Advanced Threat Detection for High-Net-Worth Clients: A Proactive Approach

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High-net-worth (HNW) clients possess highly sensitive financial information and assets, making them attractive and common targets for cyberattacks – and these attacks are only becoming more advanced and sophisticated. Advanced threat detection is crucial to protect their data and privacy.

With decades of experience safeguarding the security and privacy of HNW clients, Plumb has developed robust methods and processes to mitigate risk and ensure data protection in an era of ever-evolving cyber threats. In this article, we outline Plumb’s approach to risk reduction and data security and share key recommendations and best practices to help protect HNW clients.

Rising Sophistication of Threats

Implementing basic security practices is effective in reducing risk and securing data; however, due to ever evolving cyber threats and the increased use of artificial intelligence (AI), it is critical to use advanced tools and methods to provide additional protection. Early phishing attacks were relatively easy to identify:

  • Obvious subject lines like, “You’ve won a prize” or “update your password” were common.
  • Poor grammar and misspelled words.
  • Generic salutation/introduction.
  • Request for immediate or urgent response.

However, the sophistication of phishing email attacks and campaigns have greatly increased with new technologies and AI. Today, most people can be easily tricked into opening and acting upon phishing emails because the messages appear to be authentic and legitimate. Due to the increased sophistication, it is important to always abide by the following guidelines when opening/processing e-mail:

  • Always be alert when reviewing e-mail.
  • Verify the sender’s e-mail address.
  • Be suspicious of messages that are demanding an urgent response.
  • Never click on embedded links.

Forward suspicious messages (as an attachment) to your IT team for analysis. New attacks exploit vulnerabilities in outdated technologies and procedures, which is why it’s more important than ever to update security platforms and protocols – and to stay vigilant.

Practical Security Measures

Training Staff

Providing staff with regularly scheduled Information Security (IS) training is crucial in the protection against cyber threats and data compromises. These training sessions need to be current, providing members with information on the latest threats and security techniques and methods to avoid attacks. The training enhances awareness, promotes safe and secure behaviors, and equips members with the knowledge to both identify and mitigate security risks.  Frontline staff and their IT team must work closely together to minimize risk and maximize data protection.

Secure Password Management

Utilizing online password storage platforms like Keeper, which employ zero-knowledge encryption and multi-factor authentication (MFA), protects login credentials and other sensitive information. These secure online tools allow users to use unique, highly complex passwords which cannot be easily memorized. Zero-knowledge encryption protects data with a master password which is known and maintained by the end-user alone. Neither the admin nor the platform developer has access to the user’s password or data. This type of encryption provides numerous benefits: reduces risks from data breaches, insider threats, or unethical practices; even if a service is hacked, your encrypted data remains secure, and it helps meet industry standards related to strict data privacy regulations.

Advanced Threat Detection

Advanced threat detection goes beyond basic antivirus software by using smarter tools and techniques to identify and stop sophisticated cyberattacks before they cause harm. Utilizing cloud-based firewalls with intrusion detection systems allows early identification of unauthorized access attempts, password guessing, and port scans.

Secure Cloud Migration

Shifting from a private cloud to a well-established platform like SharePoint OneDrive simplifies access while offering robust security features and data collaboration options.

Layered Security Solutions

Multi-Factor Authentication (MFA)

Mandatory MFA adds an extra layer of protection beyond basic user credentials like usernames and passwords. A properly configured MFA reduces fraudulent sign-ins, system compromises, and account takeovers by 99%. MFA is a powerful tool that strengthens security and fosters trust in the digital world. It is a simple but effective way to significantly enhance online security and protect valuable information.

Microsoft Security Suite

Leveraging Microsoft Defender for endpoint and server protection, Data Loss Prevention (DLP) for sensitive information detection, and email encryption ensures comprehensive security of emails and data. Microsoft Defender scans all incoming messages and quarantines threats before they reach the user’s computer. The individual computers include their own anti-malware scanners for additional protection.

Plumb utilizes Data Loss Prevention to scan outgoing emails for sensitive information like social security numbers or wire transfer instruction. Messages which contain sensitive information are returned to the sender with instructions on how to enforce message encryption.

Least Privilege Access Control

Granting access to systems and data on a “need-to-know” basis minimizes potential exposure and strengthens overall security posture. At Plumb we have implemented processes with clearly defined separation of duties in the requesting, configuration, and verification of permissions.  This process includes a verification step where permissions are audited and verified on a periodic basis, ensuring that user’s access is restricted to a “need-to-know” basis.

By implementing both practical and layered security measures, by staying on the cutting-edge of cybersecurity, and through consistent updating and auditing of the systems and procedures in place, team members working with HNWI clients are reducing the risk of cyberattacks and safeguarding our clients’ valuable information in the ever-evolving digital landscape.

Discover the Plumb Advantage: Contact us at sales@thinkplumb.com to explore how Plumb’s expertise and state-of-the-art security and privacy protocols can deliver peace of mind. Let us tailor solutions to meet your unique financial goals, providing the specialized attention your wealth deserves.

Bill Pay Freedom for HNWI Clients: 5 Steps to Choosing the Right Bill Payment Service

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As a financial advisor, you understand the time and stress your HNWI clients face managing their complex financial affairs. Bill payments often become a burden, eroding their valuable time and focus.

But what if there was a way to free them from this tedious task? Here are some key factors to consider when choosing the right bill payment service for your HNWI clients, empowering them to focus on what truly matters.

  1. Partner with a Trusted Expert

Look for a provider with a proven track record serving HNWI clients, like Plumb. Established in 1996, we possess the expertise and experience necessary to navigate the intricacies of high-net-worth finances.

  1. Prioritize Security and Personalization

Your clients’ data security is paramount. Choose a service with robust security protocols and encryption, ensuring their privacy and financial information remain safeguarded. Additionally, seek a provider offering customized solutions that cater to each client’s unique needs and preferences.

  1. Embrace Technological Innovation

Technology plays a crucial role in efficient bill management. Explore platforms that are user-friendly and intuitive, like Plumb’s proprietary bill pay app, designed specifically for HNWI needs.

  1. Transparency is Key

Clear communication regarding fees and value propositions is essential. Choose a service that transparently communicates its pricing structure and demonstrates the tangible benefits it offers your clients.

  1. Seamless Integration and Ongoing Support

A smooth transition is critical. Opt for a service that seamlessly integrates with your clients’ existing financial team, including accountants, attorneys, and estate planners. Plumb fosters collaboration and ensures a smooth onboarding process.

Unburden Your Clients and Empower Their Financial Future

By choosing the right bill payment service, you can free your HNWI clients from the burden of mundane tasks, allowing them to focus on their financial goals and personal priorities.

Let Plumb take care of the bills while you concentrate on building your clients’ financial wealth and well-being. Contact us at sales@thinkplumb.com to learn more about how Plumb can help you and your clients focus on what you both want to focus on – and leave the bill payment to us.

Plumb Bill Pay + Sage Intacct Use Cases for Family Offices

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Plumb provides financial clarity and peace of mind to high-net-worth and ultra-high-net-worth clients and the family offices that manage their wealth.

We know the following is true:

  • Consolidated financial reporting is crucial for family offices managing the wealth of multiple family members or multiple generations of a family.
  • Automated accounting processes for those with complex financial transactions provides efficiency and transparency.
  • Compliance and audit support for family offices is critical.

Plumb helps Family Offices with accounting needs.

We have decades of experience helping family offices manage their accounting needs. We’d love to help answer any questions you may have. Feel free to schedule time to speak with Anneke Stender, our EVP, at your convenience.

Family Office Services Outsourcing: The Ultimate Audit Checklist

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Finding the right outsourced family office service provider can be challenging enough, but once that decision is made, how do you know if you’ve made the right choice? And what steps can you take to ensure that your needs and goals are being met?

At Plumb we pride ourselves on providing clarity in accounting and stewardship in service for our high-net-worth bill pay and accounting clients (and their trusted advisors). This guides everything we do – from our seamless client onboarding process to our ongoing check-ins and accurate, customized reporting.

Here we take you through our top 5 recommendations for monitoring the effectiveness of your outsourced family office bill pay and accounting provider. Use this simple checklist to ensure that you are getting the service you need from your outsourced firm.

  1. Clarity

Working with an outsourced service – regardless of what that service is – should provide you with clarity. When it comes to bill pay and accounting, clarity is paramount. But what do we mean by clarity? It’s not just about having organized spreadsheets and balanced books. It’s about seeing the story behind the numbers: understanding where your money comes from, where it goes, and why. This clarity will help pave the way for successful wealth management and maintenance.

  1. Communication

A key component to any solid and productive relationship is communication. This is no different when thinking about your relationship with your outsourced service providers. Do you feel like you are kept up to date on everything you need to know about? Are your emails and calls responded to with urgency? Does the team working with you understand your goals, your needs, and your expectations? Are the updates and reports they provide clear and well-explained? If you answer “no” to any of these questions, you should address this with your outsourced firm to see what can be adjusted.

  1. Access

How easy is it for you to get the data and information that you need? Does your outsourced service provider have an app (like the Plumb proprietary bill pay app) that you can access anytime, from anywhere? What about customer support access? How much access do you have to the team handling your account?

  1. Comprehension

Do you feel that you understand what this outsourced service provider is responsible for, as well as any data and information that they are sharing with you? Are they sending updated and timely reports? Better yet, do you have access to a digital dashboard where you can view the data you need, in the way you want to view it?

  1. Peace of Mind

At the end of the day, are you able to relax and rest easy knowing that your bill pay and accounting needs are being met? That you don’t have to worry about keeping track of due dates and cash flow because your outsourced team is on top of it? The ultimate goal for any outsourced service provider is to alleviate the daily stress and worry their clients face. At Plumb, we want our clients to focus on the things in life they enjoy and love – and to leave the bill pay and accounting details up to us. We’ve got it covered.

Contact us at sales@thinkplumb.com to explore how Plumb’s expertise can elevate your bill pay and accounting experience. Let us tailor solutions to meet your unique financial goals, providing the specialized attention your wealth deserves.

Illuminating the Accounting of Art, Collectibles, and Luxury Assets

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There are people who invest in stocks, bonds, mutual funds or real estate; and then there are people who invest in more unique assets. These assets can range from photographs and paintings to jewelry and classic cars. More often than not, this is born out of a true love for these items. That they may hold extraordinarily high values is just the cherry on top.

With Plumb’s decades of experience helping high-net-worth clients and their trusted advisors with their bill pay and accounting needs, we are very familiar with the best practices of the reporting and accounting requirements related to these special assets.

Here are some of the ways we work with clients and their luxury assets:

Art and Car Collections

  • It is recommended that clients that have art or classic car collections should itemize every piece or vehicle in the collection.
  • These items may also be held in separate entities – especially if clients do a lot of buying and selling. We may recommend the use of Sage Intacct to make use of their dimensions for ease of tracking. Otherwise, we can utilize subaccounts in QuickBooks.
  • If a client loans a piece or a collection to a museum, a loan agreement is needed, and we will help coordinate with the insurance company. The museum is responsible for the insurance of the piece(s) while it’s in their possession, and when returned, the insurance again needs to be updated.
  • If an appraisal is conducted, we will coordinate with the appraiser to receive the report on both the inventory and assigned values.

Jewelry

  • Jewelry is not always itemized since most clients have a rider on their home policy up to a certain amount that can cover this type of asset. However, we recommend itemizing if clients have more valuable jewels or watches.
  • As with art or car collections, if the client requests an appraisal, we’ll receive the report directly from the appraiser.

At the end of the day, our goal is to accurately itemize these unique, luxury assets for insurance purposes, and they are tracked separately for accounting reasons. And our clients usually just want to ensure that they – and their children and grandchildren – can enjoy these magnificent possessions for a long time to come.

Take the Next Step Towards Financial Ease and Clarity: Contact us at sales@thinkplumb.com to discuss how our outsourced bill payment and accounting services can help you accurately itemize and report on your luxury assets. Your peace of mind is our priority.

 

 

The Plumb Difference in HNWI Bill Pay

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Plumb Bill Pay and Family Office Accounting emerged from a realization of the distinct challenges faced by our business-owner and entrepreneurial clients. While relying on their company’s accounting team initially served them well, unforeseen circumstances like retirements or changes in personnel often led to gaps in effective bill payment and accounting management.

High Net Worth Individuals (HNWIs) possess distinctive bill pay and accounting requirements, setting them apart from the average individual.

Here are key aspects of the unique bill pay and accounting needs we address for HNWI clients:

  1. Complex Portfolios: HNWIs have an array of diverse investments, necessitating expertise in managing stocks, bonds, real estate, and private equity holdings. Plumb’s extensive experience in handling complex financial bills related to hedge funds and PE investments is showcased in this article.
  2. Privacy and Security: Prioritizing the protection of sensitive financial information is critical for HNWIs. Plumb ensures robust security measures, strict confidentiality, and discretion in all financial transactions. Delve deeper into our focus on these crucial elements in our dedicated article.
  3. Customization: Tailored solutions are imperative to meet the unique financial goals and preferences of HNWI clients. Plumb recognizes the need for customized financial reports, providing insights into specific goals through performance summaries, tax reports, and estate planning documents.
  4. Technology Forward: Utilizing cutting-edge tools is paramount for accuracy, efficiency, data accessibility, transparency, and long-term success. Plumb’s proprietary bill pay app embodies these qualities.
  5. Cash Flow Management: Managing cash flow for HNWIs is pivotal for meeting lifestyle needs and investment requirements. Plumb excels in handling complex bill payment and cash flow forecasting, especially in scenarios involving multiple income streams and investment accounts.
  6. Professional Guidance: Collaborating with teams of financial advisors, accountants, and estate planners is customary for HNWIs. Plumb seamlessly integrates with these teams, ensuring personalized guidance and effective service delivery.

Plumb stands as a proven and trusted partner in recognizing the need for specialized attention and services due to substantial wealth and complex financial portfolios. With decades of experience, we deeply understand and cater to high-net-worth clients’ unique bill pay and accounting requirements.

Discover the Plumb Advantage: Contact us at sales@thinkplumb.com to explore how Plumb’s expertise can elevate your bill pay and accounting experience. Let us tailor solutions to meet your unique financial goals, providing the specialized attention your wealth deserves.

Unlocking Time and Precision: Why High-Net-Worth Individuals Are Outsourcing Bill Payment

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For decades, our dedicated team has been assisting high-net-worth and ultra-high-net-worth individuals and families. In our extensive experience, we’ve consistently addressed common concerns about the benefits of outsourcing bill payment for our esteemed clients.

Here are the top 5 advantages of engaging a professional bill pay provider.

  1. Enhanced Accuracy: Timely and accurate bill payments are crucial for financial management. Professional bill payment services, such as Plumb, ensure precision and promptness, minimizing the risk of late fees or missed payments.
  2. Time Savings: Recognizing the hectic schedules of our clients, we understand the value of time. Delegating bill payment responsibilities to an expert HNW bill pay service provider frees up precious time for strategic financial planning, investment decisions, and overall enjoyment of life.
  3. Simplified Record-Keeping: Efficiency and accuracy thrive on organization. Outsourced bill pay services consolidate financial data, offering clear transaction records and simplified tax preparation. This leads to a transparent financial picture and more efficient financial management, empowering smarter decision-making.
  4. Reduced Stress: Managing numerous financial obligations can be stressful. Bill payment services alleviate this burden, allowing clients to enjoy greater peace of mind without concerns about missed payments.
  5. Enhanced Security: Security is paramount when handling financial transactions. Outsourced bill payment services employ advanced security measures, safeguarding sensitive financial information and protecting against potential threats.

Our expertise shines in the complex realm of managing high-net-worth clients’ financial affairs. With diverse investments, multiple assets, and constant financial responsibilities, the need for a professional and experienced outsourced bill pay provider becomes evident.

Our bill pay app and services offer effective and valuable solutions, streamlining financial management for high-net-worth individuals, families, and their financial management teams.

Take the Next Step Towards Financial Ease and Clarity: Experience the benefits of safe and streamlined financial management. Contact us at sales@thinkplumb.com to discuss how our outsourced bill payment services can enhance accuracy, save time, simplify record-keeping, reduce stress, and fortify the security of your financial transactions. Your peace of mind is our priority.

Plumb Shortlisted for 2 Private Asset Management (PAM) Awards

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Once again, Plumb is thrilled to have been shortlisted for two PAM (Private Asset Management) Awards:

  • Best General Ledger System
  • Best Partnership Accounting System

We congratulate our fellow nominees and thank the team at WithIntelligence and the PAM Awards for this honor.

 

PAM Awards Shortlist

Plumb delivers financial peace of mind by assisting high-net-worth individuals and family offices know where their money is going, so their trusted advisors can effectively manage it. We work in partnership with their team — including wealth, CPA, and other advisors — to provide the highest quality of data and financial reporting to establish a holistic view of their assets and financial holdings. We’d love to help answer any questions you may have. Feel free to schedule time to speak with Anneke Stender, our EVP, at your convenience.

8 Tips for Navigating the Conversation: Outsourcing Bill Payment for HNW Parents

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Our Top 8 Tips for How to Talk to Your Parents About Outsourcing Their Bill Payment

When it comes to discussing financial matters with high-net-worth parents, the conversation can be more complex than with the average household. High-net-worth individuals often have multiple investments, assets, and financial complexities that require careful management. If you’re considering broaching the topic of outsourcing bill payment for your high-net-worth parents, it’s crucial to approach the conversation with sensitivity, respect, and a focus on their financial well-being.

  1. Understand Their Financial Landscape

Before initiating the conversation, take the time to thoroughly understand your parents’ financial situation. This includes their assets, investments, income sources, liabilities, and financial goals. High-net-worth individuals typically have diverse financial holdings, and it’s essential to grasp the big picture.

  1. Emphasize the Benefits

Highlight the advantages of outsourcing bill payment with an experienced and hands-on team like Plumb. Mention how it can optimize their financial management by ensuring that no payments are missed, preventing late fees, and streamlining record-keeping. Emphasize that not only can this free up their time for more strategic financial planning and investment decisions, but it will give them more time to enjoy their lives and do what they love – whether traveling, spending time with friends and family, or just relaxing.

  1. Address Their Concerns

Acknowledge that your parents may have concerns about relinquishing control over their financial affairs. Listen actively to their worries and address them one by one. Discuss how they can maintain oversight and retain decision-making authority while delegating routine tasks. At Plumb, we understand these concerns and hear them from prospective clients almost daily. In fact, we created our proprietary Bill Pay App specifically for our clients. Our app provides bill pay transparency and insights that we know our clients want. Read more about our app here.

  1. Present Professional Options

Research and present professional options for outsourcing bill payment, like Plumb. We have a proven outsourced bill pay solution, including a proprietary bill pay app, with high-touch customer support, and expert bill pay accountants who ensure bills are paid accurately and on time.

  1. Discuss Privacy and Security

Assure your parents that their privacy and financial security are paramount. Choose a service provider like Plumb with bank-level security and a strong track record of safeguarding sensitive financial information. Explain the robust security measures in place to protect their data – you can learn more about Plumb’s focus on confidentiality and security here.

  1. Transparency in Costs

Be transparent about the costs associated with outsourcing bill payment services or hiring financial advisors. At Plumb, we are very upfront with our fees and take the time needed to walk our clients through exactly what they can expect in return.

  1. Ensure a Comprehensive Approach

When discussing outsourcing, stress the importance of a comprehensive approach to financial management. Explain that the chosen service provider will work in tandem with your parents’ existing financial team, including accountants, attorneys, and investment advisors – just as we do here at Plumb.

  1. Offer Ongoing Support

After the decision is made, offer ongoing support to ensure a smooth transition, but work with a bill pay service provider who will make this an easy and pain-free change. You’ll also want to find a firm like Plumb who offers high-touch, full-access client support.

Broaching the subject of outsourcing bill payment for high-net-worth parents is a delicate but necessary conversation that can enhance their financial well-being and peace of mind. By approaching this topic with empathy, knowledge, and a focus on their specific needs, you can help your parents make informed decisions that optimize their financial management while respecting their autonomy and preferences. Ultimately, this can contribute to their financial security and their overall happiness.

Plumb delivers financial peace of mind by assisting high-net-worth individuals and family offices know where their money is going, so their trusted advisors can effectively manage it. We work in partnership with their team — including wealth, CPA, and other advisors — to provide the highest quality of data and financial reporting to establish a holistic view of their assets and financial holdings. We’d love to help answer any questions you may have. Feel free to schedule time to speak with Anneke Stender, our EVP, at your convenience.

Plumb Shortlisted for 2 Citywealth Magic Circle Awards

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Plumb is pleased and proud to announce that we’ve been shortlisted for two Citywealth Magic Circle Awards:

  • Technology Innovators of the Year
  • UNHW Private Client Services of the Year

The Magic Circle Awards recognize the accomplishments of professionals and firms working with high-net-worth individuals and families. The awards are presented in London in front of an esteemed audience comprised of over 400 professionals representing over 140 diverse organizations.

Following a rigorous submission process, the submissions are assessed and judged by a panel of private wealth advisors. Online voting is also open to the public, and counts for 10% of the final award vote.

Our proprietary Bill Pay App is a big reason we have been included in this shortlist. To learn more about our services and Bill Pay App, please watch this brief overview video and reach out to schedule a personal demo.

Plumb delivers financial peace of mind by assisting high-net-worth individuals and family offices know where their money is going, so their trusted advisors can effectively manage it. We work in partnership with their team — including wealth, CPA, and other advisors — to provide the highest quality of data and financial reporting to establish a holistic view of their assets and financial holdings. We’d love to help answer any questions you may have. Feel free to schedule time to speak with Anneke Stender, our EVP, at your convenience.