What is a DMM?

Daily Money Managers

provide personal financial services to individuals and families, managing daily money matters like bills, budgets, and record-keeping.

DMM Scope

DMMs offer various services including bill payment, checkbook balancing, healthcare expense research, and budget creation.

Client Specialization

They often specialize in serving specific groups such as older adults, people with disabilities, busy professionals, or high net worth individuals.

Professional Collaboration

DMMs collaborate with other professionals (accountants, attorneys, financial advisors) and are often hired by adult children to assist their aging parents with financial management.

Partnering with a DMM

Financial Plan Implementation

  • Bridges gap between advisor meetings

  • Assists clients in executing financial advise

  • Maintain momentum of financial goals

Account Titling and Planning

  • Reviews and aligns account titles with estate plans

  • Ensures proper asset distribution according to client wishes

  • Collaborates with advisors on estate planning details

Real Spending Insights

  • Provides actual spending data, not estimates

  • Enables more accurate financial projections and decisions 

  • Offers clear visibility into client's financial behavior

Conflict Avoidance

  • Separates operational tasks from strategic planning

  • Allows advisors to focus on core financial strategies

  • Enhances integrity of the advising process

Tax Document Organization

  • Streamline tax preparation process

  • Reduce stress and improve efficiency during tax season

  • Ensures all necessary documents are ready for CPA review

Timely Bill Payments

  • Prevents late payments and associated penalties

  • Maintains consistent insurance coverage and credit scores

  • Reduces financial stress for clients