Financial Asset Search for Private Client Customers

Published February 6, 2020

The Financial Asset Search (FAS), provided by Millar & Bryce, is designed to help you identify lost, dormant or unknown assets and manage the gathering of information during the administration of an estate.

The first month of 2020 has shown a strong demand for FAS among our Private Client Customers. We caught up with Callum Smith, Sales Team Manager at Millar & Bryce, and Louise Waddell, Business Development Manager at Millar & Bryce.

Callum Smith explains the service, which has been optimised in recent years: ‘Financial Asset Search is a single search which provides a notification of death to over 200 financial organisations and requests confirmation of any accounts in the deceased’s name. It identifies assets including pensions, life policies, unit trusts and bank accounts. Through the utilisation of the FTSE 100 Share Search as well as the Will Search (which enables us to search a database for the existence of a will and its location), we can provide a comprehensive overview of all the information and remove the need for our Private Client Customers or their clients, to spend a lot of time trying to gather the required information. We will provide you with a clean, easy to understand report at the end.’

Louise Waddell, Business Development Manager for Edinburgh, East Lothian and Fife, speaks of her experience in explaining the benefits of FAS to her customers: ‘I recently dealt with a solicitor whose client had arrived with every document under the sun. A comprehensive picture of the estate had already been established but the Financial Asset Search report identified some stocks that were not known to the deceased’s family.’

Callum Smith adds: ‘The FAS report is also often used to bring peace of mind to all parties involved, in making sure no assets were missed. We have seen situations where the executor does not have detailed knowledge of the deceased’s financial affairs. The FAS report will be able to clarify this further so the executor can finalise the application for confirmation. This particular search is one that has been really well received by solicitors and executors in bringing further certainty that the estate is wound up comprehensively and therefore minimising the likelihood that a case will be re-opened at a later stage.’

The final report will confirm the list of financial institutions contacted and will list the assets that have been identified.

For detailed information, please read our Financial Asset Search product details.

Our Customer Success team, lead by Adam Fabi, will be delighted to provide you with additional information so please reach out to them on 0131 556 1313 or email at relationship@millar-bryce.com.