In this piece we talk to Anneke Stender, EVP and Co-Founder of Plumb Family Office Accounting & Bill Pay. It is assisting high-net-worth individuals and family offices to organise, coordinate, and navigate through their financial affairs, to provide peace of mind to clients and their trusted advisors. The idea is to work in partnership with our clients’ trusted advisors to provide the highest quality of data and financial reporting to establish a holistic view of their assets and financial holdings.
Can you introduce yourself, please?
My name is Anneke Stender and I’m the EVP and Co-Founder of Plumb Family Office Accounting & Bill Pay. I have over 20 years of experience in the finance and accounting industry, and am a trusted resource for my clients, some of whom are the most prominent family offices and wealthiest families in the US. Thanks to my years of experience working with family offices and HNWI, and my depth of understanding of their unique needs, I have created back-office accounting and bill pay services to help them stay organised and gain financial peace of mind.
I joined Plumb in 2003 as the company’s Corporate Controller and was quickly promoted to become a key member of the executive management team. I currently oversee Plumb Family Office Accounting & Bill Pay, including management of the team, handling new business development, and implementing strategic plans for growth.
How do you define Family Office Accounting & Bill Pay?
We provide a variety of family office accounting and transactional bill pay services to HNWI, UHNWI, and family office clients. Our secure bill payment services ensure bills are paid on time while monitoring them for discrepancies; they are tracked closely and reconciled accurately. We also offer family office accounting services, including investment accounting reconciliation, Private Equity tracking, consolidated financial reporting, entity bookkeeping, cash flow management, financial reporting and analysis, budgeting and cash flow projections, foundation accounting, trust accounting, insurance coordination and oversight, and an annual tax organiser.
By assisting high-net-worth individuals and family offices to organise, coordinate, and navigate through their financial affairs, we provide peace of mind to our clients and their trusted advisors. We work in partnership with our clients’ trusted advisors to provide the highest quality of data and financial reporting to establish a holistic view of their assets and financial holdings. Ultimately, this gives them true control of their wealth and establishes the foundation for effectively implementing their financial strategies.
How have family offices managed their accounting and bill pay needs in the past? Is this something that could and should be dealt with in-house? If not, why not?
We have seen a range of how family offices manage their accounting and bill pay needs in our decades of experience working with them. Whether the families themselves were handling the details or they hired an internal staff of people to assist them, we have seen it all, and we have been fortunate to step in and help our clients and their advisors get and stay organised. The services we provide enable our clients and their wealth advisors to focus on the bigger picture of their wealth management. Instead of spending time on the transactional needs of paying credit card bills and reconciling investment accounts, our clients can invest their time into their wealth management strategy and future planning.
What are the benefits of seeking to outsource Family Office Accounting & Bill Pay?
There are many benefits to outsourcing Family Office Accounting & Bill Pay:
- Clients and their advisors are empowered to make informed decisions based on the accurate and timely information provided by their outsourced accounting partner.
- The daily worry of managing the important but often tedious elements of accounting and bill pay is alleviated.
- Clients and/or their designated representatives receive clear, accurate, and up-to-date reporting.
- Outsourced family office accounting and bill pay firms have well-established processes that are designed with a focus on data security, privacy, and integrity.
- They stay up to date with everything from changes in accounting best practices to the newest technologies.
How is this area evolving? What will happen next?
There are two main aspects of the family office that are in transition: generational change and technology.
Family offices are at a turning point. Not only has there been an acceleration of extreme wealth over the past few years, which has resulted in the creation of new and expanded family offices, but there is about to be a ‘turning of the tides’ as it relates to the generation in charge of these family offices.
Although not everyone agrees with how prepared they are for this transition, there are two unmistakable facts: there will be a significant generational shift in the coming years and keeping pace with changes in technology can make or break the family office’s ability to sustain itself.
Based on these two facts and our experience in this industry, we have two recommendations. The first is that all family offices should take the time to complete a comprehensive succession plan. That should be prioritised now, while there is time to create a smart and seamless plan. The second is that they should research and invest in technology tools. Although it can seem like a daunting process, ultimately, the right technology will improve communication within the family office. It will offer more flexibility and increase overall efficiencies, productivity, and the all-important security.
Any case studies?
Young Tech Entrepreneur.
A mid-30s tech entrepreneur had most of his wealth on paper but wanted to translate that wealth into tangible assets. He needed assistance in understanding, organising, and tracking his bills and stocks so that he was able to purchase real estate to add to his growing portfolio.
Plumb provides an outsourced bill pay solution for the entrepreneur with ongoing services. With the entrepreneur offloading his bill pay tasks to Plumb, he has more clarity around his cash flow and assets. He also has more time to focus on his growing family and his next business venture. Thanks to his new understanding of his holdings, this young tech entrepreneur has purchased two new real estate investment properties. The Plumb Bill Pay service acts as a seamless extension to his personal office. Our bill pay team is dedicated to providing high-touch service and communication to support the unique needs of the wealthy and their advisors.
Young Silicon Valley power couple.
An early 40s Silicon Valley couple made their fortune working in app development and are moving into the role of Angel Investors. Their wealth came quickly, and they had no established management or organization around their finances. They needed assistance with managing their newly complex personal assets, including multiple homes and properties around the globe, to enable them to invest in a variety of businesses. They also needed assistance with managing some of the bill pay requirements of the businesses in which they invested.
After working with the professional and knowledgeable Plumb bill team on their personal finances, the couple hired the same team to assist in some of their business-related bill pay needs. The transparency of the transactions related to their bill pay processes has afforded them the additional benefits of spending more time with their growing family while travelling to their vacation homes abroad.
What are your plans going forward?
One of our main focuses for the near-term is our newly launched bill pay app. Plumb’s proprietary bill pay app makes approving bills, viewing bill payment status, and communicating with the Plumb team easier than ever. This intuitive, efficient, and incredibly useful app is the logical – and necessary – evolution of our high-touch, high-tech, white-glove service. I could not be prouder of my team for all the hard work and dedication they put into the creation of this app – it is really a game-changer for both our clients and our Plumb team.
If you would like to take part in our ‘TWM talks to…’ series, please get in touch with us at office@thewealthmosaic.com