Are you having trouble managing your own or your loved one’s day-to-day finances? If so, you may want to speak with a daily money manager. Most people have no idea what a daily money manager does. He or she is a professional who assists people with managing the non-investment side of their daily financial life, including paying bills, managing expenses, reconciling bank accounts and credit card statements, organizing receipts for taxes, dealing with insurance claims and other tasks. While many professionals may say they can handle these things for you, to find a qualified and trustworthy daily money manager you should look for these three things at a minimum:
Membership in the American Association of Daily Money Managers (AADMM). AADMM is a national association representing individuals and businesses in the profession. You want a member of AADMM because they are required to comply with a code of ethics and high standards of practice and complete a criminal background check. You can find a member in your area by searching the AADMM website. The website can also help you better understand the role of a daily money manager and what to expect when you work with one.
Significant experience. It is essential to hire someone with specific experience in daily money management. As a first step, you should review your candidate’s website and social media profile for background information. Then, ask detailed questions about what type of work they have done and who are their typical clients. Also, don’t be shy about asking for references. You want to talk with others who have worked with your candidate.
Commitment to transparency. When you’re dealing with money, you need to trust the individual you hire. Trust develops from transparency. The person should be open about how he or she will get things done and at all times, be willing to open the books and show you what they’re doing so you can verify that it is accurate.
A daily money manager can reduce the time and stress associated with handling your daily financial affairs. Use these tips to help find the right person for the job.
If you have questions, contact us for a free consultation.