Customer Study No. 5: Busy Professional
Note: This story is based on an actual scenario involving two of our customers, but some details have been changed to protect their privacy.

Andrew, the VP of sales for a high-tech company, and his wife, Meg, an attorney, just didn't have enough time in their day. Having a live-in nanny to help care for their two preschool-aged children offered some relief, as did outsourcing many of the household domestic and landscaping chores. However, the travel and time commitments of their demanding careers still made it difficult to find ample "family time." They were beginning to think that maintaining dual careers just didn't make sense anymore.

With time at such a premium, Andrew and Meg struggled to manage their household finances. Despite their best intentions, they never got around to setting up all their accounts for online bill payment. And because they hadn't reconciled their bank accounts in awhile, they lacked an accurate picture of their financial situation. When asked how much money was in their accounts, they said, "Somewhere in the thousands; we're not sure exactly. But that's OK, because we keep a $3,000 buffer in there so we don't overdraw." To make matters worse, their nanny was being paid “under the table”.

That kind of accounting made it difficult to have a retirement plan or save for their children's education. It was obvious they needed Commonwealth Cash Management's services. Andrew and Meg have discovered they can rely on their dedicated CCM Client Assistant to help them with their Personal Cash Management, organization and time management issues. Their Client Assistant visits them when they wish, but otherwise asks that they simply gather and send all receipts and bills to CCM.

As the Client Assistant organized their books and brought clarity to their financial picture, Andrew and Meg found that the $3,000 "account buffer" was not necessary — and decided to invest it instead. In addition, the couple has gained real-time perspective on their account balances, enabling them to better use their time with their financial planners, estate attorneys and accountants. Their newfound financial perspective also has enabled better near-term and long-term decision making. And they don’t need to worry, as they are now complying with the IRS regulations on taxing domestic employees.

Andrew and Meg allowed CCM to provide their financial information to both their accountant and financial advisor; as a result, the couple and their advisors identified several missed tax-deductible and investment opportunities. They have also saved money by presenting their accountant with prepared and organized year-end documents instead of a shoebox full of receipts and random unreconciled end-of-year tax forms. Their increased organization has enabled the accountant to spend more time working on their returns rather than organizing their expenses.

Now CCM delivers to Andrew and Meg one easy-to-read monthly statement showing their complete and overall net worth along with their cash, investment and "hard asset" picture. As a result of this statement, they no longer need to worry if bills are paid on time or if their checking account is properly funded. Better yet, they have more time for what matters most in their lives — their children.