There are several types of financial assistants available to help with everything from tax questions to budgeting to resolving conflicts about money. Some skills may overlap, so it’s important to understand your needs before choosing the best type of financial assistant to help you.
Daily Money Manager
Also known as a DMM, a daily money manager:
- Provides day-to-day money management assistance
- Includes balancing checkbooks and reviewing bank statements
- Frequently works with seniors and disabled individuals
- Ideal for anyone who struggles to keep track of their finances.
Think of a daily money manager as a personal assistant for your finances.
A financial therapist:
- Explores the emotional, behavioral, and psychological root of money issues
- Examines your financial history to understand your current financial situation
- Perfect for extreme spenders or couples in conflict about money
For some people, financial issues go deeper than lack of organization or understanding. That’s where a financial therapist comes into play.
Work with a financial coach to:
- Achieve your life goals with better money habits
- Learn to use budgeting tools and spend wisely
- Ideal if you’re saving for a big purchase like a house or want to live debt-free
Different than a therapist, a coach works with someone who isn’t in dire straights, but wants to learn do better.
Certified Financial Planner
Financial planners help people:
- Invest, save, and plan for growing their assets
- Plan for retirement, set up their estate plan
- Build a comprehensive investment portfolio
CFPs receive thousands of hours of training and are strictly regulated. They may overlap with coaches, but can do more with regard to creating long-term money plans and have a deeper knowledge of financial systems.
No matter what type of financial help you need, there is a professional out there who can assist you.