen Meyers, Anne Marie VonBank, Cody Shively - Trigger Trusts
• Christi Fried, Paul Hansen, Phil Sanders - Trust Asset Allocation and Structured Settlements
• Stephen Harris, Timothy O'Driscoll and Peter Vodola - Judicial Education
• Susan Clark and Melissa Price - NSSTA Took the Hill
• Michael Miller, Earl Nesbitt, John McCulloch - Factoring Panel Discussions
• Dr. Quincy Krosby - Macro Economics and the Financial Markets
• Nancy Bond - Life Care Planning

For additional S2KM reporting about past NSSTA conferences, see the structured settlement wiki.