How to Become a Broker for Unclaimed Funds
- 1). Get legal assistance to create two simple agreements if you're not comfortable doing them yourself. The first agreement should ask clients to accept the forthcoming information about possible funds, with the condition that if it's proven to be their money, you will do the work and be paid an agreed-on fee.
If after reviewing your information they decide not to claim the funds, the agreement should include a clause stating that if they end up getting the money on their own, you'll still require the agreed payment. - 2
A lawyer can help your legal documents.Stockbyte/Stockbyte/Getty Images
Create a power of attorney in which clients give you authority to do the work on their behalf. The power of attorney document should state whether the money should be mailed to you or the client, once the forms have been submitted. Drafting your agreements early will help your thought-process even before you start doing the practical tasks as a broker. - 3). Identify resources that list unclaimed funds. In the United States alone, there are many. A good starting point is with the Office of the Controller's website for your home state. Additionally, there are resources such as the FDIC Unclaimed Deposits Information, the British Columbia Unclaimed Property Society site that includes insurance funds, and the Unclaimed Assets site that lists HUD unclaimed rebates and money owed to veterans.
- 4). Decide whether you'll want to search only in select states -- for example, your own; other states in the same time zone as yours; or whether you plan to search unclaimed prospects nationwide.
- 5). Create a system to capture details you want to further research from the unclaimed list. You can simply write notes using pen and paper; or you can copy and paste the unclaimed information into a Word or Excel document that you'll work from. You might want to start with 10-20 names for detailed research. As you complete each on, or have to scratch them because you reach a dead end, you can add more names to your work list, until you create a perfect match and both parties sign the agreement and power of attorney to collect the funds.
- 6
Finally getting the unclaimed money will be a great accomplishment.Jupiterimages/Photos.com/Getty Images
Submit your power of attorney to the office holding the money, along with any documentary proof that demonstrates why your client is the owner of the funds.
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