Derenne at home helping attorneys structure settlements

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Charles Derenne feels fortunate he got in on the ground floor of the structured settlement planning industry as it started to take shape in the late 1980s.

“I really saw it as an opportunity to help people. I was selling insurance annuity products that I thought were very similar to how structured settlement planning worked,” said Derenne, a registered settlement planner and president of Premier Settlement Services Inc. in Richfield. “I also saw the advantage of focusing my business on the plaintiff side and working with them since there were so many others focused on the defendant side.”

Over the last 20 years, Derenne has become the go-to guy when attorneys work with clients on settlement packages, whether it’s a personal injury case or divorce. He said that 90 percent of adult injury victims squander their entire settlement within five years, regardless of the size of the award, but that by having a structured settlement plan in place that problem can be avoided. The key is coming up with a plan that ensures the plaintiff has the necessary financial resources to make up not only for lost income, but for costs associated with in-home care, for example.

“Settlement planning is different than financial planning. This is money that absolutely has to be there for basic needs,” Derenne said. “Without a plan in place, people can quickly go through their money. It happens every day.”

Many attorneys are unfamiliar with the financing aspects involved with structured settlements, Derenne said.

“There’s really not a program out there to teach you how to do this, so I like to say I went to the school of hard knocks. I’ve learned a lot through the years and really expanded my knowledge,” he said. “I think these financial vehicles can be used in a lot more cases and a lot of opportunities are being missed.”

Attorneys turn to Derenne either early on in cases or sometimes at the last minute as settlement talks are winding down. In either case, he’s always ready.

“If I need it done by tomorrow, I will get it done,” he said. “I’ll move as quickly as needed. I have a lot of trusted annuity resources I can tap to put together a quality plan. The main goal is making sure the clients’ needs are being met.”

While Derenne primarily works with Wisconsin attorneys, he also has attorney clients in Florida, Atlanta and Montana. “It’s all word-of-mouth. Attorneys hear about how I can help my clients and my name gets passed on,” he said.

Wisconsin Law Journal: What career would you have picked if you hadn’t gone into structured settlements?
Charles Derenne: I would have been a financial advisor.

WLJ: If you could have one super power, what would it be?
Derenne: Time travel

WLJ: Who is someone you admire?
Derenne: Attorney Robert Spohrer of Jacksonville, Fla., with whom I have worked closely on many challenging personal injury cases over the past 25 years.

WLJ: If you could live anywhere, where would it be?
Derenne: Augusta National Golf Course

WLJ: What was the first concert you attended?
Derenne: The Doobie Brothers

WLJ: What was the last book that you read?
Derenne: “Gray Mountain” by John Grisham

WLJ: Are there any shows you enjoy binge-watching?
Derenne: I am about halfway through ‘House of Cards’

WLJ: What do you miss most about your childhood?
Derenne: Not having a worry in the world.

WLJ: What is your favorite thing to do in Wisconsin?
Derenne: Golf.

WLJ: Do you have any words or sayings that you tend to overuse?
Derenne: Getting older isn’t so bad – consider the alternative.