AADMM in the News
Motley Fool – There are also people called “daily money managers,” and they will set you up on Mint or Quicken or anything like that if you don’t know how to do it. They will analyze your budget. They will also pay your bills. They will do a lot of the nuts and bolts parts of money management and I don’t think they get enough attention. You can look up the (American) Association of Daily Money Managers.
U .S. News & World Report – For a price, you can find someone to help with anything, and an accountant or bookkeeper might take on money management chores. But these days, many turn to a little-known community of specialists called daily money managers, represented by 800-member American Association of Daily Money Managers, which has a provider locating tool on its website.
Daily Money Managers (DMMs) provide personal business assistance, usually in the client’s home. They offer an array of services, which includes balancing the check book(s), writing checks to pay bills, and keeping accurate records of all checks written and all deposits made.
The CPA Journal – There are companies that can handle bill paying and other routine financial matters for elderly individuals; they may also be able to deal with health care insurance forms. Professionals offering these programs can be found through the American Association of Daily Money Managers.
Wall Street Journal – My mother is about to turn 80, and I’m increasingly worried about her ability to manage her money. My family and I are trying to figure out when and how to take on this responsibility, or at least provide some help. Any advice? This is a tricky subject, to say the least, and one that many of us are, or will be, grappling with.
San Diego Union-Tribune – 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.
CreditCards.com – Staying on top of financial affairs can be a lot of work. 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.
Wall Street Journal – For many people, there is no legal document that is more crucial than a power of attorney. Or one so full of potential pitfalls. A power of attorney is an inexpensive legal document that gives a designated individual the right to act on another’s behalf when making financial decisions. It’s typically used by adult children whose aging parents…
Wall Street Journal – Aging parents may need help managing daily finances to guard against costly mistakes or elder abuse. But for family members or caregivers, it can be difficult to find a trusted individual to do such work. Daily money managers do everything from pay the bills to manage the mail, budget, fill out forms, organize financial papers and keep track of medical and other insurance claims. Even more important, they can help stave off fraud and abuse by being another set of trusted eyes on mom and dad’s accounts.
CreditCards.com – Consider a professional. Some people would rather not put their finances in the hands of family or friends. In that case, you can hire a daily money manager to step in and take care of your bills, says Smith, who is president of the American Association of Daily Money Managers. You can even engage their services in advance, creating what Smith calls a “pre-made arrangement” so the money manager will know what to do if you need them in the future.