To become an asset recovery specialist, you must first decide whether you want to work in the finance and banking industries or the resource recovery industry. Each sector has its own requirements for asset recovery specialists, although companies in both will expect you to know the procedures for liquidating excess inventory. The finance and banking industries require more university education but the resource recovery industry usually does not require a degree beyond high school, although certified training is expected.
Within banking establishments, an asset recovery specialist works with the loan and bankruptcy department to ensure that a client's financial assets are properly repossessed and distributed. Duties may also include collaborating with a legal team to collect overdue debts. If you would like to become an asset recovery specialist for a bank, it is necessary for you to have a good understanding of and experience with bankruptcy and debt collection procedures. In addition, most banks require that you have a bachelor's degree. Asset recovery positions within larger finance-oriented banks will require you to have a bachelor's degree in finance or a related field.
Resource recovery firms usually expect their asset recovery specialists to have a high school diploma or its equivalent. In order to become an asset recovery specialist for one of these firms, you must have the appropriate training. There are a number of online programs which grant asset recovery certification. Courses cover a variety of topics relevant to the industry including skiptracing, client communication, contracts, recovery legal matters, and contracts. Recovering assets from specialized settings, such as military-owned establishments, is also incorporated into courses.
Besides 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 who have failed to repay debts of a considerable size. This line of work is very sensitive, so it is absolutely vital that you are able to clearly yet firmly communicate the bank's or firm's position and the consequences of the client's inaction. Knowing the proper way to negotiate is also very important, as you will sometimes 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 usually have to communicate with legal professionals. Due to this interaction, remaining up to date on legal issues concerning collection and investment recovery is crucial. Maintaining a good working relationship with local legal professionals in the asset recovery field goes a long way in facilitating communication.
