Client

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

Net Worth

$100MM

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 high-net-worth 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 high-net-worth. 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.