This help isn't limited to the elderly. Many daily money managers serve busy executives and professionals, who travel often and don't have the time to keep up with their bills.
For children no longer living in the same communities as their parents, this service is especially valuable. Even in the same community, children are busy, and when parents are failing, there’s a lot of emotion. A professional helps both the parents and the children by taking away a lot of the stress in the financial area.
Some seniors may feel it difficult to acknowledge that they need help in handling their basic financial tasks. They feel that it is the beginning of their loss of independence, just as if they would by giving up driving (except in Florida). It may, however, be the best way to allow seniors to retain their independence.
For some, this is a much less restrictive alternative to guardianship. If, for example, someone suffered a stroke, and they can’t handle numbers as well as before, the money manager might be ideal. When the person recovers, the money manager is gone.
Most daily money managers charge for their services on an hourly basis, with rates ranging from about $25 an hour to as much as $65 an hour.
Many of these professionals also help to make sure their clients get to the doctor when they're supposed to, and in many cases, accompanying them to the doctor. They arrange for transportation for them, and will even pick them up and take them. Yes, even in Brooklyn.
However, a money manager isn't meant to take the place of an accountant or lawyer. Most daily money managers don't have power of attorney over their clients, and therefore don’t sign checks.
There is no formal training program, but many are members of the American Association of Daily Money Managers (www.aadmm.com).This organization helps its members to improve their professionalism through various educational programs. In addition, all members must abide by a code of ethics.
The idea is to help people stay independent longer, not to take away their independence.
