AT A GLANCE

CHALLENGES

Tedious bill pay tasks

Needed to outsource bill pay

Increase operational efficiency

Focus on investment services

Objectives

An established single family office. Net worth: UHNW

Single family office was looking to outsource their bill pay as it became a more tedious and time-consuming task for the family office team. They wanted to increase operational efficiency and focus on investment services.

Solutions

Plumb provides an outsourced bill pay solution for the family office with ongoing services that include:

• Forwarding bill statements to client-specific PO Box
• Sending family office a comprehensive list of bills for approval of payment
• Paying bills out of a POA designated bank account
• Processing checks that Plumb signs as Power of Attorney
• Performing monthly bank and credit card statement reconciliations
• Electronically filing invoices to a secured client-specific cloud folder
• Setting up bill pay schedule with financial calendar of due dates
• Integrating bill pay schedule into Plumb’s proprietary task management software
• Implementing vendor management reporting
• Creating weekly cash flow reports
• Properly tracking income & expenses

With the family office being able to offload their bill pay tasks to Plumb, they have more time to handle the day-to-day transactions and optimize their investment strategies. The Plumb bill pay service acts as a seamless extension to the family office. It’s used as a resource for a clearer financial picture, tying together financial tracking and reporting of cash inflows and outflows. Bills are being paid on time, monitored for accuracy and properly tracked and allocated. The bill pay team at Plumb is dedicated to providing high-touch service and communication to support the unique needs of the wealthy and their family office.