WHAT IS A SETTLEMENT PLANNER?
Settlement planners help clients use their settlement proceeds to attain their financial goals. The settlement planner guides clients through financial decisions that they need to make at settlement. Settlement planning often involves helping clients avoid loss of government entitlements while protecting their recovery from dissipation risk, taxes, liens, and other hazards. The settlement planner coordinates these efforts with other professionals including the plaintiff’s legal team, special needs trust attorneys, trust officers, CPAs, and others.
Settlement planning most often occurs within a unique and pressure-packed planning environment where clients must make decisions likely to impact the rest of their lives. This environment places a premium on the ability of the planner to focus on the client’s goals and needs, make the correct recommendations, and help the client implement the plan.
WHAT ARE THE BENEFITS OF BECOMING A REGISTERED SETTLEMENT PLANNER?
Attaining the RSP designation shows commitment to the profession of settlement planning. The designation is awarded to individuals who have completed an advanced level of education specifically aimed at settlement planning and settlement planning issues. Completing the education requirement helps settlement planners develop and sharpen their skills and provides a firm foundation in the basic knowledge required to practice planning competently.
Professionals with the RSP designation have set themselves apart from competitors with their educational attainment and commitment to the stringent ethical and professional standards of conduct set forth by the RSP Board. These practitioners demonstrate their commitment to furthering this profession. Members are encouraged to seek one another out and share resources and knowledge.
MISSION OF THE RSP
The mission of the Registry of Settlement Planners (“RSP”) is to train, educate and certify settlement planning professionals who are uniquely qualified to competently and ethically assist injury victims, claimants and attorneys in resolving their legal and financial claims. To further this mission the RSP Board will seek to promote recognition and awareness of the designation and to establish standards of competence and practice for the Registry.
The Registry of Settlement Planners is wholly owned and operated by the Society of Settlement Planners, Inc.
GOALS OF THE RSP
- Prepare settlement planners to provide competent, timely advice to clients.
- Present attorneys with assurance that their selected advisor is competent and abides by a code of professional conduct.
- Provide a measure of accountability to settlement planning practitioners.
- Promote reliable standards of practice to enable clients and attorneys to know what to expect from a relationship with a settlement planner.
EDUCATION REQUIREMENTS
Program Overview
In 2010, the RSP Board approved the Settlement Planning Education Center (“SPEC”) to administer and deliver the settlement planning curriculum. The program was previously administered by Texas Tech University’s Department of Outreach and Distance Education (ODE). Following the change to SPEC, the curriculum remained unchanged and continued to be supervised by the faculty of the Department of Financial Planning at Texas Tech University, primarily by adjunct faculty member, Joseph Tombs.
Tombs explains, “Since our program is unique and serves a highly specialized market, the enrollment will always be relatively low. The low enrollment made it difficult for the staff at ODE to remain well-versed and for its administrative systems to service our student’s needs. The new structure allows SPEC to handle the administrative burden.” In 2007, The RSP Board approved the curriculum of Texas Tech University’s Division of Personal Financial Planning, admitting it as an approved educational provider to meet the education requirement of the RSP designation. The 2010 decision extended this approval to the new partnership between the Division of Financial Planning at Texas Tech and SPEC.
The Settlement Planning curriculum is the product of collaboration between the RSP Board and the Personal Financial Planning Department at Texas Tech University. Although the classes do not carry degree credit, the rigor and quality of the coursework is intended to be at the master level and meant to challenge professionals with settlement planning experience. The program consists of three courses. Each course is offered on a continuous basis and may be completed at the pace of the student. Successful completion of these three courses will meet the education requirement of the RSP designation.
Information Regarding Courses at the Settlement Planning Education Center
This course explores the emerging profession of settlement planning. Settlement planning is personal financial planning for a recipient of a legal settlement.
Topics include: forecasting needs, liquidity analysis, structured settlement annuities, rated-ages, controlling dissipation risk, taxation of settlement issues, planning for government entitlements, medical cost inflation, asset management issues, settlement preservation trusts, basics of litigation, estate planning, Monte Carlo analysis and qualified settlement funds.
The Law for Settlement Planners course explores the legal issues surrounding settlement planning.
Topics include: wills & trusts, planning for incapacity, special needs trusts,, trial procedure, property transfers, alternative dispute resolution, torts, and government benefits planning.
Financial Planning for Settlement Planners explores the theoretical and practical environmental framework of financial planning. The most relevant parts of the financial planning environment specific to settlement planning are discussed.
Topics include: principles of financial planning, financial institutions, time value of money, income tax of investments, investment principles, life insurance, annuities, retirement planning, and estate planning.
Fees
The cost of each course is $999. Payment is made during the registration process. Payment may be made by check, Visa, MasterCard, Discover or American Express through the PayPal interface found on SPEC’s website. There is an additional cost to buy the required textbooks.
To Register for the RSP Courses
Click here to register for the RSP courses through the Settlement Planning Education Center.
Standards of Professional Conduct
Click here to download the Standards of Conduct PDF for RSP members.
Visit SPEC’s Website for More Information
Requirements for Admission to the Registry
Steps to Receiving the RSP Designation
Complete the educational requirement (Parts 1, 2, and 3 of the SPEC courses). You may not apply for admission into the registry until you have successfully completed all three courses provided by SPEC and have submitted your comprehensive settlement plan to the RSP Board.
Submit a written settlement plan. Mail four copies of the paper report to: RSP Board, Attention Jack Meligan, 1800 Blankenship Rd., Ste. 160, West Linn, OR 97068. To read the guidelines for this report, click here.
To view a sample settlement plan written by one of the recent recipients of the RSP designation, Joseph Tombs, click here. (Note: This is a comprehensive example. Most submissions are more simple than this sample plan.)
After completing the first two steps, download the application to continue the process. Click here to download the application form.
Meet the experience requirement. Candidates must complete 3 years of qualifying full-time work experience out of the previous five years. Details about your work experience are submitted to the RSP Board on your application for admission. To read the guidelines used to determine acceptable work experience, click here.
Submit a completed application with the $1,000 application fee. Candidates who have completed the education requirement and who have submitted a written settlement plan to the RSP Board may apply for admission to the Registry. The RSP Board will then examine the application and determine whether the candidate is eligible for the RSP designation. Upon acceptance, you may begin to use the RSP designation.
Maintaining Membership in the Registry
Continuing Education
Registry members must complete at least 40 hours of continuing education (CE) every 2 years, with 10 hours from an RSP Board approved event. CE is important to help a settlement planner stay abreast of the latest developments in the settlement planning profession and to maintain planner competence. The RSP Board requires each member to participate in and report at least this minimum amount of CE each year. The acceptability of CE programs is determined by the RSP Board and approval of credit for such programs remains at the Board’s discretion. A member’s failure to comply with the CE standards set forth by the RSP Board will result in suspension from Registry membership. For a statement of the guidelines for acceptable CE credit click here.
Click here to download the CE Reporting Form
Membership Dues
The RSP Board may assess annual membership dues as a condition of membership in the Registry and the ability to use the designation. The RSP Board does not currently assess dues. A member’s failure to pay dues that may one day be assessed may result in suspension from Registry membership.
Standards of Conduct
Membership in the Registry requires strict adherence to the RSP Code of Professional Conduct. To read the RSP Code of Professional Conduct click here.
Frequently Asked Questions (FAQs)
The total cost of becoming an RSP is roughly $4,750. Each of the three educational courses provided by SPEC costs $999, and books for the courses cost about $750 (the treatise for Part 1 costs about $700, the required textbooks for Parts 2 and 3 cost a total of about $50). The admission fee to the RSP Board is $1,000.
The entire program is online at the Settlement Planning Education Center’s website: Click here to visit SPEC’s website
It depends entirely on how hard you want to work and how much time you can devote to the program. In this self-paced program, the only limitation is that each course must be completed within a year of registration. Once you have completed the coursework, you must submit a comprehensive settlement plan to the RSP Board.
At this time, Settlement Planning Education Center is the only education provider approved by the RSP Board. There are three courses provided by SPEC that are required for the RSP designation: Part 1: Settlement Planning Seminar, Part 2: Law for Settlement Planners, and Part 3: Financial Planning for Settlement Planners.
Additional information can be found at http://settlementeducation.com/registered-settlement-planner-courses/
You will be provided with a certificate of completion after each course that you can provide to any professional or licensing organization. Most organizations will count the course for as many as 40 hours of continuing education credit. The RSP Board does not apply for the credits for you.
Settlement Planning Education Center’s curriculum covers each of the topics required by the RSP board to meet the education requirement of the RSP designation.
More information about the curriculum can be found at SPEC’s website.
You can register for the courses at Settlement Education Planning Center’s website. You will simply create an account, add a course to your cart, and checkout through the PayPal payment system.
You will have immediate access to the course after purchase.
The RSP designation shows that you meet the highest standards of professionalism in settlement planning. The knowledge and skills gained will set you apart from those who merely claim to be settlement planners. One of the goals of the RSP Board is to promote the designation so that plaintiff attorneys will insist on using only professionals with the RSP designation.
Application & Fee – Application filed with the RSP Board when Applicant believes the requirements have been met.
Education – Applicant must pass the courses offered through Settlement Planning Education Center.
Experience – Three years of qualifying experience in the settlement planning field.
Ethics – The RSP Board will perform a background check on each applicant. In addition, the Applicant must pledge to abide by the RSP Code of Professional Conduct.
Comprehensive Plan – A satisfactory written comprehensive settlement plan must be prepared by the Applicant and submitted to the RSP Board.
Once you have successfully completed the education requirement, submitted a comprehensive plan that meets the Board’s standards, and have worked in settlement planning for at least three years, you may apply to the RSP Board for admission to the Registry. You may not use the designation until you are notified that your application has been accepted.
Continuing Education – Members must complete 15 hours of continuing education each year.
Annual Dues – Members must remain current on any dues. (There are currently no annual dues.)
Ethics – Members must comply with the requirements of the RSP Code of Professional Conduct.
The educational courses provided by Settlement Planning Education Center are based on content originally created in collaboration with Texas Tech University. At this time, Settlement Planning Education Center remains affiliated with Texas Tech University’s Department of Personal Financial Planning.
Why Texas Tech University? The Personal Financial Planning department at Texas Tech is consistently rated as one of the best in the nation. The strength of the RSP program is drawn in large part from the significant contributions by the PFP faculty at Texas Tech.
The RSP Board is independent of Society of Settlement Planners (SSP). However, the SSP was instrumental in getting the RSP Board started and supplied the initial funding. The missions of the RSP Board and the SSP are congruent.
The RSP program is designed to certify members who are minimally qualified to practice without supervision as settlement planners to injured parties. While defense-oriented brokers have fewer opportunities to develop the type of relationship with an injured party to be trusted with in-depth knowledge of their goals and resources, the knowledge gained in the RSP program will help anyone involved in settlement planning perform their function better. Therefore, the education provided by SPEC and the RSP designation are appropriate for both defense and plaintiff brokers.