Solutions for Investment Protection, Transparency, Security and Regulation Initiatives Resonate with Customers; Company Expands to Address Increased Demand
SAN JOSE, CA July 14, 2010 – For the first half of 2010, NES Financial (NESF) has announced the company has seen continued strong momentum and growth, driving initiatives and releasing solutions that provide additional consumer protection to businesses and the public. Over the last six months, the company has expanded its technology solution offerings that deliver transparency and security to a variety of sectors; gained two highly experienced subject-matter experts in its field organization; continued its fight for consumer protection at the Federal level; and achieved its fifth consecutive SAS 70 Type II certification, remaining the only company in the 1031 industry to do so.
“Transparency, security and sufficient financial controls are critical to adequately mitigate risk in the financial sector,” said Michael Halloran, CEO of NES Financial, who has guided the company to create highly transparent, fully compliant solutions for trust and escrow administration across a variety of market segments. “Businesses and consumers alike clamor for solutions that address these issues and protect their capital from hidden risk within the financial system, in response, we continue to deploy solutions into the specific sectors where the need for security and transparency is greatest.”
NESF Expands Technology Offerings with Two New Solutions
The growing complexity of financial transactions strains the resources and systems of financial institutions, generating significant risk. To address this problem, NESF has created two rapidly deployable technology-based solutions, designed to create efficiency and consumer protection.
Built upon the proven NESF eSTAC platform, NESF Trust and Escrow Solutions are rapidly being adopted in the marketplace. In the first half of the year, NES Financial has seen rapid growth with their EB-5 Visa Escrow Administration Solution, as Regional Centers around the country have deployed the solution to bring the benefits of security and transparency to their investors.
Despite the challenging economic environment, the company continues to see strong growth in its 1031 Like-Kind Exchange Business as NESF continues to drive industry-leading standards for security, transparency, and compliance.
Continued Fight for Consumer Protection
NESF has escalated their continued push for regulation in the 1031 industry in the face of ineffective measures in the Senate financial reform bill. Though provisions for the industry do exist in the new bill, they are inapplicable to the actual executors of 1031 exchanges, and must be strengthened to provide actual protection to consumers and business. With the countless victims of 1031 failures rallying behind them, NESF continues to be the thought leader with Congress to ensure greater levels of consumer protection, industry compliance and transparency.
NESF Strengthens Experienced Field Organization
In response to the increasing demand for NESF’s unique solutions, the company has continued to develop its singular team of solution experts.
The existing NESF team – led by Charles Krahling, Executive Vice President of Sales, and comprised of widely recognized industry experts Juliana Clementi-Ryan, Coleen Danaher, Brian McNulty and Brian Terwilliger – has been expanded with two key additions. Joining this vanguard are Daniel Feehan, Director of Strategic Accounts, and Robert Garcia, Vice President of Sales, who will focus on the energy sector.
- Dan Feehan joins NES Financial from Deutsche Bank, where he served as Director and Head of the Like-Kind Exchange business within the Trust and Securities Services division. Dan will be responsible for heading up the NESF strategic account initiatives.
- Robert Garcia most recently served as VP Business Development at JP Morgan Chase, and brings more than 20 years of experience to NESF. Robert is an expert in the Energy Sector and is based in Dallas, Texas.
“The success of our existing team has helped make NESF the industry leader in client protection solutions, and it is exciting to see that their colleagues from other major financial institutions are deciding to join our team and bring new expertise to the table. We’re thrilled to welcome Daniel and Robert to the NESF family,” said Krahling.
About NES Financial
NES Financial (NESF) is the nation’s leading provider of secure, transparent and compliant financial administration and 1031 exchange solutions for Fortune 500 companies, financial institutions and law firms. Combining proprietary state-of-the-art technology and outstanding client services with subject matter expertise in trusts, escrows and 1031 exchanges, NESF delivers flexible and scalable solutions that safely process over 70 billion dollars each year.