High-net-worth family who own several successful companies, real estate investments and a collection of vacation homes.
The piles of mail, bills and daily deadlines kept growing and the family needed a resource to handle the payment of bills and tracking of cash flow.
TAG has developed best practices in bill pay for the high-net-worth with services that include:
- Collecting bills and forwarding them to client-specific PO Box
- Setting up bill pay schedule with financial calendar of due dates
- Paying bills out of a POA designated bank account
- Processing checks that TAG signs as Power of Attorney
- Tracking rental income of investment properties
- Depositing rent checks
- Performing monthly bank and credit card statement reconciliations
- Implementing vendor management reporting
- Producing monthly cash flow reports
- Properly tracking income & expenses
- Organizing tax documents at year-end for the family’s CPA
The family has a dedicated team of accounting professionals at TAG who work exclusively with the high-net-worth. Now, with a clear financial picture, they have more time to enjoy their wealth. Their bills are being paid on-time, while being reconciled and verified for accuracy. By having a monthly cash flow report, the family has an understanding of income and expenses, so they are better prepared for long-term wealth planning.