Its stressful enough handling your own finances, and sometimes adding your aging parents’ finances to the list is just too much. This feeling is nothing to be ashamed about. In fact, there were so many people looking for help with their parent’s finances that a new career was born: daily money managers.
Daily money managers, or DMMs, are something like a personal assistant. They help people pay bills, manage mail, work with creditors, and can even remind a forgetful senior not to give out bank or credit card information over the phone. There are about 800 members in the American Association of Daily Money Managers, and their fees range from $60 to $150 an hour.
If a DMM sounds like a great fit for you and your aging parents, there are several ways to go about finding and hiring one. Here are a few tips to help you get started:
- Use Referrals – DMMs handle sensitive and personal information, so they need to be trustworthy. Ask for recommendations or referrals from friends, family, or other people you know and trust.
- Investigate Trusted Sources – If you’re not able to find referrals, check out trusted sources for ideas. There are a fair number of reliable places where you can find trustworthy recommendations for DMMS, including:
- Search the Internet – As a last resort you can do a basic Internet search for DMMs. If you choose this route, be sure to investigate potential leads on helpful websites like Better Business Bureau for more complete information.
After you’ve found a few good leads for DMMs, take time to meet with and interview each candidate. Again, as the DMM will be dealing with sensitive information, you can never be too careful about vetting each option thoroughly. During the interview process, ask potential DMMs questions like:
- What is the scope of your work? Some DMMs only help with bill paying, while other assist with other money matters.
- How long have you been a DMM? Experience can be vital in this position.
- What is your client focus? Some DMMs work with busy professionals and small businesses in addition to elderly clients.
- Do you have any specializations? A lot of DMMs specialize in certain areas, like health insurance claims, working with couples, or even fiduciary services.
- Do you have professional insurance? It’s always better to be safe than sorry, especially when dealing with finances.
- What are your professional references? Establishing credibility and trustworthiness is vital to finding the right DMM.
- Where were you educated? What are your certifications? Training and background can give you a big clue into what kind of a DMM each option might be. Plus, it’s important to have a well-trained DMM.
A daily money manager may be the answer to both you and your aging parents’ money problems. Use this guide to help you find and hire the best DMM for your family.
Do you have any experience with a DMM? Or are you a DMM? Comment below. Don’t forget to check out some of our other finance-related articles for more helpful tips and tricks.