American Association of Daily Money Managers
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When applying for CEU's if the topic was not something tested on (content outline) then topic would not be amicable for credits.

Examples that do not qualify include (but not limited to):

  • Marketing
  • Notary
  • Entrepreneurship

Any Outside Continuing Education courses must be submitted within 60 days of Completion or the course will not be approved.

There are many different titles for daily money managers and different definitions for each that can vary from state to state. Please remember when submitting courses for approval; approvals are granted by the task a Daily Money Manager would perform or how they would work with these other titles. Keep in mind even if you work in one of these capacities as well, the Certification Board reviews education as it would apply to the PDMM designation.  You can find the recertification categories and descriptions of topics for each category at the AADMM website under the recertification tab.

To provide an example but not limited to these items:
Topics that advise clients on the financial divide in a divorce or stock market advice courses are not acceptable as they are outside the realm of a PDMM and the money manager should guide their client to talk to qualified professionals in that field. However, courses that give you knowledge of how to read investment documents or how to be prepared to work with the clients attorney through a divorce are topics that could fall into the approved education for a PDMM.

Detailed Content Outline

1. Bill Paying (tasks)
  A. Understand various bill-paying theories, i.e.:
    1. Pay bill as they come in versus when they are due
    2. Pay all bills at the beginning of the month
    3. Change due dates to meet cash flow requirements
  B. Understand methods of payment and their pros and cons, i.e.:
    1. By check
    2. Electronic transfer (ACH – Automatic Clearing House, wire transfers, etc)
    3. Using online bill-pay
    4. Automatic drafts from bank or credit card
  C. Document and methods of keeping track of payments, i.e.:
    1. Accounting software
     

Software may be acceptable if the applicant can demonstrate that there was a direct benefit to one or more of their clients and the course was taught by a qualified/certified instructor.

    2. Copying checks
    3. Check register
    4. On-line confirmation
    5. Scanning
    6. Reconciliation statements
    7. Duplicate checks
    8. Bank statements
    9. Printing payment confirmations
    10. Excel spreadsheet
  D. Determine how the bill-paying bank account will be funded, i.e.:
    1. Reviewing and setting up funding procedures for the account.
    2. Understand and determine the source and timing of income/revenue (i.e. investment income, social security, payroll, etc.)
  E. Know how to handle vendor issues, i.e.:
    1. Late payments
    2. Un-posted/lost payments
    3. Unauthorized charges on client account (bank, credit card, bills, etc.)
    4. Returns and exchanges
    5. Bills due but have not been received
    6. Negotiate with creditors
2. Basic Finance/Bookkeeping
  A. Perform monthly bank reconciliation, i.e.: able to identify and understand bank and client errors
  B. Understand budget basics and savings goals
  C.

Understand the basics of paperwork organization, i.e.:

   
1. Filing system for current work
2. Understand what to keep, what to archive, what to throw away
3. Understand sorting mail and email
4. Understand storage issues (at client’s home, bank security box, DMM responsibility, etc.)
5. Inventory assets
  D. Note other assets available to meet expenses and to serve as a cushion
  E. Understand how interest is calculated
  F. Understand how to read a credit report and what determines a credit score
  G. Understand basic types of investments (certificate of deposit, money market, savings plans, etc.)
  H. Understand how to read and report on financials
  I. Know how to work with your client's other professionals (ie: financial planner, lawyer, insurance agent, investment advisor, etc.)
  J. Understand differences between cash and accrual accounting. 
  K.

Understanding how to read investment, bank, and other financial statements. 

3. Payroll and Tax Basics
  A. Knowledge of documents and information needed for income tax preparation
  B. Understanding the types of employment (employee or independent contractor) and withholding
   

1

Understand difference between employees and “independent contractors”
2.

Understand employers’ responsibilities (unemployment insurance, workers      compensation, etc.)

3.

Keep track of hours and pay

  C. Understand estimated tax payments and requirements.
  D. Work with tax preparer
  E. Know when and where to go for help
  F. Understand payroll tax
  G.

Understanding the types of payroll deductions: Flexible Spending Accounts, Medical Insurance, Disability, Health Savings Account, Long-term insurance.

  H. Understand Insurance - (Are any insurance premiums deductible).
4. Types of Expenses
  A. Medical Bills and Insurance Issues, i.e.:
    1. Understand different types of health insurance
    2. Understanding medical bills and Explanation of Benefits in order to  determine what client owes. 
    3. Understand monthly premiums for coverage (deducted from pay, paid by client, etc.)
    4. Knowledge of health insurance policy (coverage, deductible, co-insurance, co-pays, claim filing, etc.)
    5.

Understanding the tax deduction threshold for medical expenses

  B. Housing Issues, i.e.:
    1. Understand costs (mortgage, condo fee, upkeep, property taxes, Homeowner’s association, etc)
    2.

Evaluating housing options (refinancing, mother-in law or not, communal living, buying vs renting, multi-generational housing)

    3. Understand options in senior housing and related issues, (what is covered in their monthly rental, etc.)
    4. Understand home as a resource (financing options, etc.)
    5. Understand how to work vendor on housing issues.
5. Ethics
  A. Understand AADMM’s Code of Ethics
  B. Accountability to client and understanding who the client is
  C.

Understand confidentiality issues (Health Insurance Portability and Accountability Act (HIPAA), bank privacy issues, etc.)

  D. Capacity (competency) issues, i.e.:
    1.

Understanding capacity (competency) issues

    2. Understand the options available
    3.

Understand when to bring in an expert (warning signs, etc.)

  E.

Understanding the best interests of the clients, etc.

  Reviewing other associations code of ethics that do not closely relate to AADMM's would not count.
 

(After Ethics credits have been satisfied, Ethics credits can be counted towards Standards of Practice credits)

6.  Standards of Practice
  A. Capacity (competency) issues, i.e.:
   
1. Define POA versus DMM versus guardianship/conservatorship
  B. Understand DMM liability issues
  C. Understand Power of Attorney, i.e.:
    1. Different types
    2. Difference between medical and financial
    3. Limitations
    4. Core legal documents
    5. Fiduciary responsibilities
  D. Understand the risk and benefits of different storage and back-up options
   
1. Client’s Home
2. Bank
3. DMM’s location
4.

Online

  E. Know how to prevent and deal with scams and identity theft, i.e.:
   
1.

Have client be aware of how to prevent being exploited (do not call list, limit exposure on mailing list, order credit reports, etc.)

2.

Know who to contact (file police report, cancel credit cards, etc.)

  F. Security
   
1. User ID and Passwords
2.

Personal Identification number Credit Card, ATM machines, insurance information, etc.

3. Personal Identification information - Maiden name, SS#, address, security questions.

174 Crestview Drive . Bellefonte, PA 16823-8516
Phone: 814-357-9191 . Fax: 814-355-2452 . Email: info@aadmm.com