:max_bytes(150000):strip_icc()/investing2-5bfc2b8fc9e77c005143f176.jpg "Your Guide to Managing Finances")
Key Takeaways
- Daily money managers handle daily financial tasks for individuals, like paying bills.
- Services include tax assistance, bank record balancing, and medical bill management.
- The American Association of Daily Money Managers offers DMM certification.
- DMMs work alongside, but do not replace, accountants and investment professionals.
- Find certified DMMs through the American Association of Daily Money Managers’ website.
What Is a Daily Money Manager (DDM)?
If keeping track of finances feels overwhelming, a daily money manager (DMM) can handle day-to-day tasks like paying bills, balancing accounts, organizing tax records, and sorting medical bills.
Retirees, busy professionals, and others who need support may benefit, with some DMMs certified through the American Association of Daily Money Managers (AADMM).
How to Hire a Daily Money Manager
The American Association of Daily Money Managers is a trade organization whose mission is to support daily money management services, provide information and education to members and the public, and develop a network of dedicated professionals.
Daily money managers may deliver essential financial services to retirees, high-net-worth individuals, small businesses, and others. Adult children who take over the financial tasks of their parents may seek out a DMM.
Tip
Individuals interested in hiring a DMM can find assistance at the American Association of Daily Money Managers website.
Common Tasks Performed by Daily Money Managers
- Ensures all monthly bills are paid
- Follows up on inconsistencies or billing errors
- Balances banking or checking records
- Prepares and makes bank deposits
- Prepares and organizes tax information
- Ensures that medical bills are processed and paid
- Meets with clients to review financial activity and plan for future transactions
Are Daily Money Managers Certified Professionals?
The American Association of Daily Money Managers is a membership organization committed to maintaining high standards of client services and offers DMM certification so that practitioners have a standard professional approach and secure the confidentiality of customers.
Can a DMM Perform the Same Tasks As an Accountant?
A DMM is not intended to replace professionals in the accounting or investment fields. DMM work complements and assists the other professionals.
How Can Individuals Find a DMM?
A list of 700 certified Daily Money Managers can be found on the website of the American Association of Daily Money Managers.
The Bottom Line
A daily money manager (DMM) handles routine financial tasks like paying bills or organizing tax records, which can help retirees, busy individuals, or anyone juggling complex finances.
The American Association of Daily Money Managers (AADMM) sets standards and offers certification, with its website providing resources to find certified DMMs.
