Customer Study No. 2: Affluent & High-Net-Worth Customer
Note: This story is based on an actual scenario involving two of our customers, but some details have been changed to protect their privacy.
A couple, Jim and Helen, sold a business they had started 30 years prior and retired with the intention of taking it easy. Soon thereafter, they were golfing at their new home in Florida, sailing the coast of Maine, fly fishing in Alaska and spending time in their home on Long Island. The couple found that multiple homes were a lot to care for, but well worth it because they treasured their time in each location.
With all their traveling, however, they were having trouble getting mail forwarded to their current location. Bills would be sent to one home and get forwarded to the next, but the couple had already moved on to another destination. Inevitably, they missed bills, made payments too late and incurred late fees and penalties. In addition, they missed important personal correspondence.
Jim and Helen soon realized that their inability to keep up with financial matters was compromising the pleasure of their retirement travel. Then they learned about Commonwealth Cash Management.
CCM's Personal Cash Management service allows the couple to benefit from a relationship with a dedicated Client Assistant while they travel between homes. The Client Assistant opens their mail, ensures their bills are paid on time and assists them with the maintenance of their homes in their absence. Essentially, CCM ensures that everything flows smoothly.
In addition, Jim and Helen frequently access mycashmanageronline.com to check on investments, approve bills to pay, communicate with their Client Assistant and otherwise stay up to date with their complete financial picture.
In the past, the couple's constant travel precluded them from meeting regularly with their valued advisors, such as their accountant, financial advisors and attorneys. To facilitate the communication process, the couple granted their advisors access to their financial picture via mycashmanageronline.com. With the ability to access the complete financial picture online, the couple and their advisors can now continue ongoing discussions wherever Jim and Helen find themselves.
Upon the request of their accountant, CCM also has helped Jim and Helen make a budget central to their financial picture. Since their advisors assisted them in setting a living budget for their retirement, CCM has made sure they stay within the budget parameters by notifying them where they stand versus that budget each month.