CNBC – When financial advisor Liz Miller took on a client whose spouse had recently died, she realized a piece of the survivor’s financial life needed more attention than her wealth management services would provide.

That is, the client needed help with the basics of managing money because her late husband had handled everything.

“She hadn’t been involved in the household finances in many years and had a lot of anxiety about paying bills and managing bank accounts,” said Miller, a certified financial planner and president of Summit Place Financial Advisors in Summit, New Jersey.

Through a friend, Miller learned of professional daily money managers. After vetting a referral, she connected her client with the pro.

“This person helped our client regularly look at her bank accounts and bills, set up an organization process and understand her living expenses,” Miller said. “It ended up being a fabulous fit.”

The profession of daily money managers is small, with the exact number of people in the business hard to come by. The American Association of Daily Money Managers has about 700 members — all of whom must agree to a background check — scattered across the U.S., with a few in Canada.

Read the article: This Small Profession Aims to Fill a Gap in the Financial Services World

Share this story
The owner of this website has made a commitment to accessibility and inclusion, please report any problems that you encounter using the contact form on this website. This site uses the WP ADA Compliance Check plugin to enhance accessibility.