AT A GLANCE

CHALLENGES

Limited time for day to day transactions

Objectives

A trust company wanted to provide their trust officers more time for higher level tasks, by outsourcing their customer’s bill payments.

Solutions

Plumb provides an outsourced bill pay solution for the trust company 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 trust company 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. This team estimates that the addition of Plumb to their service model has saved their team about 3 hours (on average) in payment processing time per day. The Plumb Bill Pay service acts as a seamless extension to the family office. 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.