As all of us who make their living in the structured settlement or settlement planning profession are well aware of the impact that the flood of internet, radio and television advertising by the factoring companies has on our profession.
Or do we really? Have we allowed our distaste for lousy advertising tactics mask a truth that is uncomfortable for many in our profession?
I recently had Matt Bracy, the general counsel for Settlement Capital of Dallas, TX in town and asked him to come by the LB Network studios to discuss this hot button topic. A few weeks prior to this interview Matt had been part of a NASP conference that had invited several structured settlement professionals to share our industry's thoughts and issues on factoring company issues and to no one's surprise the topic of misleading and obnoxious advertising was one of the key concerns.
However, in this video broadcast Matt turns the guns back on the structured settlement industry to some degree. His contention is that because the structured settlement industry fails to inform plaintiffs and annuitants at the time of settlement of their rights to factor and the costs and process involved, most consumers are forced to discover those rights through the very advertising that the structured settlement profession despises most.
In short, his question is how are factoring companies supposed to reach their target market and inform them when there is little or no discussion of the process by the professionals who put these people into the annuity contracts?
Fascinating conversation, food for thought for the settlement profession and worth your time to view and listen too.