Daily Money Management is like having your own personal bookkeeper and to some extent, financial advisor. We are professionals who provide household-centered services ranging from your basic banking and credit card monthly reconciliations to getting your household finances prepped for tax season. In addition, we offer a seasoned eye on your spending, offer ideas for budgeting as needed, and will periodically review insurance and other important financial documents. 

We work in close cooperation with your CPA, financial planner, and other professionals. We ensure that they get the information they need and that their recommendations if you agree with them, are carried out.

This is an extremely important question and one I take extremely seriously.

Certainly, there are background checks (the American Association of Daily Money Managers requires these for membership), and I do carry a Surety bond (a Fiduciary bond can be procured in the rare situation where your situation requires it), Errors & Omissions (E&O) insurance, and a general liability policy. I also make sure that my procedures and the digital storage I use keep your security and privacy in mind.

But that doesn’t really cover trust, does it?

Well, the short answer is that my best solution is total transparency and best practices to separate duties as much as possible for your situation and place in other safeguards.

I don’t want to be some anonymous virtual face. We can talk anytime, face to face, or through video. I keep my clients, and if they want, other family members or trusted individuals, notified of your budget and any projects I’m working on and they have 24/7 access to a secure online portal for their convenience.

Also, and I’ve built this in my Service Agreement, I do not take referral commissions or bonuses. So, if your household needs a service and you’re having me coordinate it, rest assured that I won’t get any fees from those hired.  I do have a good trusted network of tradespeople and professionals that I know can provide solid service at a reasonable price, but I have purposefully stayed away from any financial agreements.

Yes! Absolutely!

Although we can offer fiduciary services, the vast majority of folks just want help managing their affairs. The level of access we have is fully dictated by both your service needs and comfort level.

This is a very delicate situation as the client should always have the final say on how they spend their money.  Unless there is otherwise some established fiduciary relationship, I just advise and draw up budgets, but the client is the one who wants to follow them.

That said, this is a discussion I have as part of my onboarding process for all clients, whether they’re busy professionals, older adults, or are special needs. I bring up this situation and ask them what they want me to do, who to contact, and ideas to help them.

There’s a difference between an occasional binge (the proverbial last-minute trip to Vegas) and more systematic issues, such as constant impulse buying or randomly giving money away. 

One way to help folks stay on track is to get an agreement on a general budget and an allocation for discretionary spending. We can discuss other spending, such as trips, donations, and similar, and plan these into the budget as cash flow allows. There are also a variety of safeguards, account structuring, and other tools we can explore as appropriate.

If this budget is routinely circumvented, and especially if such spending starts to impact paying for necessities, I will then escalate per our agreed contingency plan.

Yes. It’s a very important thing to have solid coordination with your other professional service providers.

In fact, one of the benefits of hiring me is that I will keep in mind their recommendations and make sure they’re being implemented. So, say your Estate Attorney drew up a trust, I’d help facilitate your efforts in getting the appropriate assets retitled. For your CPA or tax preparer, your financial documents will be organized, categorized, and will make it much easier for them to prepare your taxes.

If I discover areas that I cannot assist you, I will also refer you to well vetted professionals, if you do not already have an existing relationship with one.

For recurring services, after an initial free consultation, I will provide an estimate for establishing service. Typically, this includes getting you onboarded, your books established and some estimate on how to get past information caught up. This will vary from client to client.

For established clients, I bill on an hourly basis every month. Once I have established an understanding of your needs, we can discuss if a recurring set fee basis (like a retainer) makes more sense for your needs and situation.

I do not receive commissions or any rebates or other considerations for referrals to outside vendors. If your household requires additional services (such as lawn care or even an attorney), rest assured any vendor selected will be because of suitability and fit for your needs.

Yes, we will keep all of your information confidential and not release anything without your express permission. Even if a loved one is paying me to assist you, YOU are the client.

That said, if I reasonably suspect some form of abuse or other unpleasant situation (such as financial exploitation), I will approach you directly to share my concerns. If the pattern continues, and/or there are suspected medical or other issues at play, I will alert appropriate family members or authorities if needed for your protection. That said, I take your personal life and privacy very seriously and would only resort to this in the most serious of circumstances.

Yes. In addition to Errors and Omissions Insurance (E&O), I have general liability insurance and a surety bond.

As a member of the American Association of Daily Money Managers, I am also bound by their code of ethics.

No. Sometimes discount money management services will outsource some bookkeeping functions to third parties, some of which may be overseas. Although many do a fine job, this does bring in additional risk to your data.

The job you give me to do is my job to do.

I like to pride myself in that I’m willing to lend a helping hand. However, I cannot do the following services because either they require training or licenses I don’t have (and thus would be not in your best interest to have me perform), or have insurance and permitting requirements beyond the scope of my core business:

• Driving or transporting clients
• Providing any sort of medical care or overseeing medications.
• Providing housekeeping or cleaning services
• Taxes, legal, or investment management services that require special training or licenses outside of my scope and/or experience.

However, I am happy to obtain and coordinate such services on the client’s behalf.