Who Needs a Daily Money Manager?
- You - because there just aren't enough hours in the day to do it all.
- Anyone – because you prefer to pay someone to handle your daily finances.
- Frequent travelers – because you’re out of town frequently for work or pleasure.
- Seniors – because older adults often benefit from the services of a DMM when the daily tasks of bill paying, deposits, and personal financial management become more challenging. Utilizing the services of a DMM often allows seniors to remain independent in their own homes for a longer period of time.
- Busy professionals – because you have more money than time.
- High net worth individuals and families - because you have a complex financial life
- Persons with disabilities - because you are often challenged with handling your financial matters yourself.
- Small business owners - because you don't have time to keep the financials up to date.
Why Hire an Atlanta Chapter Member of AADMM?
Atlanta Chapter members are a close-knit group of professionals who rely on each other for resources, solutions, advice, and mentoring. We meet monthly to provide ongoing current education for our members. We will help you find the best personality-and-qualifications-fit for you or your family member’s needs whether in-person visits are desired or in a virtual (remote) engagement. We look forward to helping you with your interest in our profession and the services we provide.
Why hire a DMM?
Why not just have a friend, neighbor or family member handle your day-to-day money matters? Asking even a well-intentioned non-professional to handle necessities like monthly bill payments, tax/financial document preparation, checkbook and credit card reconciliation, medical bill decoding and negotiating with creditors can be risky as personal financial matters become more complicated and personal data is exposed. Confidentiality, security, reliability, and accountability are important considerations. Elder financial abuse is well documented. DMMs are background-checked and provide confidence knowing that your financial matters are being handled professionally.
A DMM is one of the team of professionals that will help you manage your personal finances and provide financial information to your:
- CPA or Enrolled Agent (EA) for tax preparation and advice.
- Certified Financial Planner (CFP) or Registered Investment Advisor (RIA) to help you manage your investments.
- Attorney to help you with your will, estate, or trust.
- Trustee who is required to report the activities of your trust.
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 an independent 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.
DMMs work hand in hand with your chosen advisors to make sure that your financial affairs are managed professionally. The separation of duties between the DMM, CPA, financial advisors, and attorney not only saves money, but prevents ethical conflicts. The oversight provided by each professional helps to ensure that there is no occasion for commission of fraud or theft.