Serving Remote Clients

[Todd Blackwell]

Hi – I have a new client that will be remotely served. My first suggestion was to set up a joint account for him and me that will be funded from his primary checking. I will let him know (or his POA, or his Fin. Adviser) how much is needed to cover the expenses, and that will be moved to the joint account and I will write and send the checks.

Is there a better way to do this?

There was an earlier post on this topic, but no one mentioned how they titled the shared accounts … or if they suggested other options.

All suggestions welcomed. Thanks, Kay

[Anonymous]

Hi Kay,

The most efficient way is to simply pay the bills via Bill Pay directly from your clients current checking account.

Tracey Hall

[Anonymous]

There is no issue with setting up a separate bill pay account so that you don’t worry about the client dipping into the funds needed to cover the bills BUT DO NOT make this a joint account. That essentially means you jointly own that money. You don’t want that. Either get added on as a POA to the bill pay account or have him give you access and authorization in writing to log in and pay the bills from that account.

[Todd Blackwell]

Follow up: Does any one have a form they have used for client to approve of your online access to their account?

When you have done this, you are basically NOT being POA, just having them say they are letting you access the account and don’t need to get the additional rider as a POA, right?

[Ott, Denise]

Hi Kay,

Please DO NOT open a joint account with your client. Here are some options to pay your client’s bills:
Pay bills online via logging in directly to the vendor’s website (like the Gas Co, Edison, Spectrum, etc) and pay from there.
Open a separate checking account in your company’s name that will be funded by your client and will be used solely for his/her payables.
Some banks allow you “bookkeeper” access, which gives you limited authorizations without having you co-owning the account.

[Author]

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