The results are in and a big thanks to everyone who took the time to participate in our survey!
The 2024 AADMM member survey report is now available on our website. To view the report, log into aadmm.com, navigate to the Member Dashboard, dropdown the Member Resource menu and select “DMM Survey Results.”
The survey report provides some interesting AADMM member demographics as well as rate information by region, years of membership, city size, and full-time/part-time status.
In addition to the data in the report, we were able to collect valuable information from our members. Below are some of the primary messages you expressed:
- The biggest professional challenges ranged evenly from new DMMs to experienced DMMs and covered the following areas: getting new clients, time management, expanding business, and retiring and selling/ending your business. It was interesting to note that about an equal number said they need more clients as those who said they have too much business!
- When asked what AADMM can do for you, the responses included: promote the DMM profession to banks, other organizations and to the public; update the aadmm.com website; and improve education by providing more webinars, including webinars that help DMMs run and expand their business. To this end there were multiple suggestions for educational content including insurance, best practices, technology, and Quicken.
- When we asked if there is anything else to tell AADMM you responded with the following ideas: preference for an in-person conference; hold regional get togethers, especially in the years in which there is not an in-person conference; offer more and deeper education; update our website; and publicize, promote and educate the public on the DMM profession.
AADMM’s Board of Directors has reviewed the survey results and some of the initiatives underway to respond to the results are:
- Educational webinars are being offered, and the Membership Committee has communicated the topics of interest to you with the Education Committee.
- In addition to Regional Groups, Communities of Practice groups are just getting started. This is where DMMs from all over the country can focus on a common theme, such as high-net-worth clients or serving as Powers of Attorney. This will provide a new opportunity for DMMs to share ideas and learn from each other. If you’d like to lead a Community of Practice group, please contact info@aadmm.com.
- The Mentorship program has been a great success and is actively recruiting for its next cohort. This program is included with your membership and is an excellent way to meet with a more experienced DMM to focus on your business goals whether you are just starting out, thinking of expanding or getting ready to retire. Both mentors and mentees are welcome to participate. Is this an opportunity for mentors who have too many clients to connect with mentees who are building their practices?
- AADMM’s Book Club began this year and meets monthly to discuss a book of interest and other DMM topics. A great place to get to know other DMMs.
- AADMM’s website is undergoing an extensive review and consolidation effort to make navigation easier and more intuitive. This will be accomplished over the next several months. Committees will also be reviewing their web pages, ongoingly, to keep content fresh. Additionally, there is now a website request form on the AADMM website so members can submit specific change requests for consideration.
- The Alliance Builders Committee is reaching out to other professional organizations that DMMs work with to spread the word about AADMM and how DMMs can help their clients. Our first Alliance with ALCA has provided visibility and referral sources with practitioners in the senior care arena. Two new organizations are in the process of being vetted and we look forward to creating more Alliances in the future.
- We are actively working on a new Affiliate Membership program to attract more AADMM members for synergistic networking and referrals. An affiliate member is an individual or company who is not engaged in the profession of daily money management and provides products & services to the daily money management industry. They can also be great ambassadors for our profession.
- AADMM’s 2024 Conference is around the corner. This virtual conference allows all members to benefit from the great educational offerings, without the expense of travel. Additionally, since the recordings are available for a month after the conference, you have the option of viewing both of each set of concurrent sessions – great added value! We are also in the active planning stages for an in-person 2025 Conference, the details of which will be announced at our 2024 Conference in November. We encourage all to attend!
- AADMM’s “Ask the Board” is coming back! We are aiming to reinstate this quarterly call with AADMM’s Board members so you can ask any questions you may have. The next call will be this fall. Stay tuned!
All of these activities are managed and conducted by our volunteers – board members and committee members – and we continue to seek committee members and committee chairs to help execute our strategies for growth and improvement going forward. If you have a passion about one of more of these topics and would like to be involved to shape AADMM’s future, please let us know by sending an email to info@aadmm.com and a board member or committee chair will be in touch. It is a rewarding experience, even if you can only spare an hour each month!
