Client

Young professional athlete

Net Worth

$10 million

Background

The Client was in good financial standing, but had little experience with a higher level of financial oversight and management. Also, with no spare time, he was becoming overwhelmed with the new complexities of his finances. The Client sought organization with software and financial reporting solutions that would show him a “real time snapshot” of his liabilities and assets.

The Challenge

Plumb Family Office Accounting’s ongoing engagement includes the following: • Manage bill payments, credit cards, cash and other expenses • Provide monthly financial statement with Profit & Loss • Overseeing excess cash to be transferred to investment accounts • Established QuickBooks online to maintain all accounts and bank reconciliations • Implemented a documents management site to ensure remote access to important documents by the Client and his trusted advisors • Setting up payroll system for household staff • Monitoring due dates for second home – DMV renewals, insurance cards, tax payments, etc. • Tracking all expenses • Due diligence

The Solution

Plumb Family Office Accounting delivers a clear financial picture for the Client, while monitoring all transactions, due dates and facilitating bill payments. With the new software and shared document portal, the Client has immediate mobile access to his finances and statements while he is traveling.

Since a professional athlete’s tax situation can be complex given the stringent state tax filing requirements, Plumb Family Office Accounting provides accurate data to the Client’s CPA. This helps the Client’s trusted advisors to plan an effective overall tax strategy.

The Client now has more time to focus on his team responsibilities and enjoy his off-season, knowing that his finances are being handled for him. The monthly financial reporting gives the Client peace of mind and helps facilitate future investments and projects