To become an asset recovery specialist, choose between finance/banking or asset recovery industries. Banks require a bachelor’s degree and knowledge of bankruptcy and debt collection. Asset recovery companies require certified training in skiptracing, communication, and legal issues. Communication and negotiation skills are vital, as is staying up-to-date on legal issues.
To become an asset recovery specialist, you must first decide whether you want to work in the finance and banking industries or in the asset recovery industry. Each industry has its own requirements for asset recovery specialists, although companies in both will expect you to know the procedures for liquidating excess inventory. The financial and banking industries require more college education, but the asset recovery industry generally does not require a degree beyond high school, although certified training is expected.
At banking establishments, an asset recovery specialist works with the loan and bankruptcy department to ensure that a customer’s financial assets are properly recovered and distributed. Duties may also include collaborating with a legal team to collect overdue debts. If you want to become an asset recovery specialist for a bank, you need to have a good understanding of and experience with bankruptcy and debt collection procedures. Also, most banks require you to have a bachelor’s degree. Asset recovery positions at major finance-focused banks require you to have a bachelor’s degree in finance or a related field.
Asset recovery companies generally expect their asset recovery specialists to have a high school diploma or equivalent. To become an asset recovery specialist for one of these companies, you must have the appropriate training. There are several online programs that award asset recovery certification. Courses cover a range of topics relevant to the industry, including skiptracing, customer communication, contracts, recovery legal issues and contracts. Asset recovery from specialized environments, such as military-owned establishments, is also incorporated into courses.
In addition to education, to become an asset recovery specialist you will also need to develop excellent communication and negotiation skills. You will be dealing with people and companies that have defaulted on sizable debt. As this line of work is a very sensitive one, it is absolutely vital that you are able to clearly and firmly communicate the position of the bank or company and the consequences of customer inaction. Knowing the right way to negotiate is also very important, as sometimes you will be called upon to negotiate new terms for a specific mortgage loan or terms related to end-of-life assets if the loan is insurance related.
As an asset recovery specialist, you will often need to communicate with legal professionals. Due to this interaction, it is essential to stay up-to-date on legal issues related to the collection and recovery of investments. Maintaining a good working relationship with local legal professionals in the asset recovery field helps a lot with communication.
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