Table of Contents

What Is a Daily Money Manager (DMM)?

By

澳洲幸运5官方开奖结果体彩网:James Chen

Updated February 29, 2024

Reviewed by

Amy Soricelli

Fact checked by

Katrina Munichiello

Definition

A daily money manager (DMM) is a professional who handles the routine financial tasks of individuals.

What Is a Daily Money Manager (DDM)?

A daily🌜 money manager (DMM) is a person who performs the day-to-day financial t♌asks of another individual. Those who employ daily money managers may include retirees or working professionals too busy to maintain control and accuracy of their financial records.

Daily money managers offer services like paying monthly bills, assisting with tax records, balancing bank records, decoding medical bills, and negotiating with creditors. Other services may include 澳洲幸运5官方开奖结果体彩网:notarization, payroll management, or healthcare advocacy.

Key Takeaways

A daily money manager (DMM) is a person who performs the day-to-day financial tasks of another individual.
Daily money managers offer services like paying monthly bills or assisting with tax records.
The American Association of Daily Money Managers is a trade organization for daily money management services and provides information and education to members and the public.

Hiring a Daily Money Manager

The is a trade organizꦯation whose mission is𒁏 to support daily money management services, provide information and education to members and the public, and develop a network of dedicated professionals.

Daily money managers may deliver essential financial services to retirees, 澳洲幸运5官方开奖结果体彩网:high-net-worth individuals, small businesseꦑs, and others. Adult children who take over the financial tasks o𝓡f their parents may seek out a DMM.

Tip

Individuals in🦩terested in hiring a DMM can find assistance at the American Association of Daily Money Managers .

Daily Money Manager Tasks

Ensures all monthly bills are paid
Follows up on inconsistencies or billing errors
Balances banking or checking records
Prepares and makes bank deposits
Prepares and organizes tax information
Ensures that medical bills are processed and paid
Meets with clients to review financial activity and plan for future transactions

Are Daily Money Managers Certified Professionals?

The American Association of Daily Money Managers is a membership organization committed to maintaining high standards of client services and offers DMM certification so that practitioners have a standard professional approach and secure the confidentiality of customers.

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Can a DMM Perform the Same Tasks As an Accountant?

A DMM is not intended to replace professionals in the accounting or investment fields. DMM work complements and assists the other professionals.

How Can Individuals Find a DMM?

A list of 700 certified Daily Money Managers can be found on the website of the American Association of Daily Money Managers.

The Bottom Line

A daily money manager (DMM) performs the day-to-day financial tasks of another individual such as paying monthly bills or assisting with tax records. The American Association of Daily Money Managers is a trade 🐠organization for DMM services that provides certification for its members. Those interested in hiring a daily money manager can visit the AADMM website.

Article Sources

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