Background

An RIA with a large roster of HNWI and UNHWI clients wanted to find a way to outsource the important – but often tedious and time-consuming - bill payment needs of her clients. She found that she wasn’t always able to focus on the big-picture strategy because she was bogged down in the minutiae of reconciling credit card bills or approving wire transfers. She spoke to some colleagues, and did her own research on options, and reached out to Plumb for an introductory call.

The Solution

Plumb works in partnership with trusted advisors of HNWI clients on a regular basis. This collaboration ensures the highest quality data and financial reporting is delivered to the personal financial management team, and helps maintain a comprehensive view of family wealth while providing full visibility into the performance of their portfolio.

The Plumb team works closely and seamlessly with the advisor to understand the needs and objectives of each client who will be outsourcing their bill payment to Plumb.

After the RIA connected her clients to Plumb, it was smooth sailing in getting them onboarded, and getting their bill payment process, vendors, and reporting set-up and put into action.

The Results

With the RIA having her clients outsource their bill pay tasks to Plumb, she has more time to focus on the investment and wealth management strategy of her clients. It’s a win/win for the RIA and her clients: her clients no longer worry about their bills being paid on time or what their cash flow looks like because Plumb pays, reconciles, and reports on every aspect of their bill payment. And, their advisor can dedicate her time to smart, strategic, and efficient wealth management. The Plumb Bill Pay team acts in concert with this advisor to deliver accurate, timely reports and provides their now joint clients with the high-touch service and support they have come to expect.