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KeepUP™ Blog

5/28/15 1:09 PM

Advice for Working with Unclaimed Property Advisors

by Greg VerMulm

(An excerpt from MarketSphere's e-book, The Invisible Plan: Navigating & Negotiating Unclaimed Property for Least Impact.)

Just as professional unclaimed property advisors can help you shrink the footprint of unclaimed property in your organization, the way in which you work with those advisors further adds to your least-impact accomplishments. The more effective your interaction is with the professionals guiding you and advocating for you, the more invisible your escheatment activities will be in your day-to-day operation.

To be sure, your initial work with an advisor will require some time and thought as you establish guidelines for working together. Once that is done, your efforts will pay off in streamlined interactions that yield clear advantages in the disposition of unclaimed property within your company.

The principles of unclaimed property also apply to your relationship with professional unclaimed property advisors. In general, you must:

  1. Keep good records of your interactions with advisors and ensure your staff is delivering clean, accurate data for advisors to use in assessments, analyses and calculations
  2. Address underlying issues that could keep the advisory relationship from delivering as much value as possible
  3. Choose advisory services based on a proper risk/cost/benefit assessment, rather than on whim or opinion
  4. Establish clear lines and methods of communication to ensure efficient and accurate management of unclaimed property tasks and leverage advisors’ experience fully

In addition to these general principles, the following recommendations will help you get the most value from your collaboration with professional advisors. 

how-to-work-with-unclaimed-property-advisors

Working with a professional unclaimed property advisory firm removes the heaviest escheatment burdens from your staff and allows you to move forward more confidently and efficiently.

To get the best ROI on consulting fees and the best results for least impact, carefully analyze and prepare for this important relationship before you launch into the unclaimed property challenges you face.