Standards of Practice
The Daily Money Manager (“DMM”) shall perform duties and discharge obligations guided by the AADMM code of ethics and in accordance with current state and federal law. To become and remain a DMM in good standing with AADMM, a Daily Money Manager must adhere to the following principles and standards:
A Daily Money Manager’s conduct in all matters shall reflect positively upon the profession.
- A Daily Money Manager serves clients, colleagues, and the public with integrity and professionalism and will work to uphold the reputation of AADMM.
- I will set forth the fee arrangements with the client or other person accepting responsibility for payment prior to the initiation of services. I will endeavor that our agreement will be clear, concise, and specific regarding the type(s) of services to be performed; the time and place of performance; the amounts to be charged; the methods of payment; timing of invoices and/or statements and/or reports; and other information, as may be applicable. Written acknowledgement from the client will be requested.
A Daily Money Manager shall not disclose any confidential or sensitive client information without the specific consent of the client.
- I will respect a client’s privacy and dignity, especially when the disclosure of information is necessary.
- Disclosure of information shall be limited to what is necessary and relevant to the issue being addressed.
- A Daily Money Manager may be asked to disclose or assist the client in communicating sensitive information to a third party when the disclosure would benefit the client.
- I will keep a client’s information confidential.
- Before disclosing confidential information, I will confirm that the client has authorized disclosure to the recipient, whether via a direct verbal communication, a signed power of attorney, or otherwise.
A Daily Money Manager shall provide services to clients competently and maintain the necessary knowledge and skills.
- I will offer advice only in those areas in which I have competence.
- In other areas, I will seek the counsel of qualified individuals and/or refer clients to third parties or make other recommendations.
A Daily Money Manager shall provide services with honesty and trust, and the client’s best interest will always take priority.
- I will operate with transparency and always with the client’s best interest at heart.
AADMM is committed to ensuring the highest quality interaction between its members and their clients. Daily Money Managers are held accountable to the AADMM Board of Standards to resolve client concerns.
Code of Ethics
The American Association of Daily Money Managers is committed to promoting high standards of client services provided by its members.
- As a Daily Money Manager, I provide assistance to clients who need assistance managing their personal monetary and/or business affairs. As a Daily Money Manager, I do not serve as an accountant or CPA, financial advisor, or attorney, nor do I serve as a healthcare professional.
- My concern is for a client’s well-being and I will treat clients, their family members, colleagues, and other professionals with fairness, discretion and integrity.
- I will not knowingly enter into any arrangement that will create a conflict of interest. Furthermore, I will endeavor to disclose in writing any affiliations, association, or interest that may pose a potential conflict of interest or the semblance of impropriety.
- As a Daily Money Manager, I will seek to protect the client’s right to privacy and confidentiality.
- As a Daily Money Manager, I seek to achieve and maintain high standards of competence.
- I will seek to accurately represent my professional experience and training and will not act in any capacity for which I am not separately educated and properly licensed.
- I will refer clients to other service providers or consult with the other service providers in situations where additional knowledge and expertise, beyond what I can offer, are required, or as requested by a client to do so.