Daily Money Managers, Financial Organizers

Daily Money Managers: No Longer the Best-Kept Secret

Karen Caccavo Daily Money Managers, Financial Organizing, Paperwork Organizing

Daily Money Managers (and the important financial organizing work they do with clients) are in the news! In case you missed it, here’s a short roundup of what’s being said about DMMs with links to the complete articles.

Last June, The Wall Street Journal quoted Personal Money ManagerSM in “When Aging Parents Need Help With Financial Tasks.” That article states: Daily money managers do everything from pay the bills to manage the mail, budget, fill out forms, organize financial papers and keep track of medical and other insurance claims. Even more important, they can help stave off fraud and abuse by being another set of trusted eyes on mom and dad’s accounts.”

In Consumer Reports (April 6, 2017) “When Your Elderly Parent Needs to Give Up Control of Her Finances, What Do You Say to Her?” asks experts in a range of disciplines for advice on how to tactfully and effectively deal with a common family scenario. One suggestion: “If you can’t or don’t want to handle your mother’s finances, engage someone reliable who has trained in managing seniors’ and disabled individuals’ routine money tasks.” The professional that is recommended: a daily money manager. (http://www.consumerreports.org/personal-finance/elderly-parent-gives-up-control-of-finances/). Also see the earlier CR article: “Protecting Mom and Dad’s Money” (http://www.consumerreports.org/cro/magazine/2013/01/protecting-mom-dad-s-money/index.htm)

Kiplinger’s Retirement Report (April 2017) includes “Managing your Money in Old Age,” which tackles the potential risk of not keeping up with bill paying and the importance of being on top of potential financial abuse and scams. Their advice: “If you need additional help, and no close friends or relatives are up to the task, consider hiring a daily money manager to help pay the bills, deal with creditors and organize tax documents, among other services.” (http://www.kiplinger.com/article/retirement/T023-C000-S004-managing-your-money-in-old-age.html)

In May, 2017, Kiplinger’s also re-printed their 2008 article, “Get Help to Tackle Paperwork” with a similar message–get the assistance of a daily money manager: “Hiring a daily money manager can be a godsend, particularly if you’re a caregiver who doesn’t have time or expertise to handle a parent’s bills, mail and brokerage statements. You could also use one to help clear out the paperwork after a parent dies.” (http://www.kiplinger.com/article/retirement/T023-C000-S001-get-help-to-tackle-paperwork.html)

Interested in learning more about daily money managers / financial organizers as a career path?  Personal Money ManagerSM   was quoted on the topic in the following articles:

Next Avenue (March 4, 2019):  https://www.nextavenue.org/second-acts-longevity-economy/

Forbes (March 4, 2019): https://www.forbes.com/sites/nextavenue/2019/03/04/second-acts-to-profit-from-the-longevity-economy/?utm_source=followingimmediate&utm_medium=email&utm_campaign=20190304#26238f7f3157