Retiree

Bringing Greater Organization to a Retiree’s Financial Affairs

Client

Widow who is a retired professional with accumulated wealth and real estate investments.

Background

The client was seeking a reliable and professional firm to manage her complex financial affairs by handling the payment of general bills, overseeing household staff payroll and tracking of rental properties.

The Solution/Outcome

TAG Family CFO set up a bill payment process with the client that includes:

  • Collecting and reviewing all incoming mail and bill statements
  • Sending client a comprehensive list of bills for approval of payment
  • Cutting checks out of a management bank account with POA setup for signature
  • Providing summary of payroll timesheet for approval to pay
  • Household staff payroll is setup through a preferred third-party vendor
  • Tracking rental income and expenses for multiple properties
  • Depositing rent checks
  • Monthly bank and credit card statement reconciliation
  • Creating weekly cash flow reports
  • Setting up insurance report for rental properties with calendar of due dates
  • Organizing tax documents at year-end to send to the client’s CPA

The client is fully enjoying her retirement by not having to deal with the day-to-day financial issues of owning rental properties, handling the payroll of household staff and paying bills on time.

With bill pay from TAG Family CFO, the client is confident her finances are being monitored by a long-standing, trustworthy and transparent firm with top-level technology and security. She works with a bill pay team that provides her with prompt updates through her preferred method of communication (email) to make sure all bills are approved for payment and scheduled on a vendor management spreadsheet. Every week she receives a cash flow report with updates on rental income, interest payments, royalties and related expenses. On a timely basis, she receives a clear picture of her accumulated wealth and is able to keep track of her real estate investments with ease.