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

Written by

We get a lot of questions from clients who are considering outsourced bill pay, how it will benefit them, and how it benefits their financial world.

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.

Unmasking Wire Fraud: Safeguarding High Net Worth Clients with Expert Vigilance

Written by

Wire fraud. We hear about it on the news and perhaps from friends or family members who have fallen victim to it, but what exactly is it? And why do high-net-worth individuals need to be especially concerned, and more importantly, how can they be protected?

What is Wire Fraud?

At its most basic level, wire fraud is a criminal offense that involves using some form of electronic communication – like phone calls, emails, or texts – to defraud someone. And it happens more often than you might think. According to the FBI, wire-transfer fraud causes approximately $2 billion in losses annually – and this has only been increasing in recent years.

Different Types of Wire Fraud

There are different types of wire fraud perpetrated by criminals. These include activities such as:

  • Phishing: Imposters send fake emails appearing to be from legitimate entities with the goal of capturing personal or financial information.
  • Identity theft: Criminals steal someone’s social security number or bank account information.
  • Investment scams: Offers of fraudulent investment opportunities are made via email or phone, often with a promise of high returns or guaranteed profits.
  • Business email compromise: Criminals gain access to an employee’s email account and use it to transfer sensitive information or funds to themselves.

Wire Fraud and High-Net-Worth Individuals

HNWI and UHWNI can be especially vulnerable to wire fraud for a few main reasons:

  • Their extreme wealth makes them a target for criminals.
  • The average age of a HNWI living in the United States is between 70 – 74, which is another group widely targeted by criminals.
  • Criminals assume that these people won’t notice or miss if/when funds go missing.

Because of these reasons, providing safe and secure financial services to high-net-worth clients is vitally important. Understanding the warning signs of a wire fraud attempt, and what to do to prevent them, is a key component to ensuring this protection.

{Read more about how we securely handle wire transfers, ACH, and check payments for our high-net-worth clients here.}

Wire Fraud Red Flags

The expert accountants and executives at Plumb are highly educated in how to spot wire fraud, and they undergo monthly training sessions to ensure that they are up to date on any recent wire fraud developments.

Here are some signs that might indicate a wire fraud attempt:

  • An urgent request for funds. This is especially concerning if it comes from a client who doesn’t typically place urgent requests – but any urgent request should be verified and vetted.
  • “No verbal approval required” messaging. This is a definite red flag, especially if the client usually requires verbal approval.
  • Small changes to a known email address. For example, perhaps there’s one letter missing in a name.
  • Request to send to a foreign entity if the client has only ever sent funds domestically.

Our team is trained to look out for patterns, and if a pattern is altered, they pick up the phone to confirm. They are also trained to follow the pre-set guidelines and process in place – regardless of whether the amount is $100 or $1,000,000.

Best Practices for Protecting High Net Worth Clients

Some essential measures Plumb has in place to protect HNWI clients from wire fraud include:

Robust cybersecurity measures

  • Implementing robust firewalls and intrusion detection systems.
  • Regularly updating and patching software and systems.
  • Conducting security audits and risk assessments.
  • Encrypted email and messaging platforms.
  • Multi-factor authentication for sensitive transactions.

Plumb’s strict firewall requires multi-factor authentication and encryption for all wire transfer instructions. Additionally, all new wire instructions must be verbally authenticated to ensure legitimacy.

Ongoing staff education

  • Employee training on identifying and preventing wire fraud.
  • Internal controls and checks/balances among team members.

At Plumb, the training starts from the moment a new junior team member begins their job, and it continues – consistently – from there. We also send members of our team for professional development specifically focused on cyber security and wire fraud so that they have certifications in Wire Transfers and Fraud.

The internal controls we have in place further help to protect our clients and their assets.

We take our role as stewards of our clients seriously, and we are proud of our impressive cybersecurity measures and education.

Take the Next Step Towards Safe and Secure Financial Services: 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 Bill Pay App Spotlight: QuickBooks Online Integration

Written by

Plumb’s proprietary bill pay app was designed specifically to address the needs of our high-net-worth and ultra-high-net-worth clients and their financial management teams.

{Watch this brief overview video to see our app in action.}

This proprietary app delivers an intuitive interface that offers anytime, anywhere access to bill pay and cash outflow statuses – and it’s fully integrated with QuickBooks Online.

How it works

  • We pull information needed to facilitate the entry of vendor invoices, such as vendors, chart of accounts, and payment data out of QuickBooks Online and into the Plumb bill pay app.
  • We push the updated bill data from the Plumb bill pay app into QBO.

Security measures in place

The transfer of data is protected via bank-level security and consistent audits to ensure financial privacy and security. In addition, we benefit from the rigid security practices of our industry-leading vendors, such as Apple, Google, and AWS. It is important to note that no bank account information is shared between the platforms.

Benefits

Thanks to the seamless integration with QBO, our clients and their trusted advisors benefit from:

  • Easy and customizable approval process by entity
  • Clear dashboard view of bills paid, bills pending approval, and total cash outflow.
  • Balance snapshot with alerts if funding is required.
  • 6-month projection of estimated cash flow based on commitments.
  • “Hot List” of most important bills to track.
  • Quick access to bill information, expense details, relevant attachments, and bill pay reports
  • Easy communication with the Plumb Team – from the app.

For a sneak-peak at some of the app features, please watch these brief videos:

We’d love to discuss how you can benefit from this app. Please reach out today for a consultation and a 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.

Plumb Shortlisted for 2 Private Asset Management (PAM) Awards

Written by

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 High-Net-Worth Parents

Written by

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

Written by

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.

Plumb Bill Pay App: Spotlight on the Dashboard

Written by

The Dashboard on the Plumb Bill Pay App is designed to provide a quick and easy overview of the bill pay essentials that matter most to you.

The Dashboard provides a snapshot of:

  • Pending and approved bills
  • Number of bills paid
  • Dollar amount of cash outflow
  • Monthly payment commitments
  • Balance snapshot that shows a balance of available funds in your main bill pay bank account

{For a sneak peak at the Dashboard of the Plumb Bill Pay App, please watch this brief video.}

At the top of the Dashboard, you can view:

  • Total number of bills pending approval and their related dollar amount
  • Total number of approved bills and their related dollar amount
  • Total number of bills Plumb has paid on your behalf
  • Total cash outflow

The calendar can be customized to view the timeframe you are interested in seeing.

The center section of the Dashboard is a graph that represents your monthly bill commitments. These commitments are your recurring or regular monthly payments. The graph depicts both your actual payments as well as your committed payments. You can see:

  • What has been paid
  • What is still left to be paid
  • The variance between what’s been paid and the commitments for that month

Want to see this in action? Watch this brief video about Commitments.

The dashboard also highlights a balance snapshot which provides a summary of bills pending approval as well as the available funds from your designated bank account.

If your balance is lower than the amount of your bills pending approval, there will be a notification with the amount of funding required.

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.

Plumb Bill Pay App: Spotlight on the Commitments Module

Written by

So – what exactly are Commitments?

Commitments are your recurring bills – whether monthly, quarterly, annually, or some other frequency.

Not only can you – or a trusted advisor – view the projected cash outflow from these recurring bills on the app, but you can drill down to see the details of each bill, including the specific entity, due date, payment status, and amount due.

{For a sneak peak at the Commitments Module of the Plumb Bill Pay App, please watch this brief video.}

Examples of recurring bills are items like property-related expenses:

  • Utilities
  • Mortgage payments
  • Insurance
  • Property taxes
  • Landscaping
  • Maintenance for amenities like pools and tennis courts
  • Homeowners’ association (HOA) dues

There are also dependent expenses like tuition, and personal bills like cell phones, credit cards, country club or gym memberships, DMV renewals, updated car registrations, and estimated tax payments — to name a few.

In fact, because we know how important it is for you to see when these bills are due, and to verify that they’ve been paid, you have the option to create your own Hot List.

This personalized selection can be reviewed independently or alongside all your commitments. Bills designated on your “Hot List” are easily identified with a star, ensuring they never slip through the cracks of your financial management.

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.

 

 

Ensuring Bills Stay on Track and Deadlines are Never Missed

Written by

At Plumb we have a very intentional and trusted approach in place to ensure all client bills are paid on time.

Between our seamless process, our cutting-edge technology, and our tried-and-true best practices, one of the main priorities at Plumb is to ensure that client bills stay on track and deadlines are never missed.

Our Process

  • When we onboard new clients, we create an automated bill payment tracker for that client in our Bill Pay App. This essential tracker includes all necessary information about every bill – vendors, dollar amount, payment type, payment status, and due date.
  • When it comes time to issuing payment, we always have two sets of eyes on every bill. This crucial system allows us to ensure payment accuracy and prevent any bills from being missed.
  • We also help our clients set up auto-pay when and where it makes sense to do so, and part of our process also entails ensuring that these auto-payments come out of the designated accounts on time. There are several reasons why auto-payments may not be processed correctly, and it is our responsibility to confirm that these accounts are debited for the right amount at the right time.

Our Technology

  • Our Plumb Bill Pay team utilizes the Plumb Bill Pay app to check the bill pay tracker and to move bills through the payment workflow. The app has a clear and detailed list of bills for each client and each entity, vendor, amount owed, payment due date, whether the bill is recurring or not, and type of payment to be issued – whether ACH, wire, or check.
  • Our internal team is also alerted to deadlines as soon as they log into the app – which they do first thing in the morning, every day. Bills that need to be paid that week are highlighted in one way, while bills due that month are highlighted in another way. There is also an automated alert for any urgent payment needs.
  • The app automatically tallies all outgoing payments and matches it back to the invoice data. If there is an error, the Plumb team member will be alerted prior to payment being issued so that it can be resolved before it becomes a mistake.

Our Best Practices

While we are immensely proud of our proprietary Bill Pay App and the many ways it helps us ensure that bills are paid on time, we are still firm believers in our high-touch customer support.

If there are questions that arise, or issues that need to be discussed, our team will communicate directly with our clients or their trusted advisors to clarify, address, and resolve. Similarly, our team is always available to field questions and provide whatever bill pay support is needed.

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 Bill Pay App: Overview

Written by

Plumb is thrilled to introduce our Bill Pay App.

We understand the unique needs of our high-net-worth and ultra-high-net-worth clients and their financial management teams.

Watch this brief overview video to see our app in action.

We created this app to solve the challenges we know our clients and their advisors face:

  • No more logging in and out of different accounts or tools.
    • Multi-entity payments are organized, tracked, and paid from one easy-to-use interface.
  • No more uncertainty about what needs approval and payment, and what’s already been approved and paid.
    • Upcoming due dates, items requiring approval, and recently paid bills are clearly outlined and organized on the app. Even better? You can create a “Hot List” to more easily track the bills that are most important to you.
  • No more inconvenient approval processes.
    • With one click clients can approve – or reject – their bills. They can also customize their auto-approval amount, making the bill pay approval process even more seamless.
  • No more concern over balances and outstanding bill amounts.
    • You’ll see a 6-month projection of your estimated cash flow based on your commitments. If you owe more than what is available in your balance, you’ll see an alert right on the dashboard.
  • No more missed phone calls or emails.
    • Send direct messages quickly and efficiently to your Plumb team from within the app.

The Plumb Bill Pay App provides an effective and highly secure method for bill payment. The privacy and security of our clients is of paramount importance, and our app was built with state-of-the-art, bank-level security.

This proprietary app delivers an intuitive interface that offers anytime, anywhere access to bill pay and cash outflow statuses.

For a sneak-peak at some of the app features, please watch these brief videos:

We’d love to discuss how you can benefit from this app. Please reach out today for a consultation and a 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.