Legal technology company Estatesearch has confirmed that 97% of firms believe Financial Asset Searches add value to services provided to clients, according to 240 respondents in the company’s annual customer satisfaction survey.
Estatesearch provides Financial Asset Searches ordered through a free, secure online portal and the company contacts more than 150 organisations, searching over 450 companies and brands including banks, building societies, investment managers, share registrars, pension providers and insurers to help identify profiles. This means firms can then make further enquiries if a financial institution confirms the deceased holds an account or a pension for example.
In Estatesearch’s recent customer survey, 74% of respondents (180 firms) confirmed a Financial Asset Search helped them identify assets that they would have been otherwise unaware of, up from 63% in 2023. One respondent commented that £90,000 had been uncovered in a particular case, while another confirmed they had discovered a £265,000 policy with the help of Estatesearch’s Financial Profile Search.
Ben Furlong, Managing Director, Estatesearch commented: “The move to online banking is making it increasingly difficult for private client solicitors to identify the full extent of assets within an estate. However, is it vital that every reasonable step is taken to identify all assets; there are a number of risks if assets are discovered after administration including IHT implications, the associated costs of re-opening the file and potential redistribution to beneficiaries We work with our clients to implement policy to protect them against these risks, with the survey revealing that 61% of respondents now carry out an Asset search on all cases as standard, which is up from just over half last year. It’s also encouraging to hear that 96% are educating lay executors about the risk they themselves could face if assets are missed.
“Financial Digital Assets now also need to be taken into account. In our survey 36% respondents have used Estatesearch for Digital Assets Searches, while 18% consider Digital Assets most of the time. When asked about topics we should cover in forthcoming webinars, Digital Assets came up multiple times.
“As an organisation we know that it is important that we listen to feedback from our customers in order to supply searches and services that improve efficiency and support legal teams in their due diligence obligations, while enabling them to provide better services to their clients. Over 300 people responded to our customer survey, and this has given us valuable insight to help us continue to improve and add to our range of services. I’m also delighted to confirm 99.6% of respondents said they would recommend Estatesearch.”
In addition to Asset & Liability Searches and Digital Asset Searches Estatesearch also provides Will Searches, Trustee Notices, Overseas & UK Bankruptcy Searches, Unoccupied Property Insurance, and Share Services including valuation, verification and sale or transfer. With no registration or subscription fees, customers simply pay for the disbursements they need, when they need them.
Searches are ordered through Estatesearch’s secure online portal which also proved popular with 98% of survey respondents rating the free ordering portal as excellent or good in terms of ease of use.
Ben Furlong continues: “We are a technology company but we also understand the importance of supporting our legal clients with excellent customer service and so we were delighted when 100% of respondents rated our customer services team as excellent or good for knowledge of products/services, responsiveness and approachability. The team were described as: amazing, exceptional, responsive, efficient and superb.”
Survey respondents’ comments included:
“A valuable service that I have now used many times and managed to unearth clients monies that we didn’t know about, that would have ultimately have been lost and taken back by the banks.” Julie Hill, North Yorkshire Council, Court of Protection Officer.
“I would not conduct a probate without their asset search. I would highly recommend the asset searches are done when dealing with any financial matters, and I am constantly recommending them to our clients, whether that be to executors, or attorneys or deputies. A peace of mind!” Molly Elizabeth Sutherland, Solicitor, Levi & Co.
“Cannot fault the support, commitment and dedication of our Estatesearch contacts. We really are delighted with the service. Thank you for helping us make our bereaved clients lives easier.” Emma Knewstub, Laurelo, Director.
Ben Furlong concludes: “The insight and positive feedback gained from our survey fuels us to continue to develop our services to benefit the industry. We will be led by our clients to see how we can further leverage data and technology to streamline processes and bring new solutions to the market to help them meet their due diligence obligations and help them to provide better services and outcomes for their own clients.”
For further information please visit: Services – Estatesearch
Originally published in Today’s Wills and Probate.