Has your parent, friend or other family member gotten to a point where they are no longer able to keep their financial affairs in order? A daily money manager is someone who can take on the task that others can no longer complete.
On an ongoing basis, a daily money manager (DMM) reconciles bank accounts, ensures that bills are paid, keeps track of assets, does investment and insurance reviews, coordinates with other financial professionals, and even sorts through the mail. He or she can also consult with the client to answer financial questions and help him or her complete essential tasks.
Demand for these types of services is growing largely due to the rapid aging of the U.S. population. Consider the following:
- The number of Americans at least 80 years old increased by more than 20% between 2000 and 2010, according to the 2010 U.S. Census. The number of 90-year-olds soared by 30%.
- The first set of baby boomers turned 65 in 2011. Between 2000 and 2010, the number of people age 60 to 64 jumped more than 55%, while those age 55 to 59 soared 46% these are the two largest increases among all U.S. age groups. As of the 2010 Census, there were slightly more than 40 million people age 65 and over.
In previous generations, children were around to help their parents with these tasks and would not have needed to hire someone. It is much more common practice now to move away from home during adulthood. Sometimes it is not possible to be around daily to help so; the need for a DMM has emerged.
DMMs not only work with elderly clients, but can also fill the needs of very busy professionals. People that may not have the time or interest in dealing with their own personal finances can hire a DMM in the same manner.
This type of professional can give your loved one the attention he or she needs to be sure their financial matters are being handled. To find out more about a DMM contact your accountant today.