Everyone seems to have personal finance management tasks and projects they’re always putting off. Almost every day, something new is added to the To-Do List – bills to review, calls or emails about insurance, wills to complete, retirement to plan, and so much more.
Now imagine handling all this with impaired eyesight, decreased hearing, arthritic/shaky hands, or failing memory. Or while coping with the emotional toll of the loss of a spouse through death or divorce. Or while putting energy into a fledgling business venture.
Can a Personal Finance Manager Help?
Many of us wish we had someone to handle the day-to-day details of our personal finance management in a responsible way. Personal Finance Managers (also known as Daily Money Managers) fill that role. They are knowledgeable and many are certified. Most are members of the American Association of Daily Money Managers (AADMM).
As Personal Finance Managers, we at Eddy & Schein Group provide a wide range of services to help people solve personal finance management problems and challenges. Our work involves long-term client relationships and specialized, discrete, time-sensitive projects – remotely or in clients’ homes.
What inspires people to seek help?
Over our 20+ years, we’ve learned that people often feel the circumstances that inspire them to call a Personal Finance Manager may seem mundane, not needing to involve someone else. However, their issues can be like the tip of the iceberg, often masking indicators of underlying problems such as chronic disorganization, undiagnosed health issues, hoarding, or cognitive dysfunction.
Whether a busy professional, someone whose financial circumstances have changed, or a senior and/or their family, most people reach out to us for help because one of these situations rings true:
For Their Personal Needs
- Managing personal finances is not their strength
- They have a mound of papers and have no interest in dealing with it.
- They have several properties and managing them has become overwhelming.
- Checks are bouncing, even though they have a high income.
- They need to submit insurance claims – medical, property, casualty, etc. – and they feel it’s the least valuable use of their time.
- Their spouse or partner who handled financial affairs passed away and they don’t feel equipped to handle the finances on their own.
For Their Financial & Legal Professionals
- Their attorney/financial planner/investment manager needs information about their assets, debts, and monthly budget. They don’t know how, or don’t have time, to pull that together.
- They don’t have legal documents, such as a will/living will, trust, power of attorney, and health care proxy. They need help articulating their objectives and presenting their financial profile to their attorney so the documents can be created.
- They’re getting letters from the IRS about unfiled taxes and money owed, and their accountant needs historical data to respond appropriately and/or to prepare tax returns for previous years.
For Their Family & Friends
- They’re the executor of a parent’s estate. It’s a huge, time-sensitive job. They need help handling the necessary tasks and avoiding conflict with their siblings.
- They agreed to serve as a relative’s agent under power of attorney but didn’t anticipate what a big task that would be.
- Their parent is showing signs of dementia and is not paying bills properly, has been scammed, or is making erratic requests of their investment manager or accountant.
- They wish they could help their parent(s), but…
- They live too far apart.
- They and their parent(s) don’t get along.
- Their parent(s) and sibling(s) are suspicious of them.
- Their demanding job doesn’t allow them the time.
Support for Seniors
The support of a Personal Finance Manager is often critical for seniors facing physical and cognitive challenges. Many Personal Finance Managers have special skill sets to help their senior clients navigate between dependence and independence.
In addition, Personal Finance Managers have an incredible array of resources available to guide a senior and their family to the right decisions about legal documents, financial management, long-term care planning, care management, household management, housing options, and more.
Support for Busy Professionals and Entrepreneurs
Personal Finance Managers are adept at providing behind-the-scenes support for busy professionals and entrepreneurs. Services in managing personal finances provide more time to clients for focusing on their careers and businesses, or just getting some well-deserved stress relief and recreation time.
Support for Those in Changing Circumstances
Personal Finance Managers have vast experience and specialized services for assisting widows/widowers and divorcees. Services can include helping with estate administration, organizing financial cash flows for new circumstances, and changing over accounts, among other financial affairs. A Personal Finance Manager’s services can help restore calm and peace of mind during unsettling times.
Learn more about Daily Money Managers on the AADDM website. You can search by ZIP Code to find Daily Money Managers in your community. The website also provides a list of questions to ask before hiring a Daily Money Manager.