FREQUENTLY ASKED QUESTIONS
Who uses your Daily Money Management services?
People looking for my services come from a variety of areas including seniors looking for help managing their daily finances, family members doing care giving activities for a relative, financial planners or accountants who have clients who they see need additional help managing their accounts. Some of my clients have partners suffering from physical or mental impairments that require their attention and I am able to free them up to tend to these tasks. However, people in the "oldest-old" age bracket (over 85) seem to need the most help.
What are the biggest barriers for someone thinking about hiring a Daily Money Manager?
The biggest barrier for clients is getting accustomed to someone else handle their day-to-day finances. However, without exception, clients quickly appreciate the value and become extremely positive about the service.
Do people lose their independence with a Daily Money Manager?
Not at all. I make this a team effort and leave final decisions to my clients. Most continue to do the actual check signing for bills. I typically look for areas where the clients seems to need the most help and focus on those areas initially. For example, I have spent the first several sessions with a client just helping them organize their files. As time passed, the services I handled were expanded. Although I am willing to take on Limited Power Of Attorney where it makes sense to the client, there is usually no need to do this.
How do I get started?
Typically, I do 1-2 interviews before taking on a new client. The first interview might be with a family member who is looking for some help for a parent or relative or with the client. If it appears that our services would be a good fit, then a summary of services, a schedule for when I would meet with the client, effort and cost would be prepared to make sure expectations are clearly stated.
What impact has your service had on the well-being of your clients?
My clients, particularly seniors, have responded incredibly well to the work we do together. They look forward to my visits and make many positive comments about how much they appreciate the help. Because I am able to help them re-gain a sense of control over their finances, files and other things they feel they should be keeping track of, their spirits and sense of well-being are often restored - even those suffering from age-related depression.
What are your clients saying about the services you provide?
It's been truly amazing how positive my clients and their families have been to the services provided. Some quotes from family members who have hired me to work with parents include "you are saving my sanity", "I don't know what I would do without you", "I could not do all you are doing for my father (or mother)".
How much time do you typically spend with clients?
This can be as little as 1-2 hours/month to twice a week, depending on the need. It really depends on what services you want. My initial approach is schedule 1 hour/week with a client for the first few weeks to determine what services are needed and what services my client wants to pay for. From there, work out a regular appointment schedule.
Do I have to turn over my finances to the Daily Money Manager?
It is usually unnecessary to turn over actual management of my clients bank or other financial accounts to me. Many of my clients continue to manage this themselves or turn it over to a family member. Typically, I ensure all bills are getting paid, reconcile all statements, follow-up on problems with vendors and so forth. Recently, I recovered over $2000 in payments for an elderly client who was billed incorrectly for some medical services.
How do you keep your clients and families informed about the work you are doing?
I provide my clients with detailed monthly statements showing what activities I performed, how long it took and the charges for my services. These are typically sent to my client and a relative.
What happens if you notice a client is starting to experience forgetfulness or something more serious?
If I see my client may be in need of some sort of medical attention I immediately inform a relative. If there is no relative to go to, I encourage my client to seek medical attention.
What about confidentiality and privacy - is it protected?
I am professionally bound by the standards and ethics of the American Association of Daily Money Managers and the Society of Certified Senior Advisors which both emphasize the privacy protection of our clients information. In fact, I make sure my clients themselves do not compromise the security of their information and risk identity theft. If my client does not have a shredder, I encourage them to purchase one. If they choose not to, I will personally shred confidential information that is no longer needed.