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I like to keep current on news affecting the elderly, my main client base, but when I read articles aimed at them and their adult children, DMMs are never mentioned. The advice is always to name a POA, have legal documents in order, talk with a financial advisor, but never do I see a daily money manager mentioned. I’d love to be able to use that type of coverage in presentations and posts and more importantly I think getting the word out would help caregivers better cope.
Is this on AADMM? I feel like this has been a discussion since before I started in 2013 and I’m not seeing an improvement. With dues going up this year I want to see benefits of being a member increasing as well.
Hi Jennifer,
You are so right that AADMM and daily money management in general are not often mentioned in local and national press. Although we are gaining some traction (see this recent Kiplinger article at https://www.kiplinger.com/article/retirement/T023-C000-S004-managing-your-money-in-old-age.html), we could do so much more. To that end, AADMM has initiated a marketing campaign as part of our current re-branding initiative. Once our new website goes live, we will be actively connecting with local and national institutions, the press, and professional organizations to get the word out about daily money management and the benefits of our services. We also have created “Money Matters” a new blog that will go live on the new website, and have an engaged and active social media campaign. The new website is currently being tested, and should go live quite soon. You can expect to see big changes! We love your input, and welcome your involvement.Alison,
Thanks for that information… I really want to be able to use the title of Daily Money Manager without a whole explanation afterwards, especially since it’s hard to sum up in a few words. Looking forward to the website, etc!
Some ideas each of us can do:
- Contact the local press and introduce yourself. Offer to be a subject matter expert on our topic. Reporters may not be interested in doing an article, but they are not experts on many of the topics they write about, so they love to have people they can call on to give them info on a topic. Often they will quote you and name your role and company.
- Network with local groups associated with attorneys, tax groups, etc. and see if they are looking for speakers at their meetings. Offer to do a presentation on the occupation.
Network with people and find out who is putting together a panel discussion for a group and offer to be on the panel where you can discuss DMM as an option. I had one of these fall into my lap recently when I networked with someone who had put a panel together and thought I would make a good add to her event.
What ideas have others done to educate about the occupation (as opposed to just marketing yourself)?
Great discussion that we NEED to have–and act on. Making the world aware of DMMs and what we do is an on-going task–one that needs to happen on the national level (I welcome more specifics re: articulated goals in reaching the media and related professional organizations makes sense and periodic reports back to membership on performance vs. goals.)
In our daily work as DMMs we also have to take every opportunity to introduce our profession to other professionals. Just last week I approached a wealth manager at BNYMelon and continuing ed instructor who was a speaker at our Estate Planning Council plus two others in related fields. I find that saying “I’m a daily money manager. Are you familiar with the field?” And share the AADMM website. A good conversation starter and less “sale-sy”. Its “guerilla marketing” as I can’t commit to investing in teaching the world about us DMMs solo. What if each one of us adds comments on EVERY article we read and notify other readers as well as the writer/reporter that they should know about DMMs and include us next time. I did that with the WSJ (6/13/2016). To be honest, I took things into my own hands when I couldn’t get anyone on the national level to do so. It resulted in a second article in the Journal featuring DMMS.Karen, I like the idea of commenting and I’ve thought about reaching out to the author of any pertinent articles (and I will try to do this) but as we know, owning your own business doesn’t leave much time for extra-curriculars! I feel like this is something national should be doing and isn’t.
I’m not sure what committees there are specifically but I would think there is (or there’s room for) one that would handle this, with the internet it’s not hard to find articles and reach out to journalists and we could sign up if we’re willing to be interviewed/profiled so AADMM could direct those writers to those of us in their geographic area. I want to see my dues going towards something tangible! That article Alison linked to is an example but it’s from 2 and a half years ago!The panel suggestion is good as well, I try to leave my materials places and I’m working on a few presentations in the new year.
Hi Jennifer,
Thanks for getting this thread started! Such an important topic. Great discussion and tips from Alison, Tom and Karen. Wanted to add that I use a Google alert for words ie daily money manager, AADMM, DMM so that whenever these are used, it will pop up in my email. It’s a great way to stay on top of this when you have limited time.I know it might not seem like it, but AADMM has been called upon more often to contribute to articles relevant to our industry, and here’s one that was recently published (November 2019). I spoke with the writer, Miriam Cross back in October. She also wanted to interview elder victims of fraud for her piece. https://www.kiplinger.com/article/retirement/T048-C000-S002-watch-out-for-the-elder-fraud-web.html?fbclid=IwAR0pScFhQJyTafQ7VlzMcleloA6vq9TIoIu4IVzWe27srYvK1jvb-Ofb8-w
I happen to a big fan of Jean Chatzky, longtime personal finance writer who published her latest book, Women with Money in 2019. Jean’s researcher contacted AADMM in the summer of 2018 and I spoke with her. She included AADMM as a resource in the book. I took it with me on vacation and posted a pic on LinkedIn thanking her for the great information and for including AADMM. Here’s the post link which I shared with AADMM members on social media. https://www.linkedin.com/feed/update/urn:li:activity:65364382725860512077/
I’ve since spoken with her when she had a question about who provides oversight of DMM work. So I know we still have a lot of work to do, but over the past 8 years, I’ve seen much more interest and awareness about AADMM and DMMs. I’m excited for the new website and what we’ll be doing to increase awareness even more in the new year. Thanks again for all the comments!
Barbara, thanks for your response… I do actually have Google alerts set up! I also have one set up for elder fraud and most of those articles recommend a POA, trusted friend and/or financial advisor. Seems like many news publications have no knowledge of DMMs, which shouldn’t be the case 6 years after I started this career. I think more elder care professionals know about us on the local level but I’m interested in reaching those with a more tangential relationship to the elderly who can then recommend our services as well as their adult children.
That Kiplinger article is fantastic. I’ll be doing a presentation soon and I’ll print it out to cite from or use as a handout, thanks for the link!
(Btw Barbara, looked at your profile to see where you were located… I have a German Shepherd as well!)
Good news! In an article titled “Who Will Protect Her Finances?”, the benefits of working with a DMM are cited and AADMM is mentioned by name. https://www.aarp.org/retirement/planning-for-retirement/info-2019/solo-aging-financial-plan.html. Very exciting that we are mentioned in the print magazine.
AARP has mentioned AADMM before in a 2016 online article https://www.aarp.org/money/budgeting-saving/info-2016/money-management-on-a-budget.html#slide1.
What this means to me is that AADMM is on the AARP radar. Marketing Partners is drafting a summary news blurb with a link to the article to be included on the new website.
Greetings to All,
Has anyone viewed the comments for the 2016 AARP article Alison cited (thanks for both, Alison!). Interesting and instructive re the range of views on DMMs, even if mostly older and written at the time of the article.It strikes me that we might also want to monitor comments on articles that mention DMMs. Responses from those who feel qualified re the comment subject or commenter’s issue might serve several purposes: show we care and are willing to share expertise; a form of networking; increase DMM profile.
Very interesting and informative thread. Thanks to all who posted,
Madeleineb400502a Jan 2, 2017
I expected much more from AARP than the usual on-line scam. I do NOT want to BUY anyone’s services. I just want an easy tool to help me live within our means.Shay45 Aug 2, 2016
Wow! $75 to $150 an hour or a monthly fee. Look at all the money I have saved by NOT hiring a DMM.I use an Excel spread sheet and common sense and am thankful that I still have the cognitive wherewithal to do so. This service is certainly not meant for seniors who are trying to get by on Soc. Sec. alone.
2Papa Aug 1, 2016
So who needs a budget, let alone someone to watch it!RJenkins55 Aug 1, 2016
We have spreadsheets to manage our monthly and yearly budget. There is an account for accrual expenses, saving to pay those every six months. It works as a charm as we are under the budget, know when to stop spending for the month, [sic: should be a period]lp36472210 Aug 1, 2016
No listings in Arkansas at all. So I guess Arkansas doesn’t participate…wonder why.[subcomments to above in thread]
GRJenkins55 Aug 1, 2016
@lp36472210 forget the listing, establish your own budget account and keep afloat. 🙂InsertCleverNameHere Aug 1, 2016
@GRJenkins55 @lp36472210 Well, of course that is something that everybody who handles money should do. The article was meant for people who need assistance. Your “forget the listing” comment is way off the mark. For instance, I work full time, manage my budget, and was managing my mother’s finances until she died recently. As executor of her estate, I am a bit overwhelmed. I will be seeking help from an estate attorney and/or a DMM. Perhaps you should not be so quick to judge and make sweeping generalizations and dismissive statements such as “forget the listing.”JSHFLH Aug 1, 2016
I have always lived on a budget, no matter what my income. Childhood was lower middle class. Adulthood upper middle class. Either way, I really don’t see why its so hard to setup and live by a budget. Money is too important to be lackadaisical about or to not pay attention to. This is, of course, for people with the mental capacity to do so. Others will need help.[FYI, I had screenshots and it would have been better—and quicker for me—to upload those. Doing this on the phone and maybe I’m missing something but this format doesn’t seem to allow me to copy and paste an image, only link to one. Maybe something to address in new website design?]
Definitely seems like it would have been great to have a DMM respond to these. Commenters often seem to respond to articles this way—-more than just “commenting,” somehow expecting a direct response or fix. Normally feels like a misunderstanding on their part but in this case could have worked for them. Truly feel for this poor person.
sw10271619 Aug 6, 2016
I’ve worked since I was 15 and climbed the corporate ladder. I’m not looking for a hand out, just help where I can’t help myself. Yes, $150 is a lot a month especially when you’ve made costly mistakes. BTW did I mention SS told me my MS was cured and they cut me off January 31 2016, pay and insurance which wasn’t supposed to happen according to the paperwork I signed. I hired a lawyer and now this past month they’ve now after all retesting declared me perfectly disabled again. No more savings, no fall back, behind on bills, I haven’t paid my lawyer the rest of her money yet and I don’t know how I’m going to. Last month my money finally got fixed, and my daughters, my insurance back dated now all bills have to be resubmitted. Today Part D was turned on. Stress and MS don’t get along. Thanks for hopefully helping me, help me.w10271619 Aug 6, 2016
I have MS and up until 2009 I had a high functioning, awesome job and company. I went thru a very bad divorce which ended very badly in many ways. I was the bread winner and stronger of the two of us. I had to buy him out of everything and lost a lot of money. I was thrown into worst episode of my life having to spend spend 30 days in a rehab facility learning how to walk, talk, regain my vision along with many other facilities. Everything came back in time except my cognitive. A family member graciously paid my bills and assisted me in most things you described of as a DDM. But 6 months ago he quit providing his services and I’m lost. I’m doing everything blindly, and I have no clue what im doing since my cognitive was severely damaged. I’ve been asking everyone from bankers to social services for help to no avail. I need serious help. This is for me, please help me.
[Emphasis mine]Final one. Hope no one minds all these separate posts. Know how busy we all are and thought this might be more helpful than just suggesting everyone go back to the link and load comments. Also not sure at what point a post becomes too long for the system to handle.
Note that this comment is from Nov. 2019.
Suggests that a) AARP members are searching the article database and/or rereading older articles b) that it’s worth setting up new comment alerts on articles that mention DMMs if that option is offered by the online publication (which some are already doing perhaps?).AaronR694046 Nov 16, 2019
How would one go about submitting a complaint against a daily money manager? I contacted their association, but haven’t heard back from them. Is there a governmental agency that they report to and if so, which one?Re comment. At first I thought perhaps commenter was looking for a DMM and angry at AADMM’s lack of responsiveness. On rereading, now wonder if he wants to report conduct or issue with DMM whose services he retained. Which is awkward and perhaps why no reply? If the latter, raises question of how AADMM would or should deal with such situations so as not to appear unresponsive.
Hope this is helpful,
MadeleineHi Madeleine,
Your point is well taken that it would be great to have a dmm respond to some of the comments. I am not sure we have the structure in place to monitor all the comments that are made in response to articles that mention AADMM or daily money management. With anticipated increased exposure this is perhaps something we should look into. We are always looking for volunteers! 😉 The article does provide the url to the website, and people looking for help can always go to the website and search for a dmm in their local are. I was particularly bothered by Aaron’s comment that he did not receive a response after reaching out to AADMM. I contacted our office and was informed that there is no record of any calls or emails from someone named Aaron. I just replied to his comment, encouraging him to reach out directly so that we can address his concerns.Your other point that there is no guarantee what message someone might read into an article is also well taken. My experience with any kind of social media is that there is always someone who will use the opportunity to complain or will misinterpret the intended message and will respond accordingly (sometimes negatively, and sometimes not).
Alison
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