Structured Settlement Factoring versus Structured Settlement
Ever wonder why settlement brokers and settlement factors seem to dislike each other?
A settlement broker’s work involves structuring a large settlement to be paid over time via annuity to their client. What a settlement factor does is the reverse: if the client needs a large sum of money for an emergency, a factor helps convert part or all of the structured settlement into a lump sum.
Some Possible Reasons of Conflict between Structured Settlement Creationists and Factors
At first glance it seems that creationists and factors have more or less the same goal of helping clients receive their settlement. So what’s the source of the conflict? Here are a few possibilities:
• Settlement creationists take it personally when their work is replaced by factoring. After all, how would you like it if someone undid the job you worked so hard on?
• Settlement creationist thinks factors charge too much and thus make more money.
• Settlement factors dominate the search engine results for “structured settlement.”
• Settlement factors benefit from the work of structured settlement consultants whereas settlement creationists do not.
• Settlement brokers have been around longer and have more certifications, accreditation and titles. Maybe they feel superior to factors.
Similarities between Structured Settlement Factors and Creationists
For every difference between the two groups, there also exists a similarity. Both settlement creationists and settlement factors:
• work for profit,
• follow state and federal guidelines,
• provide a service associated with structured settlement,
• and have associates with high integrity and others with less integrity…
The reality is that though both businesses may not get along, they provide services that help people in their financial need. It’s not important that they agree or like each other, but they must never let those feelings compromise professionalism.
