Ultra-High-Net-Worth Investor Gains Clarity with Plumb Services

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Providing an Entrepreneur with Up-to-Date & Consolidated Financial Data for a Clear Picture of Wealth

Case Study: Ultra-High-Net-Worth Investor & Business Owner

Client:

Ultra-high-net-worth entrepreneur with multiple business investments, rental properties and luxury yacht.

Net-Worth:

$150 Million +

Background:

An entrepreneur who recently sold one of his businesses needed help with his personal accounting, tracking of income, cash flow reporting and bill pay. As he started to invest in additional businesses, he was also looking for an accounting team who could provide him with accurate GAAP compliant financial statements for his new investments.

A snapshot of his financial life included multiple operating businesses, existing holdings, and real estate assets.

Referencing an article in the New York Times, “Inside the Minds of the Ultrawealthy” by Eilene Zimmerman, she asked psychologist Brad Klontz about what it’s like to work with billionaires.

What can the rest of us learn from how the ultra-high-net-worth work through their problems?

The ultra-high-net-worth are not afraid to ask for help. They are more likely to have an internal locus of control, where they are quick to take credit for their successes and admit their failures, at least to themselves. In managing their very complex lives, they have had to rely on a variety of experts to help them along the way. When they run into problems, they are less hesitant than most of us to seek help from someone who is an expert.

Solution & Deliverables:

Plumb delivers a customized approach for every client, depending on their needs and complexity of their financial lives.

This client’s concerns revolved around the accuracy of the data his property management company was providing. He was also seeking accounting assistance for a newly acquired construction business that needed cleaned-up financials and advice moving forward with company performance and strategy.

Personal Reporting & Outsourced Accounting:

  • Create a consolidated trust balance sheet every month
  • Track all transactions and properly allocate
  • Implement calendar of financial due dates for all rental properties to ensure mortgages, property taxes, insurance and utilities are paid on time
  • Work in conjunction with property management firm to receive accurate data
  • Set-up internal controls and accounting procedures to track new business entities, trusts and partnerships
  • Track and consolidate investment funds
  • Reconcile all balance sheet accounts, including Cash, AR, AP and credit card liabilities
  • Project work for establishing up-to-date and accurate financial statements for newly acquired business
  • Maintain yacht slips and make sure invoices are paid on time
  • Ongoing strategic advice on company performance

Outsourced Bill Pay:

  • Forwarding bill statements to client-specific PO Box
  • Sending the client a comprehensive list of bills for approval of payment
  • Paying bills out of a POA designated bank account
  • Processing checks that Plumb signs as Power of Attorney
  • Performing monthly bank and credit card statement reconciliations
  • Electronically filing invoices to a secured client-specific cloud folder
  • Setting up bill pay schedule with financial calendar of due dates
  • Integrating bill pay schedule into Plumb’s proprietary task management software
  • Implementing vendor management reporting
  • Creating weekly cash flow reports
  • Properly tracking income & expenses

Results – How We Help:

The client was able to offload many personal accounting and bill pay tasks to Plumb Family CFO. He gained financial clarity and peace of mind knowing that his day-to-day transactions were being handled With consolidated reporting every month, he was able to see a clear picture of his net-worth and had more time to optimize his investment strategies.  With ongoing corporate outsourced accounting and strategic advice on a CFO-level, the Client receives recommendations on industry-specific trends with the companies that he has ownership in.

Ready for financial peace of mind?


Request a Quote for Bill Pay Services:

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Plumb Family Bill Pay Services: Organize Your Financial Life

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Plumb Bill Pay Family & Personal Bill Pay Services

Family bill pay services is a featured offering of Plumb Family CFO.  Depending on need and the complexity of your financial affairs, family or personal bill pay can be a stand alone service or used in conjunction with financial reporting, budgeting or expense tracking.  See full list of services. 

As a professional and reliable firm, in business for over 20 years, Plumb sets up processes and procedures to execute family bill pay.  It first starts with collecting bills and vendor information, resulting in a comprehensive list of vendor and account information.  In the client setup phase, a financial calendar of due dates and bill payment procedures are produced.  Not only are your bills paid on a timely basis, but monitored, reconciled, and reviewed.

Family bill pay pricing >> click here

“Thank you for all that you have done for my family.  Your team is proactive and trustworthy and has provided us with such great confidence now that our finances are in order.  What a relief!” – HNW Family Bill Pay Client 

 Why Use Family Bill Pay Services?

  • Do you have too many bills to keep track of all the time?
  • Do you want to spend more time with your family and enjoy your wealth?
  • Are you a frequent traveler and need help paying your bills while out of town?
  • Are you disorganized or overwhelmed with paperwork and financial organization?
  • Is anyone in your family suffering from an age- or disability-related challenge?

Bill Payment Procedure:

Plumb Family CFO created a 4-step bill payment process with segregation of duties and different levels of review. By following checks and balances, clients can enjoy peace of mind knowing that their assets and bills are being monitored by an independent firm with a long history of continuity and confidentiality.

Financial Calendar of Due Dates:

Vendor Information Sheet: In order for Plumb Family CFO to handle the bill pay services of clients, information is collected at the beginning of the engagement, including a comprehensive list of vendors and account information.

Personal Vendor List: A detailed chart of all incoming bills, divided by property is set up.  This vendor list is used as a reference  for each bill, with due dates, payment methods and any special notes.

Financial and Administrative Calendar of Due Dates: This report tracks bills that occur during a quarterly, yearly or semi-annual basis.

 

Could your family benefit from Plumb bill pay services?  Fill out this form for a customized pricing quote.



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