Daily Money Managers bring clarity and order to their clients' daily management of bills, budgets and record-keeping. The goal is to keep our clients financially organized and independent. Typical services might include: reviewing mail with the client and deciding what to pay and what to discard, preparing bills for payment electronically or manually, bank statement reconciliation, making bank deposits, organizing tax related information and paperwork, setting up files and electronic or manual record-keeping systems, and coordinating with the client's professional advisors such as attorneys, investment and tax professionals, etc.

​

Why you need a Daily Money Manager

​

As personal financial matters become more complicated – finding time to focus on the daily tasks of money management becomes more difficult. Daily money managers (DMMs) offer services to ensure nothing falls through the cracks including necessities like monthly bill payments, tax preparation, balancing checkbooks, decoding medical bills and negotiating with creditors. Other services may include notary services, payroll management, healthcare advocacy or acting in another fiduciary capacity.

​

DMMS work with a variety of clients such as:

​

• Seniors and older adults

• Adult children of older adults

• Busy professionals

• People with disabilities

• High net worth individuals and families

• Small businesses owners

• Frequent travelers

• Military personnel and veterans

• Non-profit organizations

• People in life transition

​

Not everyone is ready or able to manage the tasks associated with daily money management. When you hire a daily money manager to assist with your needs, you have peace of mind knowing that a dedicated, trained professional will ensure your daily financial matters are handled in a timely and professional manner so you can focus on the things you enjoy.

​

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 DMM must adhere to the following principles and standards:

 

Professionalism

​

• A DMM’s conduct in all matters shall reflect positively upon the profession.

• A DMM will serve clients, colleagues, and the public with integrity and professionalism and will work to uphold the reputation of AADMM.

• A DMM shall disclose, in writing, business conduct that presents or may present a real, perceived, or potential conflict of interest, and if a potential or actual conflict of interest exists, a DMM shall request informed consent, confirmed in writing, from each affected client.

• A DMM shall show respect for other Daily Money Managers, and related occupational groups by engaging in fair and honorable competitive practices.

• A DMM shall maintain all licenses, permits, certifications, and insurance required by law for the provision of services.

• A DMM shall not practice any other profession or offer to provide such services unless the DMM is qualified to practice in those fields and is licensed as required by law.

• A DMM shall not require, as a condition precedent to the DMM providing daily money management services, that the client retain the DMM to provide other professional services.

• A DMM shall set forth in writing all fee arrangements with the client or other person accepting responsibility for payment prior to the initiation of services. Such agreement shall 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; how and when invoices and/or statements will be generated; and such other information as may be reasonably necessary to explain the fees to be charged. Written acknowledgement from the client will be requested.

​

Confidentiality

​

• A DMM shall not disclose any confidential or sensitive client information without the specific consent of the client.

• The DMM shall respect the 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.

• The DMM may disclose or assist the client in communicating sensitive information to a third party when the disclosure would benefit the client.

• The DMM shall keep client information confidential regardless of who pays the DMM.

• Before disclosing confidential information, the DMM shall confirm that the client has authorized disclosure to the recipient, whether via a direct verbal communication, a signed power of attorney, or otherwise.

​

Competence

​

• A DMM shall provide services to clients competently and maintain the necessary knowledge and skills.

• A DMM must keep abreast of all areas of education relevant to their clients.

• A DMM shall offer advice only in those areas in which the DMM has competence. In areas where the DMM is not professionally competent, the DMM shall seek the counsel of qualified individuals and/or refer clients to such parties.

​

Integrity

​

• A DMM shall provide services with honesty and trust, and the client’s best interest will always take priority.

• The DMM shall neither solicit nor accept incentives from service providers.

• The DMM shall not be in a position of representing both the client and the service provider.

• A DMM shall not provide professional advice, services, or products through dishonesty, fraud, deceit or misrepresentation.

• A DMM shall not solicit clients through false or misleading communications or advertisements.

• AADMM is committed to ensuring the highest quality interaction between its members and their clients. DMMs are held accountable to the AADMM Board of Standards to resolve client concerns.

​

Source: American Association of Daily Money Managers

​

Connect with us today to learn more about how we can help you!