DMMs AND YOU
Daily Money Management and You
Who Needs a Daily Money Manager?
- Older adults can benefit from the services of a DMM as the task of handling bills, deposits, and payments becomes much more challenging as we enter our later years
- People who are constantly on the road for work or pleasure
- Those who prefer to pay someone to handle their daily finances
- Busy professionals who have more money than time
- Persons with disabilities that prevent them from being able to handle their financial matters themselves
- High net worth individuals and families with complex financial lives
Why Hire a DMM?
Why not just have a friend or neighbor handle your day-to-day money matters? While the low cost may be appealing, asking even a well-intentioned amateur to handle necessities like monthly bill payments, tax preparation, balancing checkbooks, decoding medical bills and negotiating with creditors can be risky as personal financial matters become more complicated. And the growing risk of elder financial abuse is well documented.
Why not just have a CPA or attorney perform money management tasks for you or your older relative? Well, the cost is likely to be much lower per hour for a DMM than for a CPA or attorney. And you need to have your personal money matters taken care of on a regular basis, so it’s better to have the CPA or attorney provide insight periodically, rather than paying them high rates to do bill paying and other daily financial tasks.
A DMM is one of the professionals that you should hire to help you manage your personal finances along with:
- A CPA or Enrolled Agent (EA) for tax preparation and financial advice
- A Certified Financial Planner (CFP) or Registered Investment Advisor (RIA) to help you manage your investments
- An attorney to help you with your will, estate, or trust
The separation of duties between the DMM, CPA, financial advisors, and attorney not only saves money, but prevents any possible conflict of interest that might arise when the person handling your cash is also the one who does advising, tracking, and reporting. What’s more, the oversight provided by each professional helps to ensure that there is no occasion for commission of fraud or theft.
Volunteer DMMs
AADMM member professionals serve a wide variety of clients and provide an extensive range of services and many volunteer their services through the types of programs identified below.
We are listing these agencies as a service to the community and to those non-profit organizations who provide pro-bono or reduced fee services to the elderly, disabled and others with limited financial means.
Most programs serve their local community with variations in eligibility and specific services offered. We encourage individuals seeking free or reduced-fee daily money management services to search in their geographic area to see what services are available.
View the list of state agencies providing DMM services.
If you have additional information that you would like to share, contact the AADMM Business Office at info@aadmm.com