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MC-2565 From Support to Superglue - How Bill Pay Activities Add Value to HNW Client Relationships

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When partnering with high-net-worth (HNW) individuals and families, wealth management firms and family offices are often on the lookout for innovative ways to create value and strengthen their relations with their clients. Deep loyalties tend to lead to referrals and grow the business. One way firms can put themselves in a position to enhance their partnerships and increase client satisfaction is by offering bill pay services. Software platforms that manage financial workflows and process payments like Bill.com can provide meaningful interactions with clients and enable wealth management and family office firms to become more embedded with their clients. How the family office services space is transforming While family office services have been around since the late 1800s, they 've become increasingly common in our current era of technology startups and other business unicorns that have created quick wealth to entrepreneurs and investors alike. A growing customer base invites competition, and we're seeing rapid change with the addition of pure wealth management firms, banks, and accounting companies adding services to their offerings to directly vie for new clients that would traditionally start their research within the family office firm sector. A full range of services includes planning, governance, and administration across these 3 primary themes: • Advisory (e.g., tax, legal, compliance, risk management) • Financial (e.g., investments, philanthropic) • Strategic (e.g., business, estate, wealth transfer succession) Clients who begin relationships with family office services firms are usually in search of external support, a third party to act as their financial arm, and manage both their business entities and their personal wealth. We're seeing the needs of high-net-worth individuals and families grow on two fronts. First, complexity is increasing, from managing multiple business entities to strategies on how to effectively grow wealth for transfer to future generations, as well as navigating intra-family transfers of highly appreciating assets. Secondly, the range of client needs has widened to include concierge services that help save time on routine tasks, such as picking up the dry cleaning, paying the gardener, and booking travel.

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