AT A GLANCE

CHALLENGES

Overwhelming mail/bills

Mounting daily deadlines

Needed bill payment handling

Needed cash flow tracking

Objectives

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

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.

Solutions

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 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.