Unlocking Time and Precision: Why High-Net-Worth Individuals Are Outsourcing Bill Payment

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For decades, our dedicated team has been assisting high-net-worth and ultra-high-net-worth individuals and families. In our extensive experience, we’ve consistently addressed common concerns about the benefits of outsourcing bill payment for our esteemed clients.

Here are the top 5 advantages of engaging a professional bill pay provider.

  1. Enhanced Accuracy: Timely and accurate bill payments are crucial for financial management. Professional bill payment services, such as Plumb, ensure precision and promptness, minimizing the risk of late fees or missed payments.
  2. Time Savings: Recognizing the hectic schedules of our clients, we understand the value of time. Delegating bill payment responsibilities to an expert HNW bill pay service provider frees up precious time for strategic financial planning, investment decisions, and overall enjoyment of life.
  3. Simplified Record-Keeping: Efficiency and accuracy thrive on organization. Outsourced bill pay services consolidate financial data, offering clear transaction records and simplified tax preparation. This leads to a transparent financial picture and more efficient financial management, empowering smarter decision-making.
  4. Reduced Stress: Managing numerous financial obligations can be stressful. Bill payment services alleviate this burden, allowing clients to enjoy greater peace of mind without concerns about missed payments.
  5. Enhanced Security: Security is paramount when handling financial transactions. Outsourced bill payment services employ advanced security measures, safeguarding sensitive financial information and protecting against potential threats.

Our expertise shines in the complex realm of managing high-net-worth clients’ financial affairs. With diverse investments, multiple assets, and constant financial responsibilities, the need for a professional and experienced outsourced bill pay provider becomes evident.

Our bill pay app and services offer effective and valuable solutions, streamlining financial management for high-net-worth individuals, families, and their financial management teams.

Take the Next Step Towards Financial Ease and Clarity: Experience the benefits of safe and streamlined financial management. Contact us at sales@thinkplumb.com to discuss how our outsourced bill payment services can enhance accuracy, save time, simplify record-keeping, reduce stress, and fortify the security of your financial transactions. Your peace of mind is our priority.

Plumb Bill Pay App Spotlight: QuickBooks Online Integration

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Plumb’s proprietary bill pay app was designed specifically to address the needs of our high-net-worth and ultra-high-net-worth clients and their financial management teams.

{Watch this brief overview video to see our app in action.}

This proprietary app delivers an intuitive interface that offers anytime, anywhere access to bill pay and cash outflow statuses – and it’s fully integrated with QuickBooks Online.

How it works

  • We pull information needed to facilitate the entry of vendor invoices, such as vendors, chart of accounts, and payment data out of QuickBooks Online and into the Plumb bill pay app.
  • We push the updated bill data from the Plumb bill pay app into QBO.

Security measures in place

The transfer of data is protected via bank-level security and consistent audits to ensure financial privacy and security. In addition, we benefit from the rigid security practices of our industry-leading vendors, such as Apple, Google, and AWS. It is important to note that no bank account information is shared between the platforms.

Benefits

Thanks to the seamless integration with QBO, our clients and their trusted advisors benefit from:

  • Easy and customizable approval process by entity
  • Clear dashboard view of bills paid, bills pending approval, and total cash outflow.
  • Balance snapshot with alerts if funding is required.
  • 6-month projection of estimated cash flow based on commitments.
  • “Hot List” of most important bills to track.
  • Quick access to bill information, expense details, relevant attachments, and bill pay reports
  • Easy communication with the Plumb Team – from the app.

For a sneak-peak at some of the app features, please watch these brief videos:

We’d love to discuss how you can benefit from this app. Please reach out today for a consultation and a demo.

Plumb delivers financial peace of mind by assisting high-net-worth individuals and family offices know where their money is going, so their trusted advisors can effectively manage it. We work in partnership with their team — including wealth, CPA, and other advisors — to provide the highest quality of data and financial reporting to establish a holistic view of their assets and financial holdings. We’d love to help answer any questions you may have. Feel free to schedule time to speak with Anneke Stender, our EVP, at your convenience.

Plumb Shortlisted for 2 Private Asset Management (PAM) Awards

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Once again, Plumb is thrilled to have been shortlisted for two PAM (Private Asset Management) Awards:

  • Best General Ledger System
  • Best Partnership Accounting System

We congratulate our fellow nominees and thank the team at WithIntelligence and the PAM Awards for this honor.

 

PAM Awards Shortlist

Plumb delivers financial peace of mind by assisting high-net-worth individuals and family offices know where their money is going, so their trusted advisors can effectively manage it. We work in partnership with their team — including wealth, CPA, and other advisors — to provide the highest quality of data and financial reporting to establish a holistic view of their assets and financial holdings. We’d love to help answer any questions you may have. Feel free to schedule time to speak with Anneke Stender, our EVP, at your convenience.

8 Tips for Navigating the Conversation: Outsourcing Bill Payment for HNW Parents

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Our Top 8 Tips for How to Talk to Your Parents About Outsourcing Their Bill Payment

When it comes to discussing financial matters with high-net-worth parents, the conversation can be more complex than with the average household. High-net-worth individuals often have multiple investments, assets, and financial complexities that require careful management. If you’re considering broaching the topic of outsourcing bill payment for your high-net-worth parents, it’s crucial to approach the conversation with sensitivity, respect, and a focus on their financial well-being.

  1. Understand Their Financial Landscape

Before initiating the conversation, take the time to thoroughly understand your parents’ financial situation. This includes their assets, investments, income sources, liabilities, and financial goals. High-net-worth individuals typically have diverse financial holdings, and it’s essential to grasp the big picture.

  1. Emphasize the Benefits

Highlight the advantages of outsourcing bill payment with an experienced and hands-on team like Plumb. Mention how it can optimize their financial management by ensuring that no payments are missed, preventing late fees, and streamlining record-keeping. Emphasize that not only can this free up their time for more strategic financial planning and investment decisions, but it will give them more time to enjoy their lives and do what they love – whether traveling, spending time with friends and family, or just relaxing.

  1. Address Their Concerns

Acknowledge that your parents may have concerns about relinquishing control over their financial affairs. Listen actively to their worries and address them one by one. Discuss how they can maintain oversight and retain decision-making authority while delegating routine tasks. At Plumb, we understand these concerns and hear them from prospective clients almost daily. In fact, we created our proprietary Bill Pay App specifically for our clients. Our app provides bill pay transparency and insights that we know our clients want. Read more about our app here.

  1. Present Professional Options

Research and present professional options for outsourcing bill payment, like Plumb. We have a proven outsourced bill pay solution, including a proprietary bill pay app, with high-touch customer support, and expert bill pay accountants who ensure bills are paid accurately and on time.

  1. Discuss Privacy and Security

Assure your parents that their privacy and financial security are paramount. Choose a service provider like Plumb with bank-level security and a strong track record of safeguarding sensitive financial information. Explain the robust security measures in place to protect their data – you can learn more about Plumb’s focus on confidentiality and security here.

  1. Transparency in Costs

Be transparent about the costs associated with outsourcing bill payment services or hiring financial advisors. At Plumb, we are very upfront with our fees and take the time needed to walk our clients through exactly what they can expect in return.

  1. Ensure a Comprehensive Approach

When discussing outsourcing, stress the importance of a comprehensive approach to financial management. Explain that the chosen service provider will work in tandem with your parents’ existing financial team, including accountants, attorneys, and investment advisors – just as we do here at Plumb.

  1. Offer Ongoing Support

After the decision is made, offer ongoing support to ensure a smooth transition, but work with a bill pay service provider who will make this an easy and pain-free change. You’ll also want to find a firm like Plumb who offers high-touch, full-access client support.

Broaching the subject of outsourcing bill payment for high-net-worth parents is a delicate but necessary conversation that can enhance their financial well-being and peace of mind. By approaching this topic with empathy, knowledge, and a focus on their specific needs, you can help your parents make informed decisions that optimize their financial management while respecting their autonomy and preferences. Ultimately, this can contribute to their financial security and their overall happiness.

Plumb delivers financial peace of mind by assisting high-net-worth individuals and family offices know where their money is going, so their trusted advisors can effectively manage it. We work in partnership with their team — including wealth, CPA, and other advisors — to provide the highest quality of data and financial reporting to establish a holistic view of their assets and financial holdings. We’d love to help answer any questions you may have. Feel free to schedule time to speak with Anneke Stender, our EVP, at your convenience.

Family Office Services | FAQ | Plumb Family Office Accounting

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Family Office Services from Plumb Family Office Accounting

Frequently Asked Questions…

The family office services of Plumb Family Office Accounting were developed to help clients navigate through their complex financial life.  By providing personal financial management with consolidated reports and timely bill pay, it gives a clear picture of our client’s wealth and the analysis needed to implement financial, estate and tax planning strategies.

Q:  Is there a minimum net-worth to become a Plumb Family Office Accounting client?

Answer: No. We believe that comprehensive, timely and accurate information gives our clients true control of their wealth, regardless of net-worth.  By getting into the habit of tracking income and expenses, it helps our clients in their wealth creation stage by following a financial plan to accumulate long-term savings and retirement goals.

A typical Plumb client has a net-worth ranging from $10 million to $150 million and sees the value in our service if they have a complex financial life, complete with multifaceted undertakings, such as alternative investments, corporate entities, private equity, international exposure, and collective properties.

Success Stories: Plumb Family Office Accounting Clients

Q:  What is the difference between Plumb Family Office Accounting and a single-family office?

Answer: Plumb Family Office Accounting creates a virtual family office by providing family office services to include personal accounting, bookkeeping and reporting with controller-level insight on a part-time basis or as-needed.

Single-family offices are typically set-up with full-time accounting staff, including a CFO, staff accountants, CPA and a team of attorneys.

By having a virtual or remote family office with Plumb, clients receive the financial data and organizational structure they need without having to hire a full team of advisors on their payroll.  Plumb Family Office Accounting works in conjunction with the trusted advisors of each client and provides financial data to the team to make better estate, tax and financial planning decisions.

Read: Top Ways that Plumb Family Office Accounting works with Trusted Advisors

 

Q:  Does Plumb Family Office Accounting manage their client’s wealth or recommend financial strategies?

Answer:  No. We do not advise or manage wealth, do taxes, or financial planning. We prepare comprehensive reports for clients and their advisors to see a holistic view of assets, including the performance of all investments, statement of cash flow, and net-worth statement.

View samples of personal financial reports created by Plumb

Q: What is the pricing structure of family office services by Plumb Family Office Accounting?

Answer: The price varies depending on the complexity of the family’s wealth and reporting needs.  For most clients, we charge a fixed-fee engagement on transaction-based pricing. In order to come up with a pricing structure, we calculate how many bills to be paid, accounts reconciled and the frequency of their reporting needs (monthly, quarterly or annually).

Typically, our clients pay between $2,000 and $4,000 per month for family office services with the minimum engagement being $1,000 per month.  Every client undergoes an annual fee review to see if there have been any changes in the scope of work throughout the year.

Family Bill Pay – Request a Quote

Download: New Client Questionnaire

Q:  Do you provide any other family office services besides personal reporting, accounting and bill pay?

Answer:  Since the majority of our clients lead busy lives, we’ve added outsourced concierge and personal assistant services.  These are customizable based on the family’s need and can range from property management services to booking travel and restaurant reservations, household employee payroll and basic mail pick-up and distribution.  Another example of outsourced concierge is relocation assistance, a project-based engagement in order to help manage and organize a personal move.

See list of outsourced personal assistant services

Q:  Does a client need to be located in Southern California to work with Plumb?

Answer: No, all the financial reporting and bill pay engagements are handled electronically with cloud-based assistance.  Plumb Family Office Accounting uses technology to facilitate bill pay and A/P work flow with a client login system to access reports and status updates.

We offer complete account protection and robust security measures to protect your information from unauthorized access. All confidential information is stored in a data center with multiple levels of security and can only be accessed by Plumb and you or your designated representative. All sensitive information is encrypted and uploaded to your private portal. Two-factor authentication to login to portal further safeguards your accounts and information

Plumb has staff located on both the west coast and east coast time zones to accommodate nationwide and international clients.

Q:  Who is handling the relationship with Plumb Family Office Accounting clients?

Answer:  Plumb takes a team approach for each engagement.  Every client has a main point of contact, a Client Relationship Manager, who oversees a team of junior and senior staff accountants.  The team approach is more cost-effective for the client, as each transaction is mapped in our task management software, and is broken down on a weekly, monthly, quarterly and annual basis.

There is a centralized client communication portal set up via email, so the team has access to client-specific information and requests.  This ensures dependability and consistency if an accountant is out of the office, needs approval or controller-level insight.

Q:  How can I be assured that my financial information is kept confidential and secure?

Answer: Plumb has been in business since 1996 and has a long history of continuity and confidentiality. We are fully bonded and all employees have to pass a background check before they are hired. With every engagement and task, it is handled with the utmost discretion and attention to detail.

We respect the privacy of our Plumb Family Office Accounting clients and take great measures to protect it.  We ensure compliance with best practices and internal control procedures, different levels of approval and password protection.  Our solid system of checks and balances gives our clients reassurance in the integrity and security of their private information and financial data.

Q:  I have a special project that requires assistance on a one-time basis.  Can Plumb Family Office Accounting help?

Answer:  Yes, we can accommodate short-term engagements and project work.  For example, Plumb Family Office Accounting works with divorce attorneys and their clients who are going through a divorce settlement and need help analyzing and tracking expenses to finalize child and alimony support.

Case Study: Divorce Client

Q:  How is the family bill pay set-up?

Answer: We have created a 4-step bill pay process with segregation of duties and different levels of approval.

  1. Client Associate pays bills
  2. Vice President reviews and signs checks
  3. Client Associate reconciles bank account
  4. Client Relationship Manager reviews bank statements

The family bill pay process is first established with the creation of a financial calendar of due dates and vendor information sheet.

View: Family Bill Pay Services: Organize your Financial Life.

Success Stories – Family Bill Pay 

How can you help with organizing for year-end and tax planning purposes?

Answer: We assist our clients to compile the annual tax organizer for their CPA.  Creating this comprehensive, audit-proof package allows to maximize standard deductions, as well as, allows for the CPA to be more cost effective.

Additionally, we provide the CPA with quarterly reports to adjust estimated tax payments as needed to avoid annual penalties and interest charges with the IRS or Franchise Tax Board.

Learn More: Plumb Family Office Accounting Annual Tax Organizer

Are you ready to simplify your financial life and take true control of your wealth?   



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Prioritizing Family Life & Business: An Interview with Anneke Stender

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Top Ways to Handle Family Life and Business with a Busy Lifestyle

Several responsibilities can cause stress and anxiety in family life and business.  It can be hard to find the right balance between organizing family life events and getting year-end ready with clients and other commitments at work.

Here is a list of reminders and quick tips to keep things in perspective in your busy life:

  • Schedule: Plan smaller tasks and meetings than normal.  Time management is key and keeping a clear overview of due dates on your calendar.
  • Disconnect: When spending time with your family, make it a priority to unplug from work emails and calls.  Keep everyone informed ahead of time about your unavailability or absence, and let them know when you’ll be reconnecting.
  • Plan time for yourself: It can be exhausting to keep everything going, so taking time for yourself will rejuvenate you later.
  • Avoid talking business with family or friends when they do not ask.  However, it can be helpful to discuss certain topics and events with the most important people in your life to let them know what’s going on.
  • Clear communication: Set fixed times for family and work, so both sides can count on you.  Be fully present during those time blocks, so you’re focusing on one thing at a time.
  • Work when everyone is sleeping: getting up before the family wakes up or staying up after they go to sleep, so it doesn’t conflict with family time.
  • Delegate and trust others: bring in additional resources who can help you avoid stress.

An Interview with Anneke Stender

 

With all your responsibilities at Plumb, how do you deal with upcoming family events and all the organization and planning?

Planning ahead and calendaring everything is essential for me.  I plan out the weeks and month very detailed in my corporate calendar, so nothing gets lost and everyone knows if I’m free or not. I always mark events or tasks that are not negotiable in red, so my assistant can plan and schedule meetings around those times.

Overall, the less time I have available, the more efficient I can be.  I focus on the really important things and delegate the rest to others.  I am thankful to have a great team at Plumb behind me that I count on, so I have enough time for my family.

How do you handle work during the days you are spending time with your family?  Are there any rules you set?

When I spend time with my family, I turn off my email notifications.  I want to avoid pop-up messages on my phone, so I am fully present to focus that time with my girls and my husband. I dedicate 100% to one thing at a time.

When I visit my family in Germany, I am totally unplugged from work for the duration of the trip.  Sometimes I feel that going overseas makes it easier to enjoy the time off, because I am distancing myself from work with different time zones.

Clear communication upfront towards everyone at work and from my family is the key for making this work. By setting fixed times, my availability for family and work is clear, so both sides can count on me.

What is your favorite time and place for getting work done?

My most productive time is early in the morning.  I usually wake up at 4:30AM and start checking and responding to emails in bed, then I start getting ready for work.  When the children are sleeping, I have time to work without distraction.  However, I mostly spend working time in the office in La Jolla or Orange County.

What do you do to avoid stress and how do you boost your energy levels this time of year?

Even if I only have an hour a day, I block it off in my calendar.  Pilates helps me to relax from time to time, however, I still struggle on getting better to take time for myself.  In addition, it’s always helpful to seek outside help, such as a nanny on special occasions or counting on someone to help with recurring tasks.

As a successful business leader and mother, who inspires you?

Sheryl Sandberg.  I just finished reading her second book, “Option B: Facing Adversity, Building Resilience, and Finding Joy. I have so much respect and admiration for her and how she handles her life.

How Plumb Family Office Accounting Can Help with your Family Life + Business Throughout the Year

Recurring tasks like bill payment or handling with taxes at the end of the year, and general organization and planning take an immense amount of valuable time. Save this time and effort with the help from additional resources to spend it with your family and friends or use to refueling your energy.

Plumb Family Office Accounting excels at high-net-worth accounting and financial consulting by applying a controller-level’s financial insight to managing personal finances.

Schedule a Consultation to Learn More:



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The Best of Personal Family Office & Bill Pay Services this Year

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Personal Family Offices & Bill Pay Services for the High Net Worth

Plumb Family Office Accounting is an outsourced accounting firm, focusing on personal CFO and bill pay services. In this post, we showcase the most popular content regarding Plumb Family Office Accounting, a personal family office and bill pay service provider for the high-net-worth and family offices.

#1 Why Use a Personal Family Office and Bill Pay Service Firm?

Are you a good candidate for outsourcing your personal accounting or bill pay needs? Do you want to know how a personal CFO service and bill pay firm can help you save time and bring peace of personal cfo mind? If you are dealing with complicated finances, or feel overwhelmed with the amount of bills that need to be paid and tracked. Plumb Family Office Accounting explains the top 5 reasons to use a personal bill pay service firm.

#2 Keys to a Successful Onboarding of a High-Net-Worth Client

The “white-glove” experience for a client of Plumb Family Office Accounting starts at the on-boarding process. It can seem overwhelming at first to gather all the bills and financial data in order to start the relationship. However, at Plumb, we have worked with busy entrepreneurs and even busier families, so we have developed a system to make the onboarding process easier. It is this combination of personal attention and service, with technology and security that brings it all together.

#3 Five Signs that you Need a Back-Office Family Office Accounting

What is a back-office Family Office Accounting? Are you missing due dates with your bills and incurring late payments? Are you having trouble keeping track of your investments that could include entities, personal bill pay firm rental properties, trusts, etc.? Do you have a clear picture of your wealth? Is your financial paperwork organized for tax season? How much time are you devoting to handling household finances, compared to actually enjoying your wealth? Think about your answers, then read about how a back office CFO can help.

#4 Family Wealth: How to Retain it with Better Financial Reporting

In order to make better decisions and retain your family wealth, it is important to have accurate, up-to-date financial information. Plumb Family Office Accounting offers outsourced accounting services to wealthy family services the high-net-worth and provides consolidated financial reporting with real-time data for a holistic view of family wealth. Unlike wealth management firms, Plumb Family Office Accounting does not manage money or recommend investment strategies. They work together with their client and their client’s personal financial team in a strategic manner to leverage their total expertise.

#5 Top Signs that you Should Hire a Personal Bill Payer

Who is the typical client of Plumb Family Office Accounting? Not all clients are alike, but the one thing they all have in common is: personal financial complexity. They own multiple homes, have household employees on their staff and have investment accounts, entities, trusts and even personal foundations. Most importantly, they are paying up to 100 bills per month and using a few different credit cards and bank accounts to manage their spending. Click here for an infographic >>

Are you ready to simplify your personal financial life and take true control of your wealth?

Plumb Family CFO Asks: Who’s Managing your Wealth?

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A top priority for affluent families is managing wealth.

To make things clear, Plumb Family CFO does not provide services that manage wealth or advise on investment strategies. Plumb Family CFO works with their client’s personal financial team to provide an accurate view of wealth through consolidated reports and financial statements.  Consistent communication with the family’s professional advisers leverages their total expertise and provides a backdrop to make better financial decisions to sustain wealth.

family office services

In this article, written by Tony Robbins for MarketWatch, he gives his opinion on how to take charge of your money and managing wealth by knowing the difference between a financial adviser, broker-dealer and an independent registered investment adviser.  Go to Tony Robbins person website >> here

Managing Wealth: Considerations for Choosing a Financial Adviser

These statements are taken from a series of articles written by Tony Robbins who explains how to improve investment and personal-finance skills. Managing wealth is a complex topic and by knowing the answers to these questions it will help you learn the financial system better.

  1. What’s the difference between a Financial Adviser, Wealth Manager, or Investment Consultant vs. Registered Investment Adviser?
  2. Does the investment firm have an affiliation with a Broker-Dealer?
  3. Does the firm offer proprietary mutual funds or separately managed accounts?
  4. Does the firm receive any third-party compensation for recommending particular investments?
  5. Where is the money held?
  6. Does the firm offer any financial planning services beyond investment strategy or portfolio management?

Managing wealth can include various tasks outside of financial planning and investment.  This is where Plumb Family CFO can help by handling personal accounting services not provided by the client’s CPA or family office.  Read: “Top Ways that Plumb Family CFO Works with Trusted Advisers”

Plumb Family CFO Provides:

Gain Financial Peace of Mind with Plumb Family CFO.  For more information…

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