Much like the summer weather, our profession is heating up. And while many of us are looking forward to cooling temperatures this fall, I don’t expect demand for daily money management services to cool off anytime soon. So find some shade, pour a glass of lemonade, and consider the state of our profession:
Profile on the Rise
Daily money management services are being touted in national media much more than in the past and the title “daily money manager” is catching on:
- This small profession aims to fill a gap in financial services [CNBC]
- Power of attorney: How to prepare personal finances for emergencies [USA Today]
Articles such as these lead people to the AADMM website where they are finding our member directory and reaching out to us. Even if an article doesn’t lead to an immediate client referral, there is great benefit in raising awareness that daily money managers exist and how they can help. All of us have struggled to define and explain our profession to potential clients and referral sources. Imagine a world where everyone knows what a daily money manager is and who can benefit from one. That world is closer than ever before.
Daily Money Managers on the Rise
In the past two months, the number of DMMs in the state where I live has doubled. (Okay, so we only had two to begin with and now we have four, but it makes for an impressive statistic.) Rather than fear competition, I welcome it as an outgrowth of increased awareness of the DMM profession and yet another way to spread the word among the general population. And much like DMMs around the country, we each have our niche: one comes from an organizing background, one is interested in assisting nonprofits and small businesses, one is passionate about helping clients manage debt and one is more experienced in working with older adults. More daily money managers means we can pass on referrals for potential clients who don’t fit our client profile and provide support to one another in practice areas where we may need technical help.
Potential Clients on the Rise
Even though many small businesses are struggling, others are just starting up as the economy shifts. This provides new service opportunities either working with the business itself or with the owner’s personal finances. Another growth area is older adults. Not only is the “silver tsunami” nearly upon us, Baby Boomers are more willing to pay for services than their Greatest Generation predecessors, who were used to doing everything from car maintenance to tax return preparation themselves. As the Boomers move into their 70s and 80s, their needs will increase.
As we wilt under the heat, masks and virtual meetings, consider how well DMMs are positioned for the future because we can all use some good news right now.
Elizabeth Zeldes, CPA, CDMM® is a consultant and trainer for accounting and daily money management firms. Elizabeth is a Certified Daily Money Manager®, and a member of the AADMM Public Awareness Committee. For more information: http://www.linkedin.com/in/elizabethzeldes