Who benefits from DMM Services?
My mission is to serve those who need financial oversight or other help to make their lives easier or to positively impact the lives of those they love. There are numerous circumstances that can lead you to benefit from the services and guidance of a trusted Daily Money Manager.
- Those who have recently experienced a life changing event such as a separation, divorce or the loss of a spouse
- Singles, couples or family members who are feeling overwhelmed with bills, paperwork, and realize things are just not getting done
- A family member whose mental capacity is diminishing and their decision-making ability is being compromised
- Those dealing with health issues
- Busy professionals, those who travel extensively or wish to
- Parents with children to raise or a demanding job or schedule
- Adult children not having the time it takes to provide proper oversight or care for an aging family member
- Active seniors who need or would like assistance with everyday tasks so that they can spend time doing more of what they want to do
- Those whose parent(s) needs to relocate and do not have the time or ability to devote to finding suitable housing or organizing a move
- Those who recognize that someone they know is continually being taken advantage of. Checks are being written that shouldn’t be. Credit card statements are not examined for fraudulent charges. There may be a risk of identity theft or a breach of security if sensitive information gets into the wrong hands
Daily Money Managers ensure financial obligations are met, tasks are completed and members of a client’s financial and legal team are kept informed.
Daily Money Managers work with and complement the services of CPAs, accountants, estate, eldercare and family law attorneys, insurance agents, financial planners, investment advisors, private bankers, guardians, trustees, and care managers to help clients with managing their day-to-day finances and other needs.
A Daily Money Manager may serve in both fiduciary and a non-fiduciary rolls. As a fiduciary, some Daily Money Managers serve as Power of Attorney, Trustee, Executor, and Rep Payee as well as other roles and will work closely with other professionals to carry out their duties in those roles.
How do Daily Money Managers and service professionals work together?
In addition to paying bills and managing the day-to-day financial lives of their clients, as a Daily Money Manager, I can help ensure:
- Accountants receive organized and relevant tax receipts or documents to make sure the client’s taxes are filed correctly and to make the accountant’s job easier.
- Estate attorneys are kept informed of any life changes critical to keeping an estate plan current, and I can help to coordinate or handle estate settlement if so needed.
- Insurance agents are updated on any changes to property holdings or changes that might impact the beneficiary, and insurance premiums are paid by their due date so policies do not lapse.
- A client’s trusted investment advisors and financial planners address the client’s portfolio of investments, asset allocations, and long-term financial plan. As a Daily Money Manager, I can assist to make sure clients are protected from other, unwanted third parties who may be seeking to provide discordant advise.
- Bankers want to make sure that beneficiaries are appropriately assigned to a client’s bank accounts and that the client is not being taken advantage of by those trying to scam the client or perpetrate fraud.
- Guardians and Trustees can benefit from having a trusted, independent third-party who has been fully vetted to monitor accounts, process payments, and prepare financial reports.
- Daily Money Managers work as a team with other professionals to ensure the full spectrum of a client’s needs are met with efficiency and care.