Time is Money: The Power of Bill Payment Apps

In the fast-paced world of wealth management, even a minor delay can cost high-net-worth individuals and their advisors dearly. Any time not spent on maximizing returns is a missed opportunity.

 

Between managing complex portfolios, navigating the markets, and tending to multiple properties, every minute counts. However, a persistent drain on valuable time often lurks in the shadows: bill payments.

 

Traditionally, bill payment involved manual processes, requiring individuals and advisors to gather bills, write checks, and track payments meticulously. For HNWIs with complex investment holdings, this means dedicating considerable time and resources to monotonous administrative tasks. Moreover, the risk of mistakes and missed payments are ever-present, potentially leading to errors, late fees, and penalties.

 

Enter bill payment apps, which have transformed the landscape by offering intuitive platforms that centralize and automate the entire payment process. These innovative platforms are revolutionizing the way HNWIs and their advisors handle financial obligations, introducing efficiency and automation into a previously cumbersome process. These apps allow users to aggregate bills from various sources, including utilities, credit cards, mortgages, and subscriptions, into a single dashboard. Through secure integrations with bank accounts and financial institutions, bills are automatically retrieved and presented for review, eliminating the need for manual data entry.

 

The Plumb Bill Pay app is the perfect example of a game-changing app, and was developed and built exclusively by Plumb to address the issues and challenges faced by our high-net-worth clients and their advisors.

 

Here’s how bill payment apps, and the Plumb Bill Pay app in particular, save HNWIs and advisors precious hours:

  • Streamlined Workflow: Bill pay apps automatically categorize, prioritize, and schedule bills for payment. This ensures timely settlements without the need for constant oversight, eliminating countless hours spent on paperwork and data reconciliation. Additionally, these apps offer customizable alert systems, notifying users of upcoming due dates, payment confirmations, and unusual activity, thereby enhancing transparency and security.
  • Enhanced Visibility: Gone are the days of scrambling for missing invoices or chasing down overdue payments. Bill payment apps provide real-time visibility into spending patterns and cash flow dynamics, offering personalized insights and recommendations, empowering users to make informed financial decisions. {Read about the Plumb Bill Pay app Commitments module and how it provides clarity and insights.}
  • Reduced Errors: Manual processing is prone to human error. Bill payment apps minimize the risk of mistakes with automated payments, ensuring accuracy and timely payments.
  • Improved Security: Traditional paper-based systems are vulnerable to fraud and theft. Bill payment apps offer robust security measures such as multi-factor authentication and encryption, to safeguard sensitive financial information. {Learn more about just some of the ways Plumb provides the most stringent digital security here.}
  • Advisor Efficiency: For financial advisors, managing bill payments for multiple clients can be a time-consuming burden. Bill payment apps allow advisors to delegate and automate tasks, freeing up their time to focus on strategic financial planning and client relationships.

 

Bill payment apps have emerged as indispensable tools for HNWIs and their advisors, offering unparalleled convenience, efficiency, and security in managing financial transactions. By streamlining the bill payment process, these platforms liberate valuable hours that can be redirected towards more productive endeavors, ultimately empowering individuals to achieve their financial goals with confidence and peace of mind.

 

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

The “White-Glove” Experience of a High-Net-Worth Client Starts at Onboarding for Plumb Family CFO

The onboarding of a high-net-worth client sets the tone of the entire relationship according to Plumb Family CFO, which provides family bill pay, consolidated personal reporting and cash flow management services exclusively to the high-net-worth.  As you can image, there is a lot of financial data and vendor information to collect upfront in order to provide these services, so Plumb Family CFO has developed a system to make the onboarding process easier.  It’s simple; it starts with a conversation and customized approach.  White-Glove: marked by special care of attention: meticulous | white-glove service.

“By taking the time to schedule a meeting and get on the phone with a new client or their designated assistant, it makes a huge difference,” said Robert Scherer, President of Plumb. “By walking them through the details and getting answers over the phone, it’s much more efficient than just sending over stacks of paperwork in hopes that it eventually gets filled out correctly,” he said.

Plumb Family CFO has been working with high-net-worth clients for many years, ranging from busy entrepreneurs and investors to even busier affluent families.  They decide to utilize the services of Plumb to make their financial life easier, so onboarding should be as painless as possible. The process for a client to be formally onboarded can happen quicker with the help of a personal assistant or their single family office team. To help answer questions upfront, here is a list of FAQ.

Before starting a new relationship with a prospective high-net-worth client, Plumb sets the expectations of the onboarding lifecycle upfront.  After the initial information is gathered, it is immediately entered into a task-specific software system, complete with a financial calendar of due dates. Within 30 – 60 days, the family bill pay service is fully automated and operates on an ongoing basis.

High-Net-Worth Client Onboarding Process for Plumb Bill Pay:

Plumb has a Client Relationship Manager that leads the efforts for a new client onboarding. With a sense of ownership over a new account, the tasks get taken care of by one dedicated team member. During the duration of the setup phase, Plumb provides weekly status updates with the client or family office team in regards of the progress and items needed to finalize the transition. By having a conversation with the prospective high-net-worth client, Plumb can identify their reporting and transactional needs.

Step 1: Request for information – Gather client details

Step 2: Determine invoice approval process

  • Setup for invoices to be received via email or Plumb-specific PO box
  • Frequency of bill pay
  • Set thresholds and parameters for recurring bills
  • Limits for signing authority

Step 3: Create reporting requirements

Step 4: Plumb to prepare new client schedules – Setup system map into internal task management software

  • Calendar of financial due dates
  • Client insurance schedule
  • List of assets (properties, funds, etc.) that require bill payment/capital calls
  • List of loans that require bill payment

Step 5: Plumb to prepare electronic filing procedure

  • Create remote access or read-only access to documents on accounting software
  • Ability to produce customized reports to download

Sample of Onboarding Reports for Bill Pay Services

High-net-worth client

high-net-worth client

 

Bill Pay Process

Once the onboarding phase is complete, Plumb will engage in the following tasks on a weekly/monthly basis:

  • Bill payment
  • Vendor management
  • Bank and credit card reconciliations
  • Track all bills / due dates in proprietary task management software
  • Monthly cash flow reporting
  • Ad hoc reporting (i.e. GL detail reports)
  • Customized reporting for trusted advisors  – Read: Top Ways that Plumb Works with Trusted Advisors
  • 1099/1096 filings
  • Year end reconciliations and general ledger review
  • Supply supporting documents for taxable deductions to the CPA

Confidently manage your monthly expenses with personal bill pay service from Plumb

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