What is a Daily Money Manager?

A Daily Money Manager (DMM) is a financial professional who provides personal financial services to individuals and families, and who manages personal daily money matters such as bills, budgets, and record keeping and much more.

These professionals provide personal financial services to older adults, people with disabilities, busy professionals, high net worth individuals, and the small businesses they may own.

Source: American Association of Daily Money Managers, www.AADMM.com

 

Who hires a DMM?

DMMs are often hired by people who are too busy, or no longer able, to keep up with the daily demands of personal finances. Family members, agents, and executors may also seek out the assistance of a DMM, especially if they are not local or have demanding lives of their own.

 

Will I be losing my financial independence?

Not at all. In fact, removing some of the stress and administrative headaches associated with daily money management often allows people to remain financially independent longer. Unless we are hired by an agent to handle the finances of someone who is already disabled, you will retain full ownership and access to your accounts. We can write checks for your signature, or help you set up online bill payments with the passwords of your choice. If you have been a victim of scams or fraud in the past, we can suggest ways to avoid further damage, as well as strategies to keep you from accidentally spending beyond your desired budget.

 

Will my DMM work with my existing legal and financial professionals?

Absolutely. DMMs do not offer legal, investment, or tax advice, so we are happy to help you coordinate with your advisors to ask the right questions, gather the necssary information, and implement the suggestions you decide to act on.

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Will I be assigned to a specific DMM?

Yes! you can expect to work with the same dedicated DMM on a regular basis and will have their direct number to ask questions or schedule appointments. We try to introduce you to two DMMs early on, so that you have another familiar face greeting you if your primary DMM happens to be ill or on vacation.

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How do you charge?

Because every client’s situation and needs are unique, there is no one-size-fits-all solution. We price by the hour, by the project, or on a monthly flat-fee basis, depending on what is appropriate for each situation.

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Are you insured?

Yes. You can rest easy knowing that we are fully insured. Additionally, our DMMs undergo regular background checks. Prospective employees must be willing to undergo a pre-employment credit check.

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How do I find out more?

We provide a free initial 30-minute consultation, so reach out to us at 717-584-4190, 717-575-1104 or info@RedRoseDMM.com to schedule a time for us to meet with you. We will spend that time getting to know each other, and discussing your needs and how we can best serve you.