A Daily Money Manager (DMM) is a professional who provides a range of financial services to individuals who either cannot or choose not to handle their day-to-day financial tasks. The role of a DMM is to help clients manage their personal financial affairs such as paying bills, balancing checkbooks, maintaining financial records, and even assisting with budgeting.
DMMs often serve senior citizens, people with disabilities, busy professionals, frequent travelers, or those who are undergoing a significant life transition like divorce or the loss of a spouse. Essentially, a DMM can act as a personal financial assistant.
The services offered by DMMs include, but are not limited to:
1. Bill payment: Organizing, paying, and keeping track of bills.
2. Banking: Making deposits, reconciling bank accounts, and managing transactions.
3. Budgeting and financial organization: Assisting clients in setting up and adhering to a budget, and helping to organize financial documents.
4. Tax document organization: Collecting and organizing receipts and documents necessary for tax preparation.
5. Liaising with other professionals: Sometimes, DMMs may coordinate with accountants, financial planners, attorneys, or other professionals to ensure that all of the client's financial needs are met.
6. General financial paperwork: This might include disputing charges, filing insurance claims, or setting up automatic payments.
While DMMs handle a lot of financial matters, they do not take the place of accountants, financial advisors, or other financial professionals. Instead, they focus on the daily or monthly administrative tasks that keep a person's financial life running smoothly.
It's important to note that when hiring a DMM, one should ensure that the professional is trustworthy, as they will have access to sensitive financial information. Many people opt for DMMs who are members of professional organizations, such as the American Association of Daily Money Managers (AADMM), which has a code of ethics its members must follow.
