AADMM in the News

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Daily Money Management in the News - 2006

Is long-term care insurance necessary? (BankRate.com, Jan. 17, ’06). In this article on the pros and cons of long-term care insurance, author Barbara Whelehan writes, “Chances are much greater that folks older than 65 will need some help later in life but not necessarily a stay in the nursing home. For those who need assistance, there's always the option of hiring someone, preferably a family member. If the family lives far away or is nonexistent, seniors can tap other resources in the community that enable them to live with dignity in their own homes. For instance, seniors who need help with paying bills may consider hiring a daily money manager.” (The link is to a May 2005 BankRate.com article “Daily money managers for the average Jill or Joe.”) Read Ms. Whelehan’s complete article on long-term care insurance at http://www.bankrate.com/brm/news/BoomerBucks/20070117_long_term_care_a1.asp.

The Best Home Businesses for People 50+ by Paul and Sarah Edwards, published by Tarcher/Penguin Books (2004), contains 6 references to Daily Money Management as a home business. A review on Amazon.com lists these references, including one on p. 179 which states, “people. . . who don’t have time or inclination to handle their own financial affairs are doing what movie stars have done for years, hiring daily money managers.” Read reviews of this book at http://amazon.com/ (search for Best Home Businesses).

Six Strategies for Helping Senior Parents Manage Their Money (University Credit Union website 12/25/2006). “Approximately 22 million Americans are caring for an older adult, most likely a parent. Caretaking no longer is limited to ensuring parents have medical attention, are driven to their appointments, or that their houses are clean. It now includes assisting parents with money management tasks and, in many cases, financial decision making. . . . If you or another trusted family member or friend is unable to assist your parents with daily money chores, consider using a daily money manager. Be sure that the adviser is qualified and holds the appropriate credentials or licenses--such as certified public accountant (CPA), insurance, and brokerage licenses. Only hire advisers who are insured for errors and omissions and bonded if they have direct access to your parents' funds or accounts.” Read the complete article at http://hffo.cuna.org/012433/article/779/html.

Preventing Exploitation Through Money Management (Everyone’s Business, Texas Dept. of Family & Protective Services, Dec. ’06). “An estimated 500,000 older people in the United States need help with their financial affairs. As a result, a new field called daily money managers is evolving to provide money management services. Daily money managers organize and keep track of financial and medical insurance records; establish a budget; help with check writing and checkbook balancing; and administer the benefits of people who can't manage their own financial affairs.

MSN.com
November 1, 2006
Help your mom and dad in their golden years
“It can be jarring to realize that your aging parent might be having difficulty keeping up with his or her personal finances. This can seem especially daunting if you don’t live in the same part of the country as your parent. But don’t despair. You can line up all sorts of practical help for your mom or dad, whether you live close by or far away. Consider these tips. . . . Hire a daily money manager. Different from long-range financial planning, daily money management involves consistent help with routine tasks, such as paying bills, keeping the checkbook balanced, establishing a budget and organizing financial and insurance records. . . . To find one in your parent’s area, visit the Web site of the American Association of Daily Money Managers.”

BankRate.com
October 13, 2006
12 clues that a senior’s finances may be slipping
“Our panel of daily money managers provided 12 clues -- six that may appear on bank statements and six on credit card bills -- that reveal finances might be slipping beyond a senior's control. If you detect fraud, contact local law enforcement immediately.” For example, checking account clues include multiple sequential checks for the same amount or to the same payee and lost or missing checks. Credit card clues include multiple purchases for the same amount or unlikely purchases such as jet skis or X-boxes for octogenarians.”

Money Magazine

July 2006

When Your Parents Need a Hand

“For example, you can bring in a money manager for assistance with budgeting, paperwork and bill paying. Typical charge: $35 to $125 a hour. (You can get referrals from the American Association of Daily Money Managers at aadmm.com).”

StarTribune, Minneapolis-St. Paul
May 26, 2006
Financial friends
Business writer Kara McGuier writes that daily money management is “a small but fast-growing field of professionals who make a living handling financial tasks for individuals and small businesses who either can’t manage the tasks or don’t want to.”

StarTribune, Minneapolis-St. Paul
May 26, 2006
Details on Daily Money Managers
A sidebar featuring a Q. & A. format on what daily money managers do

Members in the News - 2006

The Small-Employer Pension Plan Dilemma is a “Smart Answers” feature at BusinessWeek Online. “Providing an employee retirement plan is a powerful recruitment and retention for small-business owners. If many of the other small firms in your niche are offering retirement plans, it will be especially important for you to have some kind of plan you can put on the table in a job interview.” The article goes on to discuss 401(k) plans and alternatives such as SEP (Simplified Employee Pension plans) and SIMPLE (Saving Incentive Match Plans for Employees of Small Employers) and provides links to government brochures on how to set up and manage such plans. Access the article at http://www.businessweek.com/smallbiz/content/oct2006/sb20061009_678887.htm?chan=search

How to avoid costly overdraft penalties (Wall Street Journal, Nov. 19, ’06). Diana Ransom, staff reporter for the Wall Street Journal interviewed AADMM members Marcia Turner, North Branford, CT and Patricia Morris, Newton, MA for this article. Ms. Ransom writes, “When Marcia Turner's college-age son used a debit card to buy a cup of coffee and didn't have enough funds in his bank account, she wound up footing the bill for the bank's overdraft charge. ‘I paid $25 for a $3 cup of coffee,’ says the money manager in North Branford, Conn. It wasn't a complete loss, since ‘he got a lesson in accounting, financing and banking,’. . . . Your bank may give you the option of linking to a pre-existing credit card or applying for a new credit card or credit line to be linked to your checking account. Any overdrafts are charged to the card or credit line, but you may also be charged a fee of, say, $5 to $10 per transaction. . . ., says Patricia Morris, a money manager in Newton, Mass.

Senior CSI: Detecting When a Senior Needs Financial Help (Bankrate.com, Oct. 13 ’06). Author Jay MacDonald interviewed AADMM members Liz Crystal of Green Brook, NJ; Pamela Brehler, Chapel Hill, NC; Bridget Pendergast, Virginia Beach, VA; and Patricia Morris, Newton, MA for this story. He writes, “The longer we live, the more likely we are to lose track of our finances. . . . The cause may be physical (failing eyesight or shaky hands making bill paying and record-keeping problematic), mental (dementia or memory loss impairing our thinking and organizational skills), or a combination of both. . . . Members of the American Association of Daily Money Managers are often the first to notice warning signs on bank and credit card statements that suggest a senior's financial skills are slipping. . . . Frequently . . . clients see an immediate turn for the better once qualified help arrives. As a financial advocate, a daily money manager will reallocate large accounts from zero-interest checking into higher yielding money market and CDs and work with the bank to drop past fees for inadvertent overdrafts and dormant accounts.” Read the complete article at http://bankrate.com/brm/news/pf/Oct06_finances_and_senior_a1.asp.

Daily money managers take care of routine financial tasks (New Haven Register, Sept. 25, ’06) highlights the work of AADMM President Marcia Turner. “Marcia Turner of North Branford practices a profession that few people have heard about. That’s bound to change soon, though. Turner is a daily money manager, someone who helps people manage their day-to-day monetary affairs. Daily money managers often work for elderly people, paying their bills, organizing and managing bank accounts, tracking medical insurance payments, sorting mail and providing other services. Turner gets referrals from accountants, attorneys and elderly housing directors. She also counts several small businesses and nonprofit groups among her clients. Turner will handle accounts receivable, accounts payable, bank statement reconciliation, payroll processing, correspondence and more.” Read the complete article.

The elderly can count on daily money managers (Baltimore Sun, July 16, 2006; Orlando Sentinel, July 23, ’06; Chicago Tribune, July 23, ’06). Baltimore Sun personal finance writer Eileen Ambrose interviewed current AADMM President Marcia Turner, AADMM's first president Roberta Gosier, and AADMM member Lisa Berlin to prepare her article. The article notes, “The trade group, the American Association of Daily Money Managers, has more than 500 members, who pledge to follow a code of ethics, and posts contact information by state online at http://www.aadmm.com/code_of_ethics.htm.” Read Eileen Ambrose’s complete article here.

Financial friends (StarTribune, Minneapolis-St. Paul, May 26, 2006) Business writer Kara McGuier spotlights Minnesota AADMM members Chuck Berger, Katherine Kielb, and Priscilla Repasky who describe the clientele they serve and the services and they offer. AADMM President Marcia Turner is also interviewed. Read Kara McGuier’s complete article here.

Beyond QuickBooks is the “Women in Business” feature on Inc.com (Apr. 1, ’06). “No longer solely the province of movie stars and professional athletes, personal business managers are entering the mainstream. "A personal business manager is like having a CFO for both your business and personal life," says Kathryn Maxwell, CEO of Novato, California-based Maxwell Money Management. A personal business manager, with their intimate knowledge of the day-to-day details of your financial life, fills in the gap between an accountant, whose main role is ensuring compliance with government agencies, and an investment manager, whose focus is on managing your portfolio.”

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