UNCLAIMED PROPERTY

 

WE'VE DISCOVERED THAT APATHY IS THE PRIMARY REASON FOR ACCOUNT DORMANCY SO A SOLID OUTREACH PROGRAM IS CRITICAL.

Unclaimed Property Services

Laurel Hill’s Pre-Escheatment Service Center provides a comprehensive solution for companies hoping to reduce escheatment obligations and perform best-effort due diligence. Laurel Hill focuses on Pre-Escheatment- Address Correction, Life Status Verification and Legal Claimant Identification- and through our network of specialized service providers we can facilitate a streamlined but thorough Unclaimed Property solution, including Reporting and Audit Defense.

Whether you’re an Insurance Firm, Broker Dealer, Mutual Fund, Bank or Public Issuer we can design a customized Unclaimed Property program that will help manage the complete process, or tailor a solution to work cohesively within your existing program. We pride ourselves in helping your company avoid increased scrutiny, financial audits, reputational risk and possible fines from increasingly common – and costly - multi-state audits.

Asset owners- Shareholders, Policyholders, Account owners and Payees- can become unresponsive and deemed “lost” for a number of reasons including:

  • A change of address without communicating an update

  • A Corporate Action the asset owner was unaware of

  • A life event causing a change to the registration (i.e., Marriage, death and/or no longer a minor). Correspondence slipping through the cracks-

We’ve found that apathy is the primary reason for account dormancy so a solid outreach program is critical
Some of the features our program offers include:

  • Transparency of assets and applied fees- the owner is told what the asset is, and the cost  of utilizing our services, upfront

  • Risk mitigation- both financial and reputational risk can be minimized

  • Extensive due diligence that reduces your escheatment obligation

  • Scalable interaction with existing programs you may have in-house

  • After an M&A or other corporate action, our Shareholder Assistance & Reunification Program (ShARP) will contact up to 90% of the remaining unexchanged shareholder base and typically achieve a 65%- 80% success rate.


 To find out how we can tailor an Unclaimed Property program to fit your exact needs contact info@laurelhill.com