We recently completed our first annual Financial Administration Survey to evaluate our clients and potential clients’ opinions regarding the administration of their complex financial transactions. Over 175 key executives responded to the survey providing interesting responses.
With 28 percent, the majority of our survey participants are employed in the real estate industry. With members of the financial services industry followed closely with 22 percent. The majority of responders had completed a complex financial transaction within the past 12 months and 30 percent of them were 1031 exchange transactions.
The biggest revelation from the survey was the “paradoxical” answers from the respondents. According to the survey, over 90 percent of the respondents stated that they felt confident or overly confident that they know where and how their funds were being held. Most of the respondents also felt that their funds were secure. However, those same respondents also replied that they felt a need for greater financial security, transparency, and regulatory compliance in financial service institutions and banks.
Although security is a high priority for financial transactions, an overwhelming majority of respondents felt that increased government intervention is not the answer. We couldn’t agree more. NES Financial is a financial administration provider that ensures the highest standards of security in complex transactions for banking institutions and major corporations. Our primary goal is to ensure safe processing of complex financial transactions.
Most respondents agreed that online visibility would be a major improvement for processing complex financial transactions. Our eSTAC technology is a perfect platform to address this need. For complete transparency, eSTAC allows clients to view every transaction that has taken place in their account and provides online visibility to all account documentation online.
NES Financial would like to thank all of our participants and congratulate our survey contest winner, Mickey Hennigan of City Bank and Trust Company, for winning a $100 Amazon gift card.
To see the results of our latest Financial Administration Survey, click here.
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