Below you will find Frequently Asked Questions that Preferred has received. If you have more questions, please feel free to contact us.
YES, Preferred can act as the hub to all of your advisors, investment advisors, insurance agent, attorneys, CPA, assistant etc.
Absolutely. However you would like them paid.
YES, we work with a professional organizer who can organize your papers. At this time, this service is only available in the New York City area.
YES, this is a service we provide.
YES, we provide this service.
In our experience, we are able to get most vendors on the phone and explain what is the source of the call. We get as much information as we can from the vendor before we have to get the client on the phone. This method sometimes eliminates the need for the client to get on the phone or definitely reduces the amount of time the client needs to be on the call. Recently, we were on a call with a client and a vendor for quite a while. When Preferred asked how the vendor was going to compensate the client for the delay, the vendor added 20,000 points to the client’s account.
Absolutely not! We don’t even do this for our own family. This is a good example of the importance of a Power of Attorney.
Yes, in this package we hire a payroll company to setup and pay the tax filings with the government agencies. In-house, we run the payroll for your household staff according to the payroll periods. We set up a workflow system to execute when payroll needs to be run.
YES, we can provide our services to anyone who is an American citizen.
YES, we have a vast network of professionals that we can recommend.
No. We will coordinate, organize and reconcile your records for the other professionals to utilize. That is why we offer our liaison service.
On the contrary, hiring us will enable you to maintain your independence longer. We are available to assist you with your finances while keeping you involved in any decision-making. You chose the level you want to be involved. It is based on your comfort level.
The involvement of an outsider in personal financial affairs may be intimidating for some, but most of our clients find that once they have established a relationship, they don’t know how they survived without one.
As a senior, we can give you the comfort of another set of eyes reviewing documents and ensuring bills are paid, potentially delaying any need for family members to step in.
As a busy professional, we can free you up to focus on other important things like your family and career while keeping you informed of where your finances stand, avoiding late fees and poor credit because things will no longer fall through the cracks.
For high net worth clients, you can be assured that someone else is watching over your financial life to make sure whatever tasks are required to be done to keep your household operating, they are done.
A fiduciary is a person or organization that acts on behalf of another person or persons, putting their clients’ interests ahead of their own, with a duty to preserve good faith and trust. Being a fiduciary thus requires being bound both legally and ethically to act in the other’s best interests.
There are 2 ways we can still help if you want us to be included. We can act as successor to the POA, executor and trustee that you designated. Or, we can work with the person/people you have in place by providing administrative support.
Yes, we are fully insured. Our broker has partnered with key professional associations to provide the coverages fiduciaries require. Our insurance is underwritten by Lloyd’s of London.
