When family members, friends and acquaintances ask me “What exactly do you do?” my short answer is “I’m a daily money manager”. This leads to the response, “I’ve never heard of a daily money manager. What is a Daily Money Manager?”

What Is A Daily Money Manager (“DMM”)?  

Basically a DMM is a financial professional who assists clients with monetary and lifestyle management tasks. According to the American Association of Daily Money Managers (“AADMM”), there are more than 400 members in the organization in the United States and Canada. The profession began gaining recognition in the early 1990s. DMMs provide assistance to clients who have difficulty in managing their personal or small business monetary affairs. The clients of DMMs include senior citizens, the adult children of elderly, disabled adults, people going through life transitions, non-profits, small businesses and people who simply don’t have time to manage or don’t want to bother with day-to-day finances and paperwork. DMMs who become members of AADMM are held to a very high standard and must adhere to a strict Code of Ethics.

What services do I provide?

Financial

• Budgeting
• File set-up and organization
• Quicken or Quick Books
• Bill-paying and preparation of checks for clients to sign
• Balancing checkbooks and maintaining organization of bank records
• Preparing and delivering bank deposits
• Organization of records for tax preparation; coordination with tax professional
• Preparation of all payroll aspects for home employees including payroll checks and federal and state tax reports
• Coordination with financial advisors

Insurance

• Coordination of all medical insurance benefits including processing of monthly bills and claims, verifying reimbursements and negotiating with insurance carriers
• Acting as power-of-attorney and/or representative for Medicare
• Analysis & recommendations for Medicare, Medicaid and supplemental insurance

Other

• Notary public services
• Computer assistance including set-up, training, hardware & software installation and minor repairs 
• Referrals to legal, tax, and investment professionals
• General organization assistance  

So if I hire a DMM, why do I need an accountant, financial advisor or lawyer? 

A DMM does not take the place of professionals in the accounting, investment or legal fields; rather, their work complements the work of other professionals by facilitating the completion of the day to day tasks rather than determining long-term plans.

Finally, the services of a DMM offer peace of mind, for senior citizens who want to remain independent, for family members who may live in a different state or country, for people in transitions, for people who have never handled their finances before and for people who just do not have the time to deal with the daily finances. For those tight on a budget, hiring a DMM may actually help save money in the long run. 

Hire a daily money manager to eliminate the work and unburden you from the stress of your daily financial activities. 

Terri Thompson
Details Management, LLC
www.detailsmgmt.com
terri@detailsmgmt.com

www.aadmm.com