A daily money manager (or DMM) is a financial savvy professional that can help older adults who have difficulty managing their own day-to-day financial affairs.
The types of services they provide typically includes paying bills, maintaining financial records, balancing checkbooks, and negotiating with creditors. DMMs can also prepare checks for clients to sign, help older people organize bank and financial records, prepare and deliver bank deposits, gather and organize documents for tax returns, help decipher medical bills, and review bank statements in order to detect potential financial abuse or fraud.
Where to Find DMMs
Depending on where you or your loved one lives, DMM services may be available through private non-profit elder assistance organizations or government agencies. These agencies often use volunteers to provide basic DMM tasks, such as bill paying at no cost. To find out if this is available in your area contact the Area Aging Agency. Visit ElderCare.acl.gov or call 800-677-1116 for contact information.
In addition to the non-profit DMMs, an increasing number of individuals and private for-profit companies have started offering DMM services for a fee. Cost for these services varies by region but it often ranges between $25 and $100 per hour. Most clients need approximately four hours of services per month, but this too varies according to the complexity of the person’s financial situation.
The best place to look for a professional DMM in your area is through the American Association of Daily Money Managers which offers an online directory that lets you search by ZIP code. All the pros listed there have signed the group’s code of ethics. Some have passed a certification exam to earn the designation of Certified Daily Money Manager.
Before hiring a daily money manager, however, get references from two or more of their clients and check them. Also, find out what they charge and what type of insurance coverage they have. Keep in mind that neither federal nor state governments regulate the DMM industry, so there is little oversight of these services. So before turning over your bills, make certain it’s someone you can trust.
One other highly rated bill-paying service you should know about that’s specifically designed for older adults and caregivers is SilverBills. Available nationwide, this is a secure concierge bill management service that will manage your bills and pay them on your behalf, on-time and correctly, for a flat fee of $50 per month.
If you opt for this service, you will be paired with an account manager who will communicate and work with your loved one over the phone, or through email, text, or mail (their preference) – no computer is required. SilverBills also reviews all bills for errors and fraud and provides monthly statements showing the date, amount, and manner of each payment.
Jim Miller publishes the Savvy Senior, a nationally syndicated column that offers advice for Boomers and Seniors.