AADMM was recently featured on Morningstar.com, in an article titled “‘It saved my relationship with my mom.’ These money managers may help if you’re feeling overwhelmed helping your parents pay their bills.”
The article discusses the important role that a daily money manager can play in children manage the finances of their aging parents.
Here is a snippet:
Donna Olah-Reiken, a daily money manager in the New York metropolitan area and president of the greater New York chapter of the American Association of Daily Money Managers, said having a financial professional deal with daily bills and finances can actually circumvent scammers because a trusted individual is tracking and checking every payment and credit.
“It’s a pretty intimate financial relationship. We see all the transactions,” Olah-Reiken said. “We can help protect clients from fraud, make sure all the bills are paid, make sure the taxes get paid and reduce any anxiety clients may have about dealing with everyday money matters.”
Still, hiring someone to deal with your more personal financial needs involves risk. Members of the American Association of Daily Money Managers must pass a criminal background check, have insurance and follow a code of ethics, but it isn’t a regulated industry and doesn’t require any special education or license.
Click here to read the article in its entirety:
