Ask An Expert

What is a Daily Money Manager?

Joann North

Answered By

Sara Hobbs

 

Personal CDP and Financial Coach at Stewardship Advisory Services

sara@stewardshipadvisoryservices.com

 

Question:

What is a Daily Money Manager?

Answer:

A Daily Money Manager (DMM) is a finance professional who can help you organize your personal finances and manage daily money matters on your behalf. If you’re short on time or uncomfortable managing your finances, a Daily Money Manager can be a valuable addition to your financial management team.

The scope of work varies depending on client needs, but DMM’s typical services include bill payment, account reconciliation, organizing tax documents, negotiating with creditors, and household budgeting.

Anyone can benefit from the expertise a DMM brings to the table. If you or loved ones fall into any of these categories, consider hiring a DMM: High net worth households with complex financials, solo agers, people who are constantly on the go for work or pleasure, and aging adults who have difficulty staying on top of their finances.

When searching for a DMM, look for one whose specialization and client focus meet your needs. Consider the work you need completed and match a DMM with your job requirements. Ask about their experience and what type of insurance they carry. Find out about professional certifications and if they belong to industry organizations like the American Association of Daily Money Managers (AADMM).

If you want to save time and have more financial oversight, consider hiring a Daily Money Manager.