DMM - Daily Money Manager Services
What is a Daily Money Manager
A Daily Money Manager (DMM) is a financial professional who provides personal financial services to individuals and families, and who manages personal daily money matters such as bills, budgets, and record keeping and much more.
These professionals provide personal financial services to older adults, people with disabilities, busy professionals, high net worth individuals, and the small businesses they may own.
Who is a Daily Money Manager?
The typical DMM holds a bachelor’s degree and has three or more years of experience. These diverse professionals may have worked in businesses or social service agencies before starting their private practice and they can be found across the U.S. in small towns and major metropolitan areas.
What Does a Daily Money Manager Do?
The expertise of DMMs covers a broad range of tasks. The actual work they do depends on their background and client need; however, the scope of personal financial services generally includes:
- Bill paying, including calls to payees regarding incorrect bills and preparation of payments for client approval.
- Reconciling checking accounts and investment statements.
- Preparing and making bank deposits.
- Organizing tax documents.
- Negotiating with creditors.
- Reviewing medical insurance papers and verifying proper processing of claims.
- Providing general organization of financial papers and systems.
- Referring clients to legal, tax, and investment professionals and to community resources.
Additional DMM Services
Some, but not all DMMs will also provide additional services, such as:
- Notary services.
- Accepting responsibility to act as power-of-attorney or representative payee for Medicare.
- Fiduciary services such as trustee, executor, conservator, guardian, or health care proxy.
- Preparation of payroll checks for home employees including calculation of Federal and state withholding and FICA taxes.
- Financial counseling.
- Preparing budgets or spending plans.
- Preparing plans to reduce debt.
Certified Daily Money Managers (CDMM®)
CDMMs (formerly Professional Daily Money Managers, PDMMs) are financial professionals who have demonstrated advanced knowledge in the management of personal financial matters and have earned certification. These daily money managers have earned the designation Certified Daily Money Manager (CDMM®) by meeting eligibility requirements and passing an intensive examination. The certification process was developed by the American Association of Daily Money Managers (AADMM) as part of its mission to assure high standards of practice and delivery of quality service by DMM professionals.
Working With a DMM
Questions to ask before hiring a Daily Money Manager
DMMs handle highly personal and confidential matters for their clients. As in any business transaction, personal judgment and instincts are important when deciding with whom you would like to do business.
Always ask for a referral from someone you know and trust, such as a friend, relative, lawyer, or accountant. If none of your trusted contacts can refer a DMM and you must hire an “unknown” person, ask a few qualifying questions before engaging into a formal agreement:
Scope of Work
What is the scope of your work? (Do you only do bill paying, or are there other ways that you can be of assistance?)
Review the scope of the work before you agree to have the DMM start working for you. Many times this is accomplished at the initial meeting.
How long have you been working as a daily money manager? Since 2025 as DMM, Personal Bookkeeper since, 2005.
What percentage of your clients are elderly? Busy professionals? Small businesses? Currently 50/50.
What are the ways in which you have assisted your clients? Bill payments; Bank & Credit Card Reconciliations, Budgets.
What kinds of professional insurance do you have? Do you have Errors & Omissions insurance?
Liability (E&O) with Dominion Insurance.
(If you want the DMM to act as a Power of Attorney, Trustee Executor or in some other fiduciary capacity, you will also need to ask if they have Errors & Omissions insurance with additional Fiduciary coverage).
To what professional organizations do you belong? AADMM – American Association Daily Money Managers.
Code of Ethics & Standards of Practices
Are there standards of practices and code of ethics to which you adhere?
https://secure.aadmm.com/bylaws-and-policies/
Certification
Do you have any professional certification or designation? Are you certified as a Certified Daily Money Manager (CDMM)? IN PROCESS
(AADMM promotes excellence through a voluntary certification program that emphasizes both experience in the field and continuing education. Those who meet the requirements and pass the exam earn the designation of Certified Daily Money Manager, CDMM (formerlyProfessional Daily Money Manager, PDMM).
Costs and Billing
What are the costs of your services and how do you bill? (What are your fees? Do you charge hourly, monthly or by the project? Do you charge for travel?)
Some DMMs offer a free initial consultation — ask in advance for their policy on first meeting charges. Rates may vary by geographic area, types of services provided and expertise of the daily money manager.
In addition to regular rates, most DMMs charge for their travel time and for out-of-pocket expenses such as postage stamps provided to their clients.
Be sure that you understand the billing arrangements before the work begins.
Some DMMs request payment at the time of service and others bill on a monthly or bi-weekly basis. Some local governments have reduced fee or free services available for low-income clients. Visit our volunteer outreach page to learn more and view a listing of agencies by state.
Terms of Engagement
Do you have a letter of engagement? YES
References
Can you provide professional and/or client references?
Take the time to call the references, asking them whether the DMM is: respectful, dependable, efficient, empathetic, and professional in manner. Ask if there have been any conflicts, and if so, how they were resolved. Find out if asking for explanations of things not understood has been a comfortable situation. Ask if there were any times when the client felt uneasy about the work done by the DMM. Please refer to TESTIMONIALS PAGE here…
https://ahlstromadvantage.com/testimonials/