AADMM in the News

Daily Money Management in the News | Members in the News

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Daily Money Management in the News

When Clients Forget (Financial Advisor Magazine online) “After a longtime client in her early 80s lost her front-door key for the umpteenth time, started buying pricey jewelry and got bilked out of $10,000 for simple tree work, Washington, D.C.-based investment advisor Alexandra Armstrong unleashed an ally who is fast becoming a critical partner in her work with senior clients. Armstrong. . . . persuaded her client to hire a daily money manager to help track and manage payments, bills and expenses. It was the daily money manager who discovered the client had just bought a $100,000 necklace. . . . When evidence of troubling impairment surfaces, Armstrong or one of her two partners . . . will talk to clients and call spouses, adult children, caregivers and trustees to find out if they’re seeing the same deterioration and taking steps to help. Armstrong is also very big on persuading ailing clients to use daily money managers, who will help clients go through the mail, write checks, pay bills, balance checkbooks, make bank deposits and organize tax and financial records. Many managers are trained to look for fraud and financial abuse.” When Clients Forget

Ensuring Your Parents’ Financial Independence (AARPmagazine.com) “For our parents, with rare exceptions, the peak-earning years are long gone. There's much more money going out these days than there is coming in. Under these circumstances, properly managing what money they do have is tricky, especially because failing to do so can be devastating—for them and for us. After all, the opportunities to recover from mistakes at this point are limited. . . . Help your parents gain greater control over their money by consolidating all money matters and making transactions as easy as possible. . . . If, after you've done all this, it becomes clear that your parents will need more help managing their money, you can take on the task yourself or help them hire a professional to do it for them. For assistance with routine tasks, a daily money manager can make sure the bills get paid on time and handle other regular financial chores such as balancing a checkbook. This typically costs between $25 and $60 an hour. Find these professionals at the American Association of Daily Money Managers.” Ensuring Your Parents' Financial Independence

Five Golden Rules of Daily Money Management (EZine Articles, Oct. 8, 2008). Financial counselor Barbara Hause writes, “Is there a way to get a handle on how much money we spend and how much money we earn every month? The answer is, yes! . . . The five golden rules of daily money management: Rule #1. Pay yourself first! . . . . #2. Create a spending plan and stick to it!. . . . #3. Maintain a checkbook balance! . . . . #4. Maintain a cash register! . . . . #5. Avoid using ‘plastic’! . . . . The purpose of these five rules is you help you stay in touch with reality. When you know what is 'real' this is when you become empowered to make stronger financial decisions.” Five Golden Rules of Daily Money Management

Daily Money Management Programs (About.com Senior Health). “You live in a city far from your 75-year-old mother. In telephone conversations during the past year, you’ve begun to suspect she’s growing increasingly forgetful, but she assures you everything is fine. Now a neighbor has called to say your mother hasn’t paid her utility bills in three months and the utility company is threatening to cut off the power. What should you do? If your parent is having trouble managing money, he or she is not alone. An estimated 500,000 older people in the United States need help with their financial affairs. As a result, a new field is evolving to provide daily money management services on a fee-for-service basis. . . .For more information . . . American Association of Daily Money Managers . . . can provide names of daily money managers in an older person’s community or nearby. http://seniorhealth.about.com/library/eldercare/bl_apact2.htm

Dealing with aging parents’ finances (China Post, June 12, ’08). “How do I know if my aging parents can no longer handle their finances on their own and, if so, what do I do? Three Washington-area experts give their advice.” Suggestions include: “Consider having your parents sign up for online banking. They probably won't use it, but you will be able to help them track their banking activities. Try to automate as many bill-paying activities as possible. With your parents' permission, brokers and mutual fund companies will usually send you a duplicate statement for free or a nominal fee. If somebody needs to ‘take over,’ consider a daily money manager. These are professionals who will handle your parents' daily financial matters, such as health insurance claims. Check the American Association of Daily Money Managers (www.aadmm.com).” Read the complete article at Dealing with aging parents' finances.

Drowning in Paper? Hire a Specialist (Kiplinger Retirement Report, May ’08) “When searching for a daily money manager, ask an elder-law attorney, accountant, financial planner or other specialist to recommend one. . . . If no one you know can give you a referral, look for specialists on the Web site of the American Association of Daily Money Managers (www.aadmm.com, click ‘Find a DMM’). The group has 500 members, although not all daily money managers belong. . . . Ask if the manager is certified by the money manager association, which began certifying last fall. Certified managers must have 1,500 hours of experience over the past three years. They must also pass an exam that tests their skills and knowledge of basic finances, taxes and bill-paying. If the manager you like isn’t certified, check references.”

Identifying and Dealing With Financial Abuse of the Elderly (ElderLawAnswers.com, Mar. 25, ’08). AADMM member Judy Heft, Judith Heft & Associates, LLC, writes, “There are many signs to watch for in detecting financial abuse of the elderly. Someone could force an elderly person to sell or give away property or to sign a power of attorney. Valuable objects may start to disappear. There may be unusual activity in bank accounts, such as sudden withdrawals of large amounts, many checks made out to cash, and low bank balances when there should be plenty of available funds. A new "best friend" or "sweetheart" might appear on the scene. Signatures on checks do not resemble the older person's signature. A name may be added to an older person's bank account. There are several ways to prevent this financial abuse. One way is to have several family members be involved with the older person. Encourage the elderly to become involved with the community, senior centers, or religious groups, which all can provide a strong support system. Take advantage of direct deposit of income checks, including Social Security and dividends. Carefully screen and verify caregivers' references and do a thorough background check.” Read Judy’s complete article at Financial Abuse of the Elderly

These managers will run your life: From bills to groceries (Press of Atlantic City, Mar. 23, ’08). “For even the most savvy of entrepreneurs, running a small business can get overwhelming when paperwork, deadlines and too little time turn into a perfect storm. That's where people like Theresa O'Meara come in. . . . When a client is going out of town and needs the bills paid, they call her. When records need to be vetted, they call her. Even non-business people overcome by caretaking duties call her. . . . And it's a career that's growing. The American Association of Daily Money Managers, based in Bellefonte, Pa., began in the late-1990s with a small group out of the Washington, D.C.-area. Today it has about 650 members throughout the country, as well as Canada. Given the time crunch entrepreneurs are under, especially if they're traveling and juggling many responsibilities, daily money managers are becoming more important, said association spokeswoman Georgene Thompson.” Read the complete article at These managers will run your life.

Discuss parents' financial future before crisis occurs (Naperville Sun, Apr. 21, ’08). “Talking with your aging parents about financial matters can be an easy task to put off. In fact, an AARP study shows that two-thirds of all families avoid discussing financial topics until a crisis occurs. But it is far easier to talk about finances when there isn't an emergency to manage. . . . Do your parents regularly balance their checking account? Are deposits and payments routinely tracked? If needed, offer to help balance and sort out statements. If bills are piling up, do they need assistance with bill payments? . . . If they don't want your help, another option might be to hire a daily money manager to pay their bills, balance the checkbook and organize records. DMMs generally charge $25 to $75 an hour for a few hours of help each month. Visit the American Association of Daily Money Managers at www.aadmin.com to find one in your parents' area.” Read the complete article at Discuss parents' financial future.

Members in the News

Daily Money Management Firm Helps High Net Worth Clients Better Manage Everyday Finances in Tough Economic Times (PRWeb, Dec. 2, ’08). AADMM member ”Premier Payment Services . . . works with high net worth families concerned over the recent market decline to better understand their spending habits and manage daily finances. . . . By working with personal bookkeeping services such as Premier, wealthy families are able to employ a trusted partner to manage bill pay and expense tracking. . . . Premier Payment Services works with many of the most successful independent investment firms to help their clients manage monthly bill payment, track expenses, monitor net worth, oversee business and foundation bookkeeping as well as work with advisors to monitor long term financial forecasting. As a leading voice in the growing daily money management field, Premier specializes in working with the wealthy and their financial advisors to ensure the most basic of financial concerns are handled with the utmost of professionalism and care.” Daily Money Management Firm Helps High Net Worth Clients

Making It (Washington Post, Nov. 16, ’08). Carla Morelli is profiled in November’s “Making It” column. Writer Elizabeth Chang highlights “true stories of people who turned their passions into profit and found their true callings. . . . In 2003, the firm Carla was consulting for allowed her to go part time and use some of its office space as she ramped up the new company, which she named FreyerMartin. Freyr is the Norse god of prosperity, and Martin is simply a name that goes well with it, says Carla . . . .Carla went full time with FreyerMartin and got her own office space in 2005. . . . FreyerMartin has four full-time and four part-time employees, and about 50 clients. . . . Carla hopes FreyerMartin will someday be the nationally recognized leader in the nascent bill-paying industry.” Making It

Do You Need a Daily Money Manager? (York Independent, Oct. 24, ’08). “Debra L. Richard, CLU, of Old Orchard Beach has announced the opening of a relatively unique concept of personal service: The Personal Financial Assistant, a daily money management company for individuals in Southern Maine who need help with financial paperwork and related tasks. Richard has worked in the financial industry for 35 years and is a member of the American Association of Daily Money Managers. . . . Her new venture is built on a substantial portfolio of services she can provide to older adults, family caregivers and estate executors to make this part of their lives less stressful.” Do you need a Daily Money Manager?

Female business owners stay optimistic (Burlington Free Press.com, Oct. 27, ’08). “Many female business owners around the state . . . have tailored their enterprises to focus on areas of greatest need. They have carved out niches, made their businesses indispensable to their customers and have built a substantial female client base that tends to be loyal to women-owned businesses. . . . Robyn Young, who owns the Williston-based Money Care, a daily money management business, fills another fundamental need. Her business provides money management for elders and busy professionals and when she began three years ago, she saw a huge need for her service in the community. Largely through word of mouth, Young has built up a stable client base for whom she keeps track of bills and organizes financial documents, among other services. Young is optimistic about the future because of the type of business she’s in.” Female business owners stay optimistic

Do You Need a Daily Money Manager? (Motley Fool.com, Aug. 26, ’08). Author David Brokamp writes, “Fool contributor Elizabeth Brokamp (a.k.a. "my wife") and I asked ourselves: "What's the No. 1 pesky financial task we can never seem to get around to?" The answer was easy: Quicken. . . . After reviewing the qualifications of the DMMs in our area, we hired John Bowen. He came to our home, downloaded Quicken to our computer, gave a brief tutorial, and linked up our family's checking, credit card, savings, and investing accounts. Now we can balance our checkbook and monitor all our accounts with the click of a button. . . . DMM Gloria Froman of Let Me Get the Bill, Inc., said that all of her clients have one thing in common: They are overwhelmed, either by ongoing financial paperwork or that one task that they can never seem to get done. If that describes you, and it's costing you in late fees, penalties, and missed opportunities, then a DMM can help get you on track -- and provide the peace of mind that comes from facing a financial problem rather than burying it under another mound of paperwork.” Daily Money Manager | Personal Finance Help (Also at Do You Need a Daily Money Manager? - Yahoo! News)

Daily money managers turn helping hand into business (Daytona News Journal Online, Aug. 11, ’08). “A relatively new field of personal-services professionals can help people who are too busy to manage their day-to-day financial matters or are facing health problems that keep them from staying on top of their finances. . . . ‘I've been doing the functions of a personal money manager (her preferred term) for four or five years,’ said Lois Williams of New Smyrna Beach. "I'm just now building it into a business and getting paid for it." Williams, with her background in teaching and financial-systems management, began by helping an older neighbor whose wife had developed Alzheimer's. . . . Adriana Hollander of Ormond Beach became a daily money manager as an extension of her bookkeeping work for several smaller retailers. Like Williams, Hollander's menu of services includes bookkeeping, check preparation, online bill-paying and organizing paperwork. . . . Williams and Hollander are two of the 45 Florida-based members of the American Association of Daily Money Managers, which requires members to follow a strict code of ethics.” Business & Technology - newsjournalonline.com.

How To Get Help With All That Paperwork. The Nashville, TN NewsCenter5.com website has reprinted the Kiplinger.com story about AADMM member Rebecca Eddy of Eddy & Schein In-Home Administrators for Seniors. This article was previously mentioned in AADMM’s News You Can Use (Aug. 15, ’08). You can read the complete article at How To Get Help With All That Paperwork

Get Help to Tackle Paperwork (Kiplingers.com, July 23, ’08). “Marguerite Holloway can’t say enough about the daily money manager she hired for her mother two years ago. Back then, the financial affairs of Holloway’s mother, now 72, were in disarray. She had a mountain of papers, several certificates of deposit and an endless stream of unpaid bills. She also had bond certificates hidden under a rug. So Holloway decided to look into hiring a daily money manager. . . .She found Rebecca Eddy, a partner at Eddy & Schein In-Home Administrators for Seniors in New York City. . . . . One client of daily money manager Pamela Brehler, owner of Personal Finances Management in Chapel Hill, NC, never bothered to fill out the paperwork for her annuity because it seemed too complicated. Once Brehler did so, the client received a check for $150,000.”

Drowning in Paper? Hire a Specialist (Kiplinger Retirement Report, May ’08). “Marguerite Holloway can’t say enough about the daily money manager she hired for her mother two years ago. Back then, the financial affairs of Holloway’s mother, now 72, were in disarray. She had a mountain of papers, several certificates of deposit and an endless stream of unpaid bills. She also had bond certificates hidden under a rug. So Holloway decided to look into hiring a daily money manager. . . .She found Rebecca Eddy, a partner at Eddy & Schein In-Home Administrators for Seniors in New York City. . . . . One client of daily money manager Pamela Brehler, owner of Personal Finances Management in Chapel Hill, NC, never bothered to fill out the paperwork for her annuity because it seemed too complicated. Once Brehler did so, the client received a check for $150,000.”

Local N. Y. C. Business Partners Among First Professional Daily Money Managers To Be Certified In The U. S. (1888 Press Release, Feb. 20, ’08). “Rebecca R. Eddy and Gideon Y. Schein of New York, NY were two of 21 daily money managers from 12 states who became the first in the nation to earn the designation Professional Daily Money Manager by meeting eligibility requirements and passing an intensive examination. The certification process has been developed by the American Association of Daily Money Managers (AADMM) as part of its mission to assure high standards of practice and delivery of quality service by DMM professionals. . . . Certification demonstrates in a tangible way the professionalism among daily money managers. Through voluntary certification, individuals validate their skill level and add to their credentials as a leader in the industry.” Read the complete article at Local N. Y. C. Business Partners.

Daily Money Managers Provide Valuable Services to the Boomer Generation (EzineArticle.com, Mar. 15, 2008). AADMM member Kathy Swann, Bay Area Business Services, Pasadena, MD, writes, “If you're thinking of starting your own home based business, and are good at math or accounting, consider becoming a Daily Money Manager. A DMM assists their client in organizing their monthly bills and paperwork, balancing the checkbook, and making sure their bills are paid on time. . . . Daily Money Management is a field that has been growing in the past ten years. Entrepreneurs entering this field may have previous experience in accounting, finance, banking or social work and they also enjoy working with people. A DMM with the ability to speak a second language will find a special niche by acquiring clients who don't speak English.” Read the complete article at Boomer Generation.

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