(This is the first in a 3 part series about Daily Money management) “What is a Daily Money manager?” This is one of the very first questions people ask when I tell them what I do. Unlike financial planners, accountants and bookkeepers, who most people know at least something about, many people have never heard about Daily money managers or DMMs. When I started my business in 2011, I wanted to assist older adults and veterans with their bill paying and financial organization.
I didn’t know what to call my services, so I used the term “Advocacy and Consultation services”.
My business coach suggested I look for others who were offering bill paying services to their clients. After doing some research, I discovered AADMM, the American Association of Daily Money Managers and learned they offered the same services I provided in my business! Initially, I wasn’t sure about the term “daily money manager” and even wrote a blog post about it. But once I became involved in AADMM, I began using the term Daily Money manager as a way to promote the profession and educate the public about daily money management services.From the AADMM website:
Daily Money Managers (DMMs) provide personal business assistance to clients who have difficulty in managing their personal monetary affairs. The services meet a continuum of needs, from organizing and keeping track of financial and medical insurance papers, to assisting with check writing and maintaining bank accounts.
DMMs can assist with many financial matters such as: creating budgets, organizing tax documents, negotiating with creditors and submitting appeals for medical claims.We often consult and refer to financial advisers, CPAs, estate attorneys, and geriatric care managers on behalf of clients who need these professional services.
One of the most important aspects of Daily Money management is that all DMMs adhere to a strict Code of Ethics and have clear guidelines that are spelled out in the DMM Standards of Practice. Given the amount of fraud, identity theft and scams that are so prevalent, having a trusted DMM professional who adheres to strict standards allows our clients to have “peace of mind with their money matters”. In Part 2 of this series I will describe my “ideal client” and share a few examples of clients who have utilized DMM services.
6709 Raymond Road, Suite 198
Madison, WI 53719