What Is a Personal Financial Assistant/Daily Money Manager?

A Personal Financial Assistant/Daily Money Manager (DMM) provides assistance to those who need help in managing their personal financial affairs. A DMM does not take the place of professionals in the accounting, investment, or social service fields; rather, their work complements the work of other professionals by facilitating the completion of day to day financial transactions.

Who can benefit from the services of a DMM?

A DMM works for busy professionals, small business owners, hectic households, senior citizens, people whose careers and lifestyles do not allow time for them to do their own paperwork, and people whose medical issues make it difficult for them to keep up with their day to day financial activities.  

What tasks will a DMM handle?

The services of a DMM covers a broad range of tasks.  It can be structured according to the client’s needs and generally includes the following:
  • Personal bookkeeping
  • Pay bills on-line, by phone or by computerized or handwritten checks
  • Record, monitor and reconcile bank and credit card statements
  • Organize documents
  • Dispute and resolve billing errors
  • Set up a budget
  • Negotiate with vendors
  • Coordinate with accountants, lawyers, financial advisors, etc.
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