Speaking of Settlements, The shrinking structured settlement market

In this weeks edition of Speaking of Settlements, Mark Wahlstrom discusses the two part blog  post on the topic of the incredible shrinking structured settlement market and what  brokers and others  involved in the structured settlement and settlement planning professions can do to reverse this steady decline.

The need for additional life insurance markets, settlement planners and innovative thinking has never been greater. and the hanging on of the old guard to the practices and methods that have brought us to this state of affairs, threatens the future viability of the profession.

Check out this weeks edition of Speaking of  Settlements with Mark Wahlstrom, The President of Wahlstrom and Associates.

Comments

[Jack]

And the wonderful folks at Prudential, who no longer do structured sales or nonquals, can lead the way! While brokers are a key part of innovation and expansion, without life company support it may not happen, and none of them, and I mean none of them, have any interest in any kind of innovation in our business. They're just as bad as the old brokers who don't want to change the status quo.

[The Settlement Channel]

Jack,

I think the way I would summarize it is that the current staff at most of the life markets have no desire to innovate, but instead ride the coatails of the existing products and services that have long been in place.

Again, I don't want to generalize, but many of them are running out the clock as well. Innovation in a big company, if it's not a big success gets you fired, so they opt to hang on to the brokers that send them what they have, even if it is leading to the ultimate loss of markets.

[Joe]

Forget the life companies. If they don't care enough to innovate, revamp or refresh products, or spend even a penny to advertise, I say we find different products/different companies to use. Maybe a big bank would come out with a Treasury Trust product.