Whether facing a mountain of debt, a flurry of tax papers or just needing budget advice, there’s someone out there who can lend a helping hand. But with all the different types of financial professionals out there, sometimes it’s hard to figure out just who can help with what.
1. Money managers: Your personal financial assistant
Staying on top of financial affairs can be a lot of work, depending on how big your family is, what you own and what kind of lifestyle you lead. Bank and credit card statements, tax forms, bills and other important documents constantly jostle for our attention. Many elderly, disabled and seriously ill people lack the physical or mental energy to keep up with all the paperwork and red tape.
That’s where daily money managers come in.
“Daily money managers help people deal with their day-to-day finances in a very practical way,” said Leah Nichaman, founder of Everyday Money Management and incoming president of the American Association of Daily Money Managers. “We are focused on people’s bills, their mail, their files and helping them get prepared for or get through tax season.”
Senior citizens can also be vulnerable to financial exploitation and identity theft, particularly with the advent of online banking and other digital financial tools.