What a daily money manager does
A daily money manager (DMM) handles the paperwork side of life that piles up when someone can't — or shouldn't have to — do it alone: opening and triaging mail, paying bills on time, reconciling bank statements, organizing tax documents for the accountant, submitting medical and insurance claims, and keeping an eye out for the scams that target older adults relentlessly. Adult children often hire a DMM for a parent across the country; busy professionals and people managing a disability hire them for themselves.
Many practices in this directory appear in the American Association of Daily Money Managers (AADMM) public directory, and a number hold the CDMM (Certified Daily Money Manager) credential. A DMM is not a financial advisor — they don't manage investments — and the good ones are deliberate about working transparently alongside family, CPAs, and attorneys.
How much does a daily money manager cost?
Typical rates run $75–$150 per hour depending on market and complexity, and most clients need only a few hours per month once things are organized — an initial cleanup of a paperwork backlog takes longer. Many practices offer a free introductory consultation.
How is a DMM different from a financial advisor or bookkeeper?
Financial advisors manage investments; bookkeepers serve businesses. A DMM manages personal, day-to-day financial administration — bills, mail, budgets, claims, records. Many families use all three, and a good DMM coordinates with the others.
How do I know I can trust someone with my parent's finances?
Ask about the CDMM credential, AADMM membership, bonding and insurance, and references — and expect a professional to suggest safeguards themselves, like read-only account access, dual controls with a family member, and monthly reporting. A reputable DMM wants oversight in the arrangement, not just access.