Reasons Multi-Family Offices Should Consider Bill Pay Technology

The goal of multi-family offices (MFOs) is to generate and preserve wealth for high-net-worth families. To meet this goal, MFOs manage bills and expenses for the families, which can be a time-consuming and error-prone process.

Bill pay technology, can be a valuable tool for MFOs to streamline this process and improve the overall efficiency of their operations.

Here are some reasons why an MFO should use bill pay technology:

 

Time-Saving & Improved Productivity

Bill pay technology can automate the process of paying bills and managing expenses, freeing up time for MFO staff to focus on more strategic and value-adding tasks, such as responding to client inquiries. This can increase productivity and reduce the risk of errors associated with manual bill payment processes, such as rekeying the same data into multiple systems.

You can also save time by automatically integrating bill pay with other financial services, such as investment management and accounting. These integrations can provide a more holistic view of a family's financial situation and help your staff answer questions more quickly.

Another benefit of bill pay technology is that it allows family offices to customize bill pay workflows to meet their unique needs and preferences. This can help ensure that bill payment processes are tailored to the specific requirements of each family and can be adapted over time as needs change.

 

Improved Accuracy & Increased Security

Bill pay technology can help eliminate errors in bill payment and expense management by automating processes and providing real-time tracking and reporting capabilities. This can improve the accuracy of financial statements and reduce the risk of costly mistakes.

Platforms like AgilLink provide real-time reporting on bill payment activity, including payment status, payment history, and payment details. This can help family offices stay informed about bill payment activity and provide more accurate and timely reporting to their clients.

For example, as an affiliate of City National Bank, AgilLink employs bank-level security protocols and safeguards. These enhanced security features, such as two-factor authentication and fraud detection, help protect against the risk of identity theft, fraud, and other types of cybercrime. This can help provide peace of mind to families who are concerned about the security of their financial information.

Additionally, sending checks by mail can open your clients up to security and fraud risks in the event someone intercepts the payment. Eliminating this process with bill pay technology can reduce these risks.

 

Cost Savings

By automating bill payment and expense management, MFOs can reduce administrative costs associated with manual processes, such as purchasing, printing, mailing, and processing checks. This can result in cost savings for both the MFO and its clients.

 

Improved Client Experience

Bill pay technology can improve the overall client experience by providing real-time visibility into bill payment and expense management, making it easier for clients to track their financial activity and stay informed about their wealth management strategies. Services like AgilLink also offer a mobile app that allows clients the convenience of viewing and approving bills from anywhere.

Overall, bill pay technology can be a valuable tool for MFOs to manage and automate their bill payment services. By leveraging the platform's integrated services, customizable workflows, real-time reporting, enhanced security, and dedicated support, family offices can provide more efficient and effective financial management services for their clients.