What is Daily Money Management?

Daily Money Managers (DMMs) provide personal business and social support 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 and medical insurance papers, to assisting with check writing and maintaining bank accounts. Social support services include providing information regarding community resources available to meet other needs such as in-home care and other referrals as requested.

How are DMMs regulated?

At present, the field of Daily Money Management is not regulated by any state or federal organization. However, the American Association of Daily Money Managers (you can learn more at: www.aadmm.com) certifies individuals as PDMM (Professional Daily Money Managers) who ascribe to the stringent AADMM Code of Ethics, pass an intensive examination, pass a criminal background check, had at least 1500 hours of experience in the field prior to examination, and fulfilled the educational criteria of the eligibility requirements. The AADMM is committed to high standards of client services provided by members.

As a member of AADMM, a PDMM, and a Certified Senior Advisor, Cindy Stevens of Personal Financial Solutions is committed to those high standards of integrity, competence, professionalism and confidentiality. For more information visit: www.PFS-DMM.com.

What types of tasks will a PDMM handle?

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

  • Bill-paying, including calls to payees regarding incorrect bills and preparation of checks for clients to sign.
  • Balancing checkbooks/statements and maintaining organization of bank records.
  • Preparing and delivering bank deposits.
  • Organizing tax documents.
  • Negotiating with creditors.
  • Deciphering medical insurance papers and verifying proper processing of claims.
  • General document organization assistance.
  • Providing referrals to home healthcare providers, legal, tax and investment professionals.
  • Reviewing end of life documents for accuracy and current relevance.

Who needs the help of a PDMM?

Within the senior client base, most have a need for PDMM 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 PDMM if the child does not feel they have the time or ability to maintain their parents’ affairs.

If I hire a PDMM, why do I need an accountant, lawyer or social worker?

A PDMM does not take the place of professionals in the accounting, investment or social service fields; rather, their work complements the work of other professionals by facilitating the completion of the day to day tasks. For example, a PDMM, by organizing and maintaining accurate financial records for a client, can easily compile the necessary documents for advantageous tax preparation by an accountant. When the accountant has prepared the required tax returns, the PDMM reviews them with the client, makes sure they are understood and correctly signed, attaches the appropriate checks, if necessary, and mails the returns on time to the correct recipient. PDMMs do not offer legal, investment or tax advice, however, a good PDMM should recognize pertinent issues and refer you to professionals and organizations qualified to provide the other services you may need.

What will the services of a PDMM cost and what are common billing methods?

Most PDMMs charge for their services on an hourly basis, with the rates varying with geographic areas. You should expect to pay between $60 and $95 per hour. In addition, most PDMMs charge for their travel time and for out-of-pocket expenses such as postage stamps. At Personal Financial Solutions, we outline possible charges in a letter of engagement and bill on a monthly basis.

Will I be giving up my independence if I hire a PDMM?

On the contrary, the assistance of a PDMM is often the piece of life’s puzzle which allows many seniors to avoid guardianship or complete loss of independence. If you find that you are late in paying bills or do not understand certain financial forms that come in the mail, feeling pressure from your family to move out of your home or turn over your affairs to a legal representative, then a PDMM might be the right answer for you to maintain your independence.

Often times a twice monthly visit from a PDMM will allow you to keep your finances under your own control, with the PDMM helping you to keep on budget and to avoid errors which may have raised the concern of loved ones. The involvement of an outsider in personal financial affairs may be too intimidating for some, but most clients of PDMMs find that once they have established a relationship with their PDMM, they don’t know how they survived without one.

For more information or to schedule your consultation, please contact

Cindy B Stevens, BS, PDMM, CSA

443-987-1340 or Cindy@PFS-DMM.com