Log in

What is a Daily Money Manager?

A Daily Money Manager (DMM) is a financial professional who provides personal financial services to individuals, families, and small businesses – and who manages daily money matters such as bills, budgets, record keeping, and much more.

These professionals provide personalized financial services to busy professionals, older adults, people with disabilities, high net worth individuals, and small business owners.

Who is a Daily Money Manager?

The typical DMM holds a bachelor’s degree or higher and has three or more years of experience. These diverse professionals may have worked in business, finance, accounting or social service agencies before starting their private practice. They can be found across the U.S. in small towns and major metropolitan areas.

What Does a Daily Money Manager Do?

The expertise of DMMs covers a broad range of tasks. The actual work they do depends on their background and client need; however, the scope of personal financial services generally includes:

  • Bill payment, including calls to payees regarding incorrect bills and preparation of payments for client approval.
  • Reconciliation of bank accounts and investment statements.
  • Preparing and making bank deposits.
  • Organization/preparation of financial and tax information for submission to tax professionals.
  • Negotiation with creditors.
  • Review and verification of all health insurance claims.
  • General organization of financial papers and establishment of filing systems.
  • Client referrals to legal, tax, accounting, insurance, and investment professionals (Professional Partners) and to other community resources such as senior move managers and geriatric care specialists.

Additional DMM Services

Some, but not all, DMMs will also provide additional services, such as:

  • Fiduciary responsibility as financial power-of-attorney, healthcare power-of-attorney or Veteran’s Administration/Social Security/Medicare representative payee.
  • Fiduciary services such as trustee, executor, conservator, or guardian.
  • Preparation of payroll checks for household employees - including calculation of federal and state taxes.
  • Financial counseling.
  • Budget preparation and expense tracking.
  • Debt reduction planning.
  • Financial software assistance for Quicken, Quickbooks, etc. 
  • Notary services.

Certified Daily Money Managers (CDMM®)

CDMMs are financial professionals who have demonstrated advanced knowledge in the management of personal financial matters and have earned certification from the American Association of Daily Money Managers (AADMM). These daily money managers have earned the designation Certified Daily Money Manager (CDMM®) by meeting eligibility requirements and passing an intensive examination. The certification process was developed by the AADMM as part of its mission to assure high standards of practice and delivery of quality service by DMM professionals.  CDMMs are also required to continue their professional education to retain annual accreditation. 

Powered by Wild Apricot Membership Software