What is a financial concierge? 

The main thing that we do is personal bookkeeping and bill pay for our clients.  We also take on a lot of other projects that have to do with daily money management.  This is what a financial concierge does.

For example, we’ve recently started a project that is part money management, part bookkeeping — and pretty massive in scale. A professional couple was talking to a financial adviser that we work with, when he told them that they should work with me and my team to get a better handle on their finances.

They were most motivated by the fact that their kids will soon be going off to college. They wanted a better grasp on what they can afford or what they can’t afford, and what kind of financial aid is available for them — because that’s based on parental  income and assets. They are also behind on sending reports to their CPA which means they haven’t filed their taxes for 2019. 

To get them those numbers, we’re rebuilding 2019, going back and downloading bank statements, sorting everything into the right buckets. In the long run, this couple’s investment firm is going to save them a lot of money because they’ll be able to put together an educated financial plan. 

I’m not sophisticated enough not to brag that I categorize all my expenses daily. I download and keep track of everything weekly. I check my balances every day. At any point, I can run a report and say, “What am I spending on Starbucks? Uh-oh, too much. As usual. I love their chai tea.” 

If you’re not doing that, it’s just money flying out of your pocket.