AADMM in the News

Daily Money Management in the News | Members in the News

Daily Money Management in the News

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

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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