What is a Certified Structured Settlement Consultant?
In the financial world, the name of the prestige game is designations. The letters that follow the name of an adviser or consultant speak volumes about their background, training, experience, and professional approach. Popular designations such as CFP (Certified Financial Planner) or ChFC (Chartered Financial Professional) are often easily recognized by the general population. When you get into the more obscure designations, the origin and meaning of the credential becomes somewhat obscure, only really understood among professionals. One such designation in the financial world is CSSC or Certified Structured Settlement Consultant.
Spelling out the acronym CSSC goes a long way toward explaining what the designation actually covers. Whenever a practice field is inundated with fresh faces looking to capitalize on the market, seasoned veterans of that area of interest will look for ways to not only distinguish themselves from the crowd, but also help the general population by weeding out consultants. inexperienced or ignorant.
Those who are not dedicated to their field of study or those who are only looking to do the bare minimum for a paycheck will rarely commit to the added cost and educational requirements of a professional designation. To receive the CSSC, an applicant must not only have at least two years of full-time work in the industry, but must also enroll in a 4-day course and class structure with a comprehensive exam at the end of training.
The Certified Structured Settlement Consultant program is offered through the National Structured Settlement Trade Association in conjunction with the University of Notre Dame. The cost of the program is in the range of $3,000 – $5,000 per applicant, less the cost of books. The program attempts to educate consultants in different areas related to structured settlements, including Medicare, settlement planning, fixed annuities, claims, tort law, and other applicable topics.
A combination of the cost of the program, the time requirement, and the effort required to obtain the designation have narrowed the field of candidates in the structured settlement field. A consultant with this designation may not be more qualified than other professionals, but you know that they are dedicated to their profession and have made the necessary effort to stay abreast of industry knowledge. Whichever adviser you choose, it is important that you are able to establish a trusting relationship with him. A designation is not a substitute for trust.