Frequently Asked Questions
If you have a question that is not answered below, please let me know.
What is a Daily Money Manager?
A daily money manager is a financial professional who assists a range of clients in managing their day-to-day financial affairs.
Services performed by daily money managers may include balancing bank and credit card statement, handling bill payments, organizing and maintaining financial files, gathering tax information, and other personal financial responsibilities. Daily money managers often serve seniors, busy professionals, high-net worth individuals and clients who are unable to manage their own finances for medical reasons.
What is required to become a member of the
American Association of Daily Money Managers®?
To become a member, an individual must pass a background check and promise to abide by the Code of Ethics and Standard of Practice of AADMM. What are the qualifications to become a Certified Daily Money Manager®?
To become a Certified Daily Money Manager®, you must pass an exam covering bill paying tasks, basic finance & bookkeeping, payroll and tax basics, types of expenses and standards of practice. In order to take the exam you must have a minimum of 1,500 hours as a paid daily money manager or worked for a minimum of 1,250 hours plus 250 pro bono or volunteer hours in the prior three years. To maintain their certification, a Certified Daily Money Manager® must have 30 hours of continuing educational credits over a three year period in Ethics; Payroll, Finance, & Bookkeeping; and Standards of Practice & Types of Expenses.What is a Certified Senior Advisor®?
A Certified Senior Advisor® is a professional who has studied the many aspects of aging and passed a certification exam. They must also pass a criminal background check and agree to “uphold the highest ethical standards for the benefit and protection of the health and welfare of seniors.” A CSA must obtain continuing education credits to maintain their designation.Who is your typical client?
While many of us could use help with our finances at some point in our lives, those who most benefit from my services are:
- Busy professionals juggling their many responsibilities
- High-net worth individuals who want help managing the financial minutia.
- Frequent travelers who don’t want to worry about their bills being paid on time.
- Seniors who are finding the details of handling finances increasingly difficult or who have recently lost a spouse
- Adults who realize they need help, but don’t want to lose their independence.
- Adults who do not have children to help or their children do not live near them
What is the process for becoming a client?
How often do you work with your clients?
I normally meet a prospective client in a complimentary consultation so we can get to know one another. We will discuss your needs and desires as well the services I provide to see if we are a “good fit.” If we decide to proceed, I leave a folder with information and my contract.
How frequently I meet with clients depends on their needs and the complexity of their financial situation– often we meet every two weeks. However, initially it usually requires more time and more frequent meetings to get familiar with your financial situation, set up your Quicken file, and deal with any backlog.
How much do your services cost?
My services are billed on an hourly basis, with a two-hour minimum. The work I do allows your accountant, attorney or financial planner to work more efficiently and to focus on their specialty. My hourly rate is considerably lower than most accountants, attorneys or financial planners.
How will you pay my bills?
The method(s) I use depends on the client’s needs and desires.
- Write checks for client signature
- Use bank bill pay, which I find to be efficient. It also saves postage and assures payment will not be lost in the mail. Plus, you can schedule payment today for a date in the future.
- Pay on the vendor’s website, using either the client’s bank or credit card account. This is a good method if the payment is due very soon.
- Call a vendor to pay using either the client’s bank or credit card account.
I often recommend setting up automatic payments for routine bills such as monthly insurance or utility bills. This assures essential services or insurance remains active even if the invoice is lost in the mail, misplaced, or the client is ill or away from home. Automatic payments can usually be made from either a bank account or credit card account.
How do you keep my information secure?
First of all, in my contract you list the people I am authorized to speak to regarding you. Usually this list includes family members and professionals such as your accountant, attorney, and financial adviser.
Secondly, as a member of the American Association of Daily Money Managers I have pledged to adhere to the Code of Ethics and Standards of Practice, which mirror my own high ethical standards which guide my personal and professional conduct.
Lastly, I have taken multiple steps to protect your digital information: my laptop’s hard drive and any flash drive I use are encrypted and password protected. An online backup system prevents data loss. Your personal Quicken file is password protected and any password to a financial website is stored in Quicken’s Password Vault with a different password.