Hiring a professional money manager to take care of someone else’s finances can relieve the caregiver of that added responsibility.
Many parents are reluctant to let their children take on management of their money, either because they don’t want them to know their net financial worth or they don’t want to burden them with the responsibility. Often, they’re more comfortable turning over that responsibility to a neutral and professional money manager, with your help.
Where do I start? Go to the website of the American Association of Daily Money Managers (www.aadmm.com). It’s a national service organization that will provide information, links and a searchable directory (by ZIP code) of money managers.