Daily Money Management

Daily money managers (DMMs) provide personal business assistance to clients who have difficulty in managing their personal monetary affairs. The services meet a continuum of needs, from organizing and keeping track of financial papers, to assisting with check writing and maintaining bank accounts.


Who needs the help of a DMM?

There are many factors which contribute to the need for a DMM. DMMs work with senior citizens, people whose careers make it difficult for them to find time for their own paperwork, and with people whose medical issues simply make it difficult to keep up with their finances, among others.

Within the senior client base, most have a need for DMM services due to a physical change precipitated by the aging process, such as limited vision, arthritis or other conditions which limit the ability to write, dementia, or a simple loss of ability to follow through on tasks. Some others are so active in their retirement that travel and social activities make it difficult to keep up with paperwork, and they prefer to simply let someone else handle things for them.

It is not uncommon for the adult child of an older person to seek the assistance of a DMM if the child does not feel they have the time or ability to maintain their parents’ affairs.


What types of tasks a DMM will handle?

  • The expertise of DMMs covers a broad range of tasks, and the actual work they do depends on client need. However, the scope of a DMMs work generally includes the following:

  • Bill-paying, including calls to payees regarding incorrect bills and preparation of checks for clients to sign.

  • Balancing checkbooks and maintaining organization of bank records.

  • Preparing and delivering bank deposits.

  • Organizing tax documents and other paperwork.

  • Negotiating with creditors.

  • General organization assistance.

  • Providing referrals to legal, tax, and investment professionals.

  • Some, but not all, DMMs will also provide additional services, such as:

  • Notary services

  • Maintaining home payroll records for use in preparation of payroll tax reports

  • Preparation of payroll checks for home employees including calculation of Federal and state withholding and FICA taxes