Fusing Bill Payment Tech and High-Touch Service

March 25, 2022.

ACCLAIM | WealthBriefing Recognises Leaders Across the Global Wealth Management Industry
Anneke Stender, Executive Vice President of PLUMB Bill Pay, talks to this news service about how it has stood out from the crowd.

 

What sets you apart from your peers this year and why?

PLUMB Bill Pay was developed by financial experts and accounting professionals with a deep understanding of the unique challenges of high-net-worth individuals and the needs of family offices.

What sets PLUMB apart is our fusion of bill pay technology and high-touch services. Of course, we have expertise in family office accounting, but we fuse this with secure technology that streamlines and improves bill pay processes. We serve as an extension of your family office team, treating all our customers and partners with the utmost care and precision- this includes overseeing not just bill pay and accounting, but managing wires, capital calls, and any other issues that arise that we can assist with.

 

How have your colleagues contributed towards the success of your organization?

At PLUMB, we stay ahead of the curve by creating our own proprietary Bill Pay Workflow Application tailored specifically to the HNW and single/multifamily offices. We understand the accounting necessary to support complex estate planning and consolidated reporting. The PLUMB Bill Pay app integrates with QuickBooks Enterprise, QuickBooks Desktop, QuickBooks Online, and SAGE Intacct to ensure ease-of-use and clear financial reporting.

The innovation behind our technology is powered by our ever-growing team of trusted professionals. Our team’s high level of knowledge and service in the UHNW individual space is the foundation of our technology, as well as what fuels the ongoing innovation of our product.

 

What are you going to do to stay on the front foot in a fast-growing but also challenging region such as this?

Our focus is “Service First”. Serve our clients. Serve our referral partners. Do a great job and do that by embracing our role in the UHNW industry. Obviously, technology is important, and we will continue to invest and grow our software platform along with continuing to provide a high level of service, evolve based on customers’ needs, and stay on the pulse of changes to stay ahead of the curve.

 

What have been the challenges you have had to overcome to reach such a standard?

We hire superstars. Now, our definition of a superstar is different than most. Our superstars are the foundation of great brands. Our superstars are client and Bill Pay associates, client relationship managers, and everyone else on the team that is there, day-in and day-out, serving their clients, contributing to their team, and providing white glove service. How do we sustain our high standard of service? By celebrating our team members. By investing in our team members. By creating technology that is industry leading and enables them to create an ever increasingly better client experience. Really, we’re just getting started, there is so much more to build!

 

How has your business and business model reacted to the pandemic? Has morale amongst your colleagues held up well during the pandemic? What have you done to bolster their spirits?

Team members are tough to come by and we do our best to retain and incentive them in unique ways to keep them with PLUMB. We embrace the challenges that our team members are going through and do our best to accommodate their needs. Frankly, some of our team members’ challenges initially caught us off-guard and we realized that the pandemic is not a “one size fits all” answer. We created a regular check-in between team members, virtual group events, and other team-building activities. Our “Monday Morning Kick Off” meeting became much more vibrant. Some things worked and have been adopted long term, other things did not. We will keep striving, trying new activities, while keeping our cadence of tried-and-true practices.

 

Have your differentiators become more important to your business? Are they still relevant?

High touch technology fused with top level service is our up-front differentiator. With that being said, when our clients’ need us to dig deeper, they come to understand and value the depth and breadth our team brings. While we continue to invest in and improve our proprietary bill pay technology, it’s our smart and caring people that routinely make the difference. Our team serves our clients and partners with the utmost care. Exceptional service will always be relevant.

 

Whom do you look to for inspiration?

Our clients, old and new, bring us inspiration. Each one started with their dream, and they are inviting us to play a role in that dream. We take that role of stewardship seriously.

 

What do you hope will be the result of receiving this accolade?

Spread the word about us, our people, and our story. We are a 20+ year overnight success that the world is just starting to know. This award is a testament to our best-in-class services and a foundation of technology and bank-level security that has led to our growth and success this year.

 

About Plumb Bill Pay

Plumb Bill Pay is a high-touch technology family office bill pay and accounting service provider whose services are custom designed to meet the needs of high-net-worth and ultra-high-net-worth clients.

 


Contact Plumb Bill Pay today.

Plumb Bill Pay Wins Prestigious WealthTech Americas Award

March 21, 2022.

Plumb awarded top prize for “Payment Reconciliation Services” at the WealthBriefing WealthTech Americas Awards 2022.

 

Plumb Bill Pay is proud to announce they have been awarded the best Payment Reconciliation Service at the annual WealthBriefing WealthTech Americas Awards.

According to ClearView Financial Media’s WealthBriefing: “The accuracy, security, and verification processes {of Plumb Bill Pay’s Payment Reconciliation Services} impressed the judges, along with the flexibility to securely log in from any location. The integration possibility of the app further ensures ease-of-use and clear financial reporting.”

Commenting on the firm’s triumph, Anneke Stender, Executive Vice President of Plumb Bill Pay, said: “This award is a testament to our best-in-class services, and a foundation of technology and bank-level security that has led to our growth and success this year. We are a 20+ year overnight success that the world is just starting to know, and we are thrilled to be recognized by the WealthBriefing WealthTech Awards for our innovation, dedication, and expertise.”

Watch Anneke Stender’s acceptance speech.

For over two decades, Plumb has helped high-net-worth clients achieve greater levels of personal freedom to savor their time and enjoy their lifestyles. By providing expert advice and innovative technology solutions to streamline, simplify, and centralize day-to-day financial operations, Plumb acts as an extension of their clients’ financial team, supporting individuals and families with their analytical and proactive approach to bill pay.

About Plumb Bill Pay

Plumb Bill Pay is a high-touch technology family office bill pay and accounting service provider whose services are custom designed to meet the needs of high-net-worth and ultra-high-net-worth clients.

 


Contact Plumb Bill Pay today.

Plumb Bill Pay Implements a Check Fraud Solution with Cheque-Guard

The Cheque Guard Suite of Products is the Industry-Leading Answer to Combating Check Fraud.

Press Release – Check Fraud Solution for Plumb Bill Pay

Plumb Bill Pay, a premier back-office accounting, financial reporting and bill pay firm for family offices and the high-net-worth, is pleased to announce a partnership with Cheque Guard and their check fraud detection tools and software. The combination of Plumb Bill Pay’s secure cloud infrastructure with state-of-the-art Barracuda Spam Firewall and Cheque Guard’s top-rated check printing security creates a robust defense to protecting client’s financial data.

“As a preferred outsourced bill pay vendor for many top multi-family offices, financial institutions and high-net-worth families, our security concerns around check fraud are a high priority,’ said Anneke Stender, Executive Vice President of Plumb Bill Pay. “After evaluating numerous solutions, we are confident that Cheque Guard is the leader in the industry with their innovative suite of products,” she said.

The Cheque Guard system replaces the need for Plumb Bill Pay to purchase individual checks from financial institutions for clients. Instead, specific account information is imported onto blank checks made with an image-survivable seal that encrypts the data into a barcode. The product is ChequeSeal, a next generation of Positive Pay that requires no issue file or transmission. The ChequeSeal is decrypted and verified at the bank to ensure authenticity of the check.

“Check fraud is the biggest form of payment fraud in the world, and we fully understand the magnitude of the issue,” said Emil Ramzy, President of Cheque Guard. “There is great synergy with the Plumb Bill Pay team and we are happy to partner with them and provide peace of mind that their check writing solutions are safe and secure,” he said.

Plumb Bill Pay offers a range of services, including bill payment, recordkeeping, income and expense tracking, cash flow reporting, vendor management and mail services. These solutions are customizable for every client depending on the need and complexity of their personal financial life.

“Security is at the forefront of Plumb Bill Pay, and we take a proactive approach to ensuring that customer data is not compromised,” said Robert Scherer, President of Plumb. “Cheque Guard gives us the extra layer of protection against the potential vulnerabilities of check fraud,” he said.

Plumb Bill Pay uses a proprietary task management system to facilitate and track bill pay management.  It is hosted on a cloud infrastructure with bank-level security measures and VPN connection. Bills are paid on time, monitored for accuracy and reconciled by a dedicated team. This includes accounting experts who specialize in serving the needs of the high-net-worth.

About Plumb Bill Pay:

For over two decades, Plumb has been helping high-net-worth families, their businesses, and family offices achieve greater levels of personal freedom by handling their personal reporting and bill pay needs.

Plumb Bill Pay works with clients nationwide with office locations in Southern California: 1227 Prospect Street, Suite 200, La Jolla, CA 92037; 16904 Via de Santa Fe, Rancho Santa Fe, CA 92067 and 100 Bayview Circle, Suite 270, Newport Beach, CA 92660 and New York City: 747 Third Avenue, Suite 200, New York, NY 10017  

About Cheque-Guard:

Founded in 1991, Cheque Guard Inc. provides small to medium-size businesses and financial institutions with check fraud solutions, including ChequeSeal™ and ChequeSuite™. These software products allow businesses to integrate and deploy secure, controlled check printing and electronic payments for the Automated Clearing House (ACH), while creating a Positive Pay file for the bank as the checks are printed by the customer.

How to help eliminate check fraud with the protection of Cheque-Guard

This is the next generation of Positive Pay that requires no issue file and no file transmission.  The secure seal by ChequeSeal encrypts the check data into the barcode. When the check enters the banking system, an instant verification goes into action. Before it is paid, ChequeSeal references the encrypted information for comparison and determines the check’s authenticity.  For more information, click here.

check fraud solution

Are you ready to gain financial peace of mind knowing that your bills are being paid on time, reviewed for accuracy and detected from check fraud?



5 Critical Things Family Offices Need to Know about Bill Pay and Accounting

Anneke Stender, Executive Vice President of Plumb and the Founder of the Family Office Accounting and Bill Pay Division of Plumb, discusses bill pay and bookkeeping solutions for family offices.

An overview of Anneke’s background and Plumb Bill Pay

Plumb was founded in 1996 as an outsourced accounting firm for small to medium-sized businesses.

As we developed close and trusted relationships with these privately held businesses, we realized how unorganized some of the business owners were in keeping track of their personal finances. Due to our expertise in accounting and financial reporting, we recognized that we could serve the owners and their families as their outsourced accounting department.

Our family accounting and bill pay services were developed by accounting professionals who have a deep understanding of the unique needs of high-net-worth individuals and family offices. The idea is that we serve as an extension to our client’s family office teams, providing accurate data to all of their advisors so they can make better tax, estate and financial planning decisions.

“By providing high-touch accounting services and technology solutions through our Plumb BillPay app, we act as financial stewards for our Family Office clients in their day to day financial lives. We make sure that their bills are paid on time and their accounting practices are in order, so that our clients can devote more energy to enjoying life and have peace of mind.” – Anneke Stender

1. What are the different ways in which families and family offices pay their bills & handle their finances?

There are three different ways that bills are currently processed within families and family offices:

  1. Dedicated staff such as personal assistants, CFO/Controller or an in house bookkeeper.
  2. CPA firm provides bill pay services in conjunction with their existing accounting services department.
  3. Third-party bill pay provider that specializes in bill pay services, cash management, as well as reporting for families and family offices. These firms typically work in conjunction with the various family office advisors such as their financial planners, CPAs and estate planning attorneys to provide reliable and accurate reporting.

2. What are the 3 advantages to outsourcing Family Office Bill Pay?

It boils down to three advantages to outsourcing the bill pay function within a family office setting:

  1. Families can take advantage of the segregation of duties, including the checks and balances around their bill pay function. What we see here is that most families have one dedicated person handling all steps in the bill pay process. The biggest pain-point third party providers solve here is to alleviate the lack of checks and balances in this process by having a second or even third set of eyes review the transaction before it is released.
  2. Ooutsourced service firms take advantage of the latest technology in their space which helps to automate the process. Frequently, this leads to increased efficiencies and transparencies in the bill pay and approval process for families. For Plumb, this includes a proprietary bill pay technology solution that we have developed in house. Our bill pay workflow process software is an efficient, secure and easy way for our clients to get the right approvals prior to issuing a check or electronic transfer without having to comb through various email communication.
  3. Service firms like Plumb take a white glove or high-touch service approach when working with high-net-worth families and their family offices. This leads to quick turnaround times and the ability to handle last-minute requests, like urgent wires or ACH transfer which can be a big stress relief for families and their advisors. We call this service stance stewardship.

Ultimately, what third-party service providers do for bill pay is to optimize control over the process, bring more scalability, redundancy, precision, and expert oversight into the bill pay and financial organization of families and family offices. As a result this really creates more financial clarity and peace of mind for their clients.

3. What are best practices to optimize Bill Pay for policies, controls and security?

  • The confirmation of wire instructions: Confirm instructions verbally and record these verbal confirmations. If wire instructions have changed, we verbally confirm revised instructions.
  • Centralization of bills: We set up a post office box and a dedicated email address for each client for all incoming invoices which streamlines communication and minimizes loss of bills.
  • A billing tracker is then created to schedule out payments. The billing tracker allows us to proactively reach out if no invoice is received.
  • Segregation of duties: An effective workflow for bill pay should look like this:
    1. Individual receives and enters the vendor invoices.
    2. Second individual will review the transactions to ensure the appropriate
    approvals have been completed.
    3. Third individual will have the authority to sign off on the transaction.
  • Workflow approval application software: Applications provide you with the ability to set approval limits by vendor, dollar amount or entity, as well as integrate with the underlying accounting system to avoid double data entry.

4. How is Plumb Bill Pay integrated with capital calls?

Capital calls and alternatives are an administrative burden for most of our clients.

The Plumb team takes care of the following financial administration tasks:

  1. When a new investment is made, the bill pay system can book the overall commitment, and schedule capital calls.
  2. Team monitors and tracks the remaining commitment.
  3. Verbal confirmation of wire instructions.
  4. Categorization and reconciliation of capital calls and distributions.
  5. Monthly report to the family and its advisors to better manage any upcoming cash and tax planning needs.
  6. Collecting all of the year end K1 statements for the CPA to incorporate with their tax compliance work.

5. How does Plumb Bill Pay allow families to have more clarity over their wealth?

Financial clarity is achieved through integration with existing advisors. Integration with other service providers happens on the reporting side. We link into the various banking and investment portals to obtain the data and categorize them in the underlying accounting system.

Our recommendation around reporting is that:

  • Monthly cashflows should be provided to the family, as well as the financial advisors so they can appropriately plan for future cash reserve needs.
  • Quarterly consolidated financial report is generated which contains a balance sheet, profit and loss, as well as entity financials. The goal here is to provide accurate and reliable data so that other service providers around the family can be more effective from a financial, tax and estate planning perspective. This allows our clients a much clearer and more accurate financial picture.

“Again, the most important take away here is that high net worth families and family offices are looking for ways to simplify their bill pay and bookkeeping needs and doing this in a secure and transparent fashion. They are looking for experts that specialize in their respective area and work well with their existing family advisors. The integration with a third party service provider that is fully integrated with a family office group and their financial advisors can really streamline this process.” – Anneke Stender

Interested in learning more about our services? Contact Anneke today:

How to Prepare a Net Worth Statement and Track Your Wealth

Track your Wealth with a Personal Net Worth Statement

Many of our clients turn to Plumb Bill Pay because they have a complicated financial life and need help preparing their net worth statement. By having a clear picture of their wealth, including assets and liabilities, they can make better decisions with their investments and long-term financial goals.

What is a Net Worth Statement?

Net Worth = Assets – Liabilities

Let’s start with the basics.  A net worth statement is a personal balance sheet.  It lists your assets and liabilities.  Assets are items listed that have cash value (or can be converted to cash).  These assets typically include any money that is in your bank account, retirement account, investment accounts, and major items such as real estate or automobiles and other valuable property.  Liabilities are the debts or expenses that you owe. These include: bills, loans, mortgages, etc.

Need help with bill pay? Top 5 signs that you should hire a personal bill payer

How to Prepare a Net Worth Statement

There is technology available to help you track your net worth, or you can start with a simple spreadsheet.  For people who have a high net worth, it is beneficial for them to use a professional accounting firm to help them track their income and expenses.  To calculate your net worth, you subtract your liabilities from your assets.

Need help with your personal accounting to better track your wealth?

With great wealth comes great responsibility. There is complexity that comes with wealth, including high volumes of bills and income and expenses to track. Setting up a net worth statement or bill pay schedule with the appropriate checks and balances is not an easy task.

At Plumb, we offer personal CFO and bill pay services to ensure that our client’s finances are efficiently tracked and bills are paid, so they can focus their time on enjoying life and have financial peace of mind.

Article: A Corporate Approach to High-Net-Worth Individuals 

Back-Office Accounting Services for High-Net-Worth include:

For more information on Plumb Family Office Accounting – or to receive a quote for bill pay and reporting services:



The Best of Personal Family Office & Bill Pay Services this Year

Personal Family Offices & Bill Pay Services for the High Net Worth

Plumb Family Office Accounting is an outsourced accounting firm, focusing on personal CFO and bill pay services. In this post, we showcase the most popular content regarding Plumb Family Office Accounting, a personal family office and bill pay service provider for the high-net-worth and family offices.

#1 Why Use a Personal Family Office and Bill Pay Service Firm?

Are you a good candidate for outsourcing your personal accounting or bill pay needs? Do you want to know how a personal CFO service and bill pay firm can help you save time and bring peace of personal cfo mind? If you are dealing with complicated finances, or feel overwhelmed with the amount of bills that need to be paid and tracked. Plumb Family Office Accounting explains the top 5 reasons to use a personal bill pay service firm.

#2 Keys to a Successful Onboarding of a High-Net-Worth Client

The “white-glove” experience for a client of Plumb Family Office Accounting starts at the on-boarding process. It can seem overwhelming at first to gather all the bills and financial data in order to start the relationship. However, at Plumb, we have worked with busy entrepreneurs and even busier families, so we have developed a system to make the onboarding process easier. It is this combination of personal attention and service, with technology and security that brings it all together.

#3 Five Signs that you Need a Back-Office Family Office Accounting

What is a back-office Family Office Accounting? Are you missing due dates with your bills and incurring late payments? Are you having trouble keeping track of your investments that could include entities, personal bill pay firm rental properties, trusts, etc.? Do you have a clear picture of your wealth? Is your financial paperwork organized for tax season? How much time are you devoting to handling household finances, compared to actually enjoying your wealth? Think about your answers, then read about how a back office CFO can help.

#4 Family Wealth: How to Retain it with Better Financial Reporting

In order to make better decisions and retain your family wealth, it is important to have accurate, up-to-date financial information. Plumb Family Office Accounting offers outsourced accounting services to wealthy family services the high-net-worth and provides consolidated financial reporting with real-time data for a holistic view of family wealth. Unlike wealth management firms, Plumb Family Office Accounting does not manage money or recommend investment strategies. They work together with their client and their client’s personal financial team in a strategic manner to leverage their total expertise.

#5 Top Signs that you Should Hire a Personal Bill Payer

Who is the typical client of Plumb Family Office Accounting? Not all clients are alike, but the one thing they all have in common is: personal financial complexity. They own multiple homes, have household employees on their staff and have investment accounts, entities, trusts and even personal foundations. Most importantly, they are paying up to 100 bills per month and using a few different credit cards and bank accounts to manage their spending. Click here for an infographic >>

Are you ready to simplify your personal financial life and take true control of your wealth?

Why Use a Personal Bill Pay Service Firm?

As a personal bill pay service firm, Plumb offers bill pay services that cater towards individuals and families who are dealing with complicated finances.  You may want to enlist the help of a personal bill pay service firm if you feel overwhelmed with the amount of bills and mail you receive each month and find it too time consuming to get your personal finances organized.

The Plumb personal bill pay service firm is not an online bill pay software, rather it is a team of accounting experts who have experience dealing with high-net-worth clients and their specific bill pay needs.  At Plumb, we provide high-touch services while also utilizing the latest bill pay software and technology to manage monthly expenses and produce cash flow reports.

Top 5 Reasons to Use a Personal Bill Pay Service Firm:

  1. Have your expenses tracked and bills paid on time so you can focus on your family and enjoy your wealth.
  2. Receive comprehensive cash flow reports, allowing you and your personal financial team to make better decisions about your wealth.
  3. Deliver accurate tax documents to your CPA by having organized recordkeeping throughout the year and electronically filing invoices.
  4. Pay household staff, prepare 1099s & 1096s, and streamline vendor management to centralize all household expenses.
  5. We monitor credit card and wire transactions for discrepancies, tracked and reconciled for accuracy, to give you peace of mind.

Who Uses a Personal Bill Pay Service Firm?

Plumb was established over 20 years ago to provide outsourced accounting services to entrepreneurs, their companies, foundations and personal family bookkeeping and bill pay needs. The typical client who requests personal bill pay service from Plumb has multiple properties, household staff, numerous bank, credit card and investment accounts to manage and track. Therefore, they want to reduce the overwhelm of paying multiple bills, reconciling accounts and staying on top of due dates.

Discover how Plumb, a personal bill pay service firm, can work for you.

Family Office Services: It’s more than Bill Pay

This is an interview brought to you by Acclaim Magazine and Editor, Tom Burroughes for Family Wealth Report. 

Cutting the Bill Payment Burden Adds Big Value For Clients

An interview with Anneke Stender, EVP of Plumb Bill Pay and Robert Scherer, President of Plumb Bill Pay.

What do you think is the main reason you have received this award-winning stage?

Plumb Bill Pay has been laser-focused to deliver an accounting service that has been either overlooked or underserved in the private client community. By offering a stand-alone outsourced bill pay solution to family offices, wealth managers and the high-net-worth, we have capitalized on a gap in the marketplace.

The interest in our “Property & Household” service offering has grown significantly in the past 18 months as the trend of outsourcing continues to rise. As a result, Plumb Bill Pay has onboarded an average of three new clients every month, adding 12 new employees to the team and expanding into three office locations across the country.

“We believe that our firm has achieved this award-winning stage based on the combination of providing high-touch customer service that is built on a technology platform with bank-level security while operating with proven accounting systems and procedures,” said Robert Scherer, President of Plumb Bill Pay.

The financial teams who engage Plumb Bill Pay as their back-office to process and pay client bills gain a competitive edge with a wide range of benefits.  Our service improves their business processes, which frees up time for their team to focus on investment strategies and higher-level accounting functions. It enhances their service offering by having a trusted resource for their clients who are overwhelmed with the amount of bills to pay and expenses to track. With our established security protocols and checks and balances, the burdens of compliance, risk and cybersecurity that come with processing payments and potential fraud are diminished when outsourced to Plumb Bill Pay.

What sort of challenges did you have to take on?

Working as a vendor for some of the world’s largest financial institutions, the security of our platform and internal controls to protect confidential information was built on unique and stringent specifications. We believe it is imperative for clients and their financial managers or designees to be able to maintain access to the bill pay workflow, but without compromising security.

We took on the challenge to build a customized cloud network that is backed on a singular data center. It is certified and compliant for bank standards with two-factor authentication and VPN connection. We also setup procedures and role-based workflows for approval limits and constantly monitor accounts for suspicious activity.

What can you tell us about how your colleagues contributed to this success?

As our firm experience’s rapid growth, we shifted the structure of our bill pay teams for optimal customer service. Every bill pay client is supported by at least 3 accounting experts, ranging from a dedicated manager, to associates, an account supervisor and signors. This allows for the appropriate checks and balances, while also giving the client and their personal financial team access to Plumb when they need them.

Since we work with successful and fast-paced entrepreneurs and affluent families, they have a lot of moving parts to their financial structure. Our personal bill pay teams understand the unique needs of the high-net-worth and provide the white glove customer service they require and deserve. Clients gain financial peace of mind knowing their household expenses are being handled, while also having clear insights into their finances with cash flow reports and tracking.

How have you dealt with the changes taking place in the North American wealth management market and in what way did your award reflect that?

Many of the wealth managers and financial advisors who refer to our personal bill pay services are looking for a reliable resource to handle their client’s complex bill pay service needs. It’s a competitive marketplace in the North American wealth management market in order to attract and retain high-net-worth clients. By offering a solution that reduces the overwhelm of managing multiple bills and chasing due dates, wealth managers can turn to Plumb for support. We work alongside them and customize our accounting services, reporting and security measures depending on their current operations.

From whom do you take inspiration, either in terms of people or other organizations, inside or outside the North American wealth sector?

“Our inspiration to deliver a superior bill pay service comes from our experience with working with some of the country’s largest investment firms and family offices,” said Anneke Stender, Executive Vice President of Plumb Bill Pay. “We admire their far-reaching approach and ability to provide such massive resources and options for their clients.”

What sets you apart from your peers this year?

For over 20 years, Plumb has been providing back-office accounting and financial reporting to businesses and high-net-worth families.  It is this depth of knowledge and our corporate finance approach to handling bill pay and multi-entity bookkeeping for the private client community that stands out above the rest.

We understand the business-sized challenges of high-net-worth clients who have a complex financial life. The families we work with have an average of 100 – 200 bills to pay each month, plus 3-4 entities to track. By producing cash flow reports with an up-to-date general ledger system, clients and their advisors have clear insights into their wealth to make decisions based on their financial goals.

What will you do to keep the standard of an award-winner and push ahead in the future?

Prior to winning this award we started the development of our Bill Pay App. It is now complete, and we have begun staged roll outs. This workflow application will be used as a tool to automate the bill pay process and enhance the client experience. By applying this forward-thinking technology, it will give us another tool to push ahead in the future.

Contact Plumb for a demo of our Bill Pay app.

What do you hope will be the main consequence of achieving this accolade?

This award brings us incredible exposure to a community that may not be familiar with our outsourced solution for bill pay.  Our current clients, some of whom are the wealthiest people in the country, love Plumb Bill Pay. It is their confidence in our service that drives us forward.

We hope it will bring attention to a service that can help financial management teams spend less time handling administrative bill pay functions and more time working alongside their clients to help strengthen financial futures.

How will you use the award to raise your profile in the industry among clients?

As a first-time nominee, we have been following the FamilyWealth Report Awards and their community of contributors for years. It is an honor to be recognized and we will continue to publicize our award online and within our marketing collateral.

For a list of all the award winners and their interviews, view the Acclaim Magazine.

Interested in a quote for bill pay services?



Family Wealth: How to Retain it with Better Financial Reporting & Cash Flow Insights

Retain your Family Wealth by Organizing your Financial Life

Family wealth is a product of success and comes with great responsibilities. In a recent article in the Journal of Accountancy, the best time to evaluate your financial plan is after tax season when you have the most up-to-date information about your family wealth.  Nearly eight in 10 affluent families use the information on their tax return to guide their planning for the year, according to a Harris Poll.

“Organizing and reporting your sources of income, results from investing, and outflows for deductible expenses leaves you with a current road map and a unique opportunity to take a fresh look at whether your strategies are on track to meet your financial goals,” said Neal Stern, AICPA’s National CPA Financial Literacy Commission. “Tax time brings your financial situation to the forefront,” he said.

Wouldn’t it be helpful to have this information at your fingertips any time of the year, and not just after tax season?

The majority of high-net-worth families have a team of advisors to guide their family wealth decision making. These include trust and estate attorneys, CPAs, certified financial planners and wealth managers.  Yet, the actual day-to-day financial responsibilities of staying on top of due dates, paying bills, organizing financial records, tracking expenses and creating budgets relies on the family. The more complex this becomes, it is harder to track and get a clear picture of family wealth.

In order to make better decisions and retain your family wealth, it is important to have accurate and up-to-date financial information.  Plumb Family Office Accounting offers outsourced accounting services to the high-net-worth and provides consolidated financial reporting with real-time data for a holistic view of family wealth.  Unlike wealth management firms, Plumb Family Office Accounting does not manage money or recommend investment strategies. Instead, they work together with their client and their personal financial team in a strategic manner to leverage their total expertise.

Financial transparency gives you the backdrop to make better financial decisions & retain family wealth

Plumb Family Office Accounting offers customizable accounting and bill pay services to wealthy families, so they receive a clear, aggregated picture of their current financial status, which helps to retain wealth.

Plumb Family Office Accounting Services:

  • Personal Financial Reporting & Analysis
  • Monthly Financial Statements
  • Family Bill Pay Services
  • Cash Flow Management
  • Bank & Credit Card Reconciliation
  • Household Employee Payroll Services
  • Budgeting
  • Insurance Coordination & Oversight

By providing the financial information and cash insights, clients can make knowledgeable decision about their wealth.  It also frees up time, so you can enjoy your wealth.  Discover the depth of personalized financial reports from Plumb Family Office Accounting.  To request a quote for family bill pay services, click here. 



Top Signs That You Should Hire a Personal Bill Payer

A personal bill payer can help manage your complex financial affairs

Could your family benefit from a personal bill payer? At Plumb Family Office Accounting, we are a reliable firm with a team of accounting and personal bill payment experts who understand the needs of the high-net-worth.

If much of your free time is spent paying bills, tracking income and expenses, or worrying about deadlines and paperwork, you should consider hiring a personal bill payer.  Once you accumulate wealth, you should have the freedom to enjoy it and feel secure knowing you have a financial plan in place for your future.

Not all Personal Bill Payer Experts are the Same.

What makes Plumb Family Office Accounting different?

We work with over 150 HNW families across the globe and also support family offices to provide high-touch bill payment services.  As an outsourced solution, bill pay by Plumb is a customizable, high-touch and reliable service for those who are looking to offload the payment of their expenses and vendor management. Our team of bill pay experts work through a segregation of duties with multiple levels of review and bank security access and account protection.  Click here to see our 7-phase bill pay cycle >> 

Snapshot of a Typical Client:

Not all clients are alike, but the one thing they all have in common is: personal financial complexity.  They own multiple homes, have household employees on their staff, and have investment accounts, entities, trusts and even personal foundations.  Most importantly, they are paying up to 100 bills per month and using a few different credit cards and bank accounts to manage their spending.  Here is a look at an average client of Plumb Family Office Accounting who is using bill pay services.

Here are 5 averages of a typical Plumb bill pay client:

  1. Bills Paid Per Month – 50-100
  2. Wires Capital Calls Per Month – 10-20
  3. Credit Card Transactions – 250-500
  4. Monthly Reconciliations – 2-5 Credit Cards | 2-3 Bank Accounts
  5. Average Numbers Per Family – 3-5 Entities | 3-5 Homes | 2-3 Household Employees

Can you relate to this type of personal financial life? Many of our clients are busy professionals, people who like to travel, or retired and do not want the burden of tracking income, expenses and paying bills.

We make it easy to put together a pricing proposal for our bill pay services.  We setup a fixed fee price, based on the number of transactions required and cash flow reporting.  Please fill out this questionnaire or contact Plumb at Sales@thinkPlumb.com for more information.