Client

Ultra-high-net-worth family who own several successful companies, real estate investments and a collection of vacation homes.

Net Worth

UHNW

Background

The piles of mail, bills and daily deadlines kept growing and the family needed a resource to handle the payment of bills and tracking of cash flow.

The Solution

Plumb has developed best practices in bill pay for the HNW and UHNW with services that include:

• Collecting bills and forwarding them to client-specific PO Box
• Setting up bill pay schedule with financial calendar of due dates
• Paying bills out of a POA designated bank account
• Processing checks that Plumb signs as Power of Attorney
• Tracking rental income of investment properties
• Depositing rent checks
• Performing monthly bank and credit card statement reconciliations
• Implementing vendor management reporting
• Producing monthly cash flow reports
• Properly tracking income & expenses
• Organizing tax documents at year-end for the family’s CPA

The Results

The family has a dedicated team of accounting professionals at Plumb who work exclusively with the HNW and UHNW. Now, with a clear financial picture, they have more time to enjoy their wealth. Their bills are being paid on-time, while being reconciled and verified for accuracy. By having a monthly cash flow report, the family has an understanding of income and expenses, so they are better prepared for long-term wealth planning.