Frequently Asked Questions
A Daily Money Manager (DMM) is a financial professional who provides personal financial services to individuals and families, and who manages personal daily money matters such as bills, budgets, record keeping, organizational tasks and more. Other services may include acting in a fiduciary capacity. These professionals provide personal financial services to older adults, people with disabilities, busy professionals, high net worth individuals, and the small businesses they may own.
The expertise of Daily Money Managers cover a broad range of tasks. The actual work they do depends on their background and client need; however, the scope of personal financial services generally includes:
- Bill paying, including calls to payees regarding incorrect bills and preparation of payments for client approval.
- Reconciling checking accounts and investment statements.
- Preparing and making bank deposits.
- Organizing tax documents.
- Negotiating with creditors.
- Reviewing medical insurance papers and verifying proper processing of claims.
- Providing general organization of financial papers and systems.
- Referring clients to legal, tax, and investment professionals and to community resources.
Additional services, such as:
- Preparing budgets of spending plans
- Preparing plans to reduce expenses and debt
- Relocation plans
- Identifying possible ways to age in place
- Overseeing home healthcare
- Other services as needed or requested
Most services are provided on an hourly basis. Services are typically billed monthly or on a bi-weekly basis. An estimate of total charges will be discussed depending on the extent of services and the depth of the relationship. A full accounting of hours will be provided as billed. Once a scope of services has been established, if the client prefers, a flat monthly rate can be arranged. There is no charge for an initial consultation.
Yes, a Daily Money Manager (DMM) does not take the place of professionals in the accounting, financial planning or investment, social service or medical fields. A DMM’s work complements the specialization of other professionals by facilitating the completion, accuracy and timeliness in taking care of day-to-day tasks.
For example, a DMM organizes and maintains accurate financial records and can then compile the necessary documents for tax preparation by an accountant. When the accountant has prepared the required tax returns, the DMM makes sure they are correctly signed and filed on time.
There is nothing more important than integrity and trust. At the minimum, the Daily Money Manager you decide to work with should be a member in good standing with the American Association of Daily Money Managers (AADMM).
The American Association of Daily Money Managers is a trade organization whose mission is to support daily money management services in an ethical manner, to provide information and education to members and the public, and to develop a network of dedicated professionals. All members of AADMM have been background checked and are eligible to carry Errors & Omissions insurance through Lloyds of London, as well as Fiduciary coverage as may be needed.
On the contrary, hiring a Daily Money Manager will enable you to maintain your independence as the DMM is there to assist you with your finances and help protect you from financial fraud. Clients enjoy a renewed feeling of freedom and independence and benefit from the stress and anxiety of being overwhelmed by financial and other matters. As a busy professional, a DMM can free you up to be able to focus on other important family, career or life matters while keeping you informed of where your finances stand, avoiding late fees, and negative impacts to your credit. You can also be assured that household and other personal tasks are being done, freeing you to spend time doing more of the things that you want to do.
Trust and integrity are of utmost importance. Privacy is crucial with regard to Daily Money Management activities. All client relationships are held confidential. A client’s personal and financial information is kept strictly private. Information regarding a client and/or any client assignment is not shared with any third party unless a client specifically provides the authorization needed and grants their permission to do so. Confidential information is stored securely to ensure maximum protection for our clients. You can read our full privacy policy here.
