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Wow, there is nothing like the experience of a great concert. Whether it’s your favorite band, a symphony orchestra, a wonderful choir, or just a jam session. Hearing a group of people work together in harmony just feels right.

I sing with a Big Band. There are 18 other members in the group, and we need each one of them. Each musician brings their own expertise. Even though we’re all moving to the same beat, we’re each moving in our own area with our own part. We need Susan on drums, keeping the time. We need our rhythm section laying down the bed. We need Fish on keys, fleshing out the song. We need Kenny lighting up the sax solo and we need those trombones and trumpets filling up the middle and taking the lead when it’s their turn. When we’re all performing in the zone, it’s hard not to want to dance along.

How does this relate to finances?

In your financial life, it’s important to have a team of trusted advisors to help you make the best financial decisions for your present and your future. Knowing your strengths puts you in a great position to be able to build a great team. For instance, I can play piano, but I was trained classically. Fish, on the other hand, plays jazz like I never could. I need his skill on my team. While some of the skills may overlap, they are each unique, stand-alone professions. All are necessary and finding the right players is key to success. 

Your players may include these professionals:

  • A tax professional to help with filings and compliance.
  • An investment advisor to help assess your risk tolerance and meet your goals.
  • A lawyer to get your estate plan in place and to help with a successor plan if you’re in business for yourself.
  • A banker to help with day-to-day access to money and for help with loans.
  • An insurance agent to help protect all you have gathered along the way.
  • A daily money manager to handle your every-day finances and orchestrate details for your team.

Your daily money manager is familiar with all the areas that you need covered and works with all team members on a regular basis. Not quite sure of the best way to file payroll tax returns? Your DMM likely knows. If there is a gray area, they know the questions to ask the tax accountant. Do you need help filling out that Line of Credit application? Your DMM is probably familiar with it. Do you need a referral for a caregiver for an elderly family member? Your DMM might specialize in that area. If they don’t, they know someone within AADMM who does and they can help secure a referral. DMMs troubleshoot when requests get tricky. In addition, a DMM brings a process of organization and structure to your financial life, dotting all the i’s and crossing all the t’s.

You might have established relationships with the professionals mentioned above. You might need some help assembling a team. A daily money manager walks beside you to review what is already in place and help you build the team with all the necessary players.

Once in place, your professional team will hum in beautiful harmony, playing the soundtrack to your financial goals.

Jacqueline Weiss is a Certified Daily Money Manager™ (CDMM®), at LBMC in Nashville, Tennessee, specializing in DMM work for high-net-worth families, Trusts, Foundations, farms and small businesses. Connect with Jacqueline on LinkedIn.

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