At many points in life, the daily money manager in your life was probably you. Balancing a checkbook, paying bills, dealing with medical and insurance paperwork, and depositing money can take up a lot of time. But, you’ve done it, have been doing it. A daily money manager takes over these activities, and a few others, to save you time and help you manage your finances.
How Can a Daily Money Manager (DMM) Help Me?
Daily money managers assist people who can’t manage their monetary affairs for a variety of reasons. In many cases, their clients are older. Arthritis, mental degeneration, vision loss, and other conditions can make it hard for seniors to manage their finances even though they’ve successfully done so until now. Sometimes their clients are so busy enjoying their retirement; they no longer want to spend their time dealing with the minutiae of daily money management.
Daily money managers also assist adults who are too ill to manage their financial and medical paperwork, or adults whose careers leave them too pressed for time to do so effectively.
Finally, daily money managers are often employed by high-net-worth individuals (HNWI). Typically, assets are spread across many income streams. Keeping track of all the paperwork for numerous accounts can be overwhelming. Daily money managers help keep it all organized and track income and expenditures.
What Other Professionals Will I Need if I Hire a DMM?
DMMs are not certified, accountants. Their job is not to help you plan for retirement, prepare your taxes, or make legal decisions. However, if you need the help of specific professional services your DMM can’t provide, they have connections in those fields and will refer you to a trustworthy provider.
DMMs work with these associated professionals to help you manage your insurance and financial matters. For example, your DMM will maintain your financial records. At tax time, your DMM will organize, scan, and upload all of your documents to your accountant’s portal, or if you prefer, you can hand all your neatly organized paperwork over to your accountant. Once your taxes are complete, your DMM will ensure they’re signed, that any necessary checks are attached, and that they’re filed on time.
To learn more about how a DMM can relieve you of the many daily money management tasks, visit the American Association of Daily Money Managers. Also, see my DMM services.