Daily Money Management in the News | Members in the News

Daily Money Management in the News

Get Organized (Motley Fool, Oct. 22, ’07). A reader writes to the website’s Ask Mrs. Riches column: “I have virtually no system for keeping track of my bills, and avoidance is my most-used money management strategy. I don't even want to think about how much I pay in late fees, much less lost opportunity costs. I need some suggestions for how I can finally get myself on track, on a budget, and better organized.” Column author Elizabeth Brokamp replies: “Why not give a daily money manager (DMM) a try? Instead of paying late fees, pay a professional to get your bill-paying house in order by setting up automatic drafts, organizing payment due dates, balancing your checkbook, and organizing paperwork. Too frustrated to struggle with the Quicken setup? Your DMM can do it for you or provide you with assistance every step of the way. Some folks enlist the help of a DMM regularly; you may just want to hire your DMM for a few hours to get your organizational efforts off to a strong start.” Read the complete article at Ask Mrs. Riches: Get Organized.

What A Daily Money Manager Can Do For You (eNewsletter, Certified Financial Planner Board of Standards, Aug. ’07). “According to AARP, the membership organization for individuals 50 years of age and older, about a half million older people in the United States need help with their financial affairs. A new field is evolving to provide just this type of assistance: daily money managers (DMMs). . . . As with any other service provider, you want to make certain you feel comfortable with the person you hire for DMM services. The Web site of the American Association of Daily Money Managers (AADMM) has a list of “Questions to Ask” before hiring a DMM. Make sure you ask for and follow up on references before you agree to have a DMM start work, and always clearly define the scope of the services to be provided. And remember that the DMM’s job is to help you keep on top of your financial affairs. The AADMM warns that it’s a sign of trouble if at any time you feel you’re being kept in the dark.” Read the article at http://www.cfp.net/enewsletter/August2007.html#4.

Make a financial disaster plan now (MSNBC.com, Mar. 30, ’07). “When your life changes in a major way, so does your financial picture. . . . If you haven't already, set up a system to pay as many bills as possible automatically, either by online banking or direct debit. If you can't do it yourself, consider hiring a daily money manager to do these things for you. You can find one through the American Association of Daily Money Managers at aadmm.com.” Read the complete article at http://www.msnbc.msn.com/id/17873747/.

Sarah Verhoff (Guide to Retirement Living online). “After retiring from IBM, Sarah stayed in the DC area. Because of the debilitating effects of Multiple Sclerosis (MS), she began to have problems handling her personal book keeping. The MS Society recommended that she call . . . a daily money management firm, for assistance. That was four years ago, and she has been using their services ever since. . . . A client representative . . . . comes to Ms. Veerfhoff’s home every other week for a few hours to help her with bill paying and paperwork. . . . Knowing that her bills are all paid and her paperwork is in order gives Ms. Veerhoff enormous peace of mind.” Read the complete article at http://www.retirement-living.com/profile.asp?pid=116.

Members in the News

When You May Need to Hire a Daily Money Manager (EzineArticle.com, Dec. 30, 2007). “If you have an aging parent or relative that needs help with their paperwork, consider hiring a Daily Money Manager. This can save you time, and also give you peace of mind knowing someone is looking after your elderly family members,” says AADMM member Kathy Swann, Bay Area Business Services, Pasadena, MD. “A DMM does not take the place of an accountant or attorney, and does not offer legal, tax or investment advice. However, they will work with the client's CPA or attorney to ensure that the client's personal financial matters are attended to. And, because the DMM visits the client once or twice a month, other family members can be assured that their aging relative's financial affairs are being taken care of on a timely basis.” Read the complete article at Hire a Daily Money Manager.
 

Chutzpa. (Powerfull Living , Sept. ’07). DMM Marlene Talasnik, Philadelphia, PA, writes about marketing strategies she used to start up her business, Simplified Living, LLC. “Eight months ago, I was in a quandary … to return to Corporate America or parlay my skills/life experiences into a business that could not only support the second phase of my life but fulfill a dream that I had when I became mom’s financial/legal helpmate when she was age 58. . . . Having chutzpah, I used these tips to launch my business: 1. Make a list of anyone you ever had contact with and call them to let them know about your new venture and enlist their help to market your business. Let go of being bashful! . . . 4.Reach out, the worst they can say is no. They might say yes! If you don’t ask, you might miss a great opportunity. . . . 6. Follow up with all potential leads. It can pay off in unexpected ways. My persistence in following a new lead resulted in two videos and ten articles designed to help women keep their hard earned money that will hook into my company e-mail site. Not bad, eh?” Visit Marlene’s website at http://www.simplifiedlivingllc.com/

Money managers to the rescue (Lifestyles Northwest, Oct. 1, ’07). When Edith Wolcott’s husband died, she “got a broker, an attorney and a CPA, and . . . still had to pay the bills, . . . . so she hired a daily money manager – someone who helps her go through the mail, write checks, make bank deposits and organize her financial records. Daily money managers aren’t financial advisers. Instead, they provide services to people of all ages – including retirees, busy families and people with disabilities – who have trouble juggling their day-to-day finances or who simply like the convenience of turning the job over to someone else. ‘We hire gardeners, we hire housekeepers – let’s hire someone to handle that daily chore of paying your bills,’ says Laura Miller, co-owner of Sapphire Daily Money Management, LLC, the company that Wolcott hired in June. Miller and her business partner, Margit Albrecht, started Sapphire in April, serving the Portland metro area except for Vancouver. . . . Sapphire Daily Money Management is a member of the American Association of Daily Money Managers.” Read the complete article at Money managers to the rescue.

Local Women Business Owners Invited to Speak at National Financial management Conference. October 4, 2007 – Two local women business owners, Maureen Wild of High Road Solutions and Liz Crystal of The LC Group LLC, have been invited to speak at the Annual Conference of the American Assn. of Daily Money Managers, to be held at the Holiday Inn Riverwalk in San Antonio, TX on November 9 and 10, 2007.  Read complete article.

Elder Care Becoming Focus for Advisors (Investment News, June 4, ’07) Deborah Nason writes, “The needs of aging clients and their aging parents are compelling financial advisers to become more knowledgeable about elder-care issues. . . . Many advisers’ clients — themselves approaching retirement — increasingly are seeking help for their elderly parents.” Linda Patchett, a fee-only financial planner . . . in Chapel Hill, N.C. notes, “’As clients move into their 80s and early 90s, the ability to track things gets more difficult.’ She manages $35 million in assets, and spends about half of her time working with clients over the age of 70. As a courtesy to appropriate clients, Ms. Patchett refers them to Pamela Nielsen Brehler, a so-called “daily money manager.” Her services include handling personal mail, paying bills, reconciling bank statements, compiling tax documentation and processing medical claims. . . . Ms. Brehler sits on the board of the American Association of Daily Money Managers in Bellefonte, Pa.” Read the complete article at Elder care becoming focus for advisers.

Q&A: Kathleen Simonetti, money manager (SignOnSanDiego.com, June 24, ’07) AADMM member Kathleen Simonetti, San Diego, CA, answers questions on what she does for clients, why someone would hire a money manager, and what an interested person should look for in a money manager. She lists, “The basic services one could expect from a daily money manager: paying bills; setting up auto-pay for monthly accounts, such as the cable or phone bill; reconciling the checking account, banking deposits and transfers; organizing a filing system for financial records; tracking tax write-offs and report to a CPA or tax professional; trouble-shooting account problems; and monitoring bank and credit card accounts for suspicious activity.” Read the complete interview with Kathleen at http://www.signonsandiego.com/news/business/20070624-9999-lz1mc24qa.html

Guide to Retirement Living. “Amelia Frank was receiving confusing bills and needed help with her tax paperwork when she turned to a Daily Money Manager. . . . She readily admits that finding the right type of assistance has allowed her to remain in control of her life—and her finances. . . . In 2005, Help Unlimited began assisting Mrs. Frank. During her first visit with Mrs. Frank, Roberta Gosier, a Daily Money Manager and the Director of Help Unlimited, focused on resolving the issues with the home care agencies’ bills. Roberta also worked with Mrs. Frank in pulling together her . . . income tax paperwork. It did not take long to solve these problems, but unfortunately, Roberta soon discovered that someone had misused Mrs. Frank’s credit card and her long distance service. Help Unlimited immediately addressed these issues and helped Mrs. Frank to avoid any damage to her credit record.” Read the complete article at http://www.retirement-living.com/profile.asp?pid=225
 

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