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Hello Alix,
This issue has come up a lot with new DMMs as well as with those who’ve been around for awhile. For me it’s been easier to say I pay bills and organize the finances for seniors (older adults) and veterans and in this role, I am a Daily Money Manager. People are usually interested in how I came into this profession since I’m also a clinical social worker. I tell them about AADMM and that DMMs are financial professionals who work with a wide variety of clients of all ages. Anyone who has difficulty managing their money could use the services of a DMM, as well as people who don’t like dealing with their finances or feel overwhelmed by them.
Most people tell me that this is such a needed service and they wish they had heard of us earlier or else they are glad to know we exist and plan to contact me when they “need to”. The good news is more people are hearing about us, from articles in magazines or newspapers to DMMs getting the word out on LinkedIn and Facebook, so things are a changing 🙂 Thanks for your post!Hello Alix,
Thanks so much for sharing this perspective! I also do business/financial coaching with entrepreneurs and others, but do not do this as part of my DMM business.
For DMMs who do not have your background and expertise in this area, you could be a wonderful resource to DMMs who are struggling with clients similar to the one you described in your post.
Lisa, maybe a consultation with Alix about your client would be useful and provide you with the tools you need. My only caveat is that this may be a different contract than what your clients initially agreed to, so they would need to be willing to accept your assistance in working with them in a longer term “coaching”arrangement, which would also have the benefit of sustainability.
Another wonderful resource in our AADMM network is Clare Dube, AADMM Board member who does Financial Education, Financial Coaching and DMM work. She explains each of these on her website. https://www.claredube.com/
Thanks,
BarbaraThanks for the clarification Vera. You are correct, the credit freeze has to be initiated by the client. I work with clients in person so we do that together. If I feel the client is not working with me on what we agreed to do, then I can terminate with 30 days notice.That is in my initial letter of engagement which has been signed by both the client, and/or their POA and myself.
Hi Lisa,
I agree with Caitlin that this seems to be a set-up for failure. If you have shown them what they need to do to manage their business and personal accounts separately, and they insist on doing it their way, then you become a part of their dysfunctional system. (There may be some jeopardy with their business/personal expenses with IRS as well).Your clients may be oblivious to what they are doing, but the car purchase has me wondering if that is the case. There are some things you can do, such as setting up credit freezes and having one account for personal and one for business, but if they continue with this current pattern of undermining the systems you put in place, that’s not sustainable. As DMMs, it’s important to remember we cannot save some people from themselves no matter how hard we try. I reserve the right to terminate my relationship with clients who have chosen to ignore my recommendations or disregarded what is specified in our contract.
Hello Sabina,
I just saw your question and I’m not located in your area, but happened to see that there are several DMMs in Houston. Not all DMMs see the questions on the forum, so may not have seen your request. My recommendation is you reach out to the DMMs in your area to see if one of them would be able to take your client. Given that so many DMMs are looking for new clients, I would think it wouldn’t be difficult to refer.
Good luck,
Barbara BousteadHi Heather,
I have considered offering an add-on service of organizing my client’s financial, medical and legal paperwork and looked at Debbie Gilster’s Life Affairs binder as an example of what I would offer. Very comprehensive and it’s available at a reasonable cost http://homefinancecare.com/lifeaffairsbinder. The other one you may be referring to is Kay Bransford’s MemoryBanc http://www.memorybanc.com/ which offers a place to organize important documents and information in one place. I think both would be good to use with clients who may need your assistance in gathering the information in one place. It’s also a great service to offer an update on a yearly basis to make changes if needed (for a nominal cost or as part of the initial cost of providing this service) A number of DMMs are also Professional Organizers and utilize workbooks and digital tools to keep clients’ information in one place that is accessible to POAs and beneficiaries when needed. Think it’s a great service, so hope you decide to include this in your business 🙂
Barbara
Hello Heather,
Great question and thank you for posting! My background is in clinical social work, so I’ve met with many clients in their homes for many years and that is something I’m used to doing. One of the first things I learned was how to take personal safety precautions before any home visit with someone new. People usually speak with me via phone initially, and I do some homework regarding where they are located and who else is in the home. I may contact their family member to have them present during my first meeting (that is preferable). Most of my clients are word-of-mouth so I find out some basic information from the referral source (CPA, Banker, Estate Attorney, Social Worker) including their living situation. I ALWAYS keep my cell phone charged and available, and let my family know where I am going and approximately how long I plan to be there so that if there is any problem, someone knows where I am. As a DMM, I have had only one situation where it was a bit dicey, and that was because the client had a problem with hoarding, and shared that his home was infested with bed bugs (after I had entered it and sat down). I followed up with his health care provider and was VERY prepared the next time I met with him….yes, I did go back 🙂 For clients that can come to my office for the initial visit, I do offer that, but with my elder clients, I do prefer to see them in their home environment as that is worth so much more than what I could learn from a phone or office visit. Would be glad to share more and feel free to call me.
Barbara Boustead
608-515-4083Hello Kelly,
Great question! Appreciate the follow up responses as well.
As Chair of the Public Awareness committee, we definitely encourage DMMs to get the word out about AADMM, yet also want to be careful (as you are doing by posting the question on this forum) about the publications we appear in. This one looks harmless enough and I remember enjoying the Dollar Shave club’s commercials.
Sometimes, there can be issues with writers who include information that is inaccurate; for instance, the hourly rates DMMs charge. This can make it difficult for DMMs who have higher rates due to being a fiduciary for their clients and/or providing other higher cost services.
So I’ve found that it’s important to be clear when you are speaking about your business and experience, rather than on behalf of AADMM.
FYI We should be getting information very soon about the Marketing Partners recommendations for AADMM on our brand and ways we can promote the great work we do with our clients! 🙂
Thanks again!
BarbaraRoxanne,
Here is information about the 2 Background Badge options for individual AADMM members-Option A – Membership Background Check – $85* – This background check provides a thorough criminal background search on the individual AADMM member.
Option B – Background Check Cleared Program (BCC Program) – $118 – This is a thorough criminal background check and entitles the individual AADMM member to participate in Global’s “Background Check Cleared” program. In this program, a cleared individual will receive a badge that can be used on their website and in all marketing materials except the AADMM website.
For members who elected to get the badge, here are some additional ways to display it (from the AADMM website Members page) https://secure.aadmm.com/wp-content/uploads/2018/09/Helpful_Tips_on_Using_the_Background_Check_Cleared_Badge.pdf
Hello Sharyn,
Congratulations on starting your DMM business!
When I started my business almost 8 years ago, I focused on providing DMM services to seniors and veterans. I made the decision to keep things “simple” by doing what I do best and what I enjoy the most, which includes developing rapport and trust with clients, opening and tracking mail, bill paying, checkbook reconciliation, etc. As a clinical social worker, I frequently take on an advocate/liaison role on behalf of my clients to keep their service providers and financial professionals informed and accountable.
However, I don’t work remotely with clients (although I am in communication with their family members who live in other states) as I decided I didn’t want to set up a system to manage those clients. When I get referrals for clients with more complicated financial situations, I refer these to my colleagues nearby or if someone prefers to work remotely, I will find a DMM via the AADMM website. Hope this helps.
I can be reached at 608-515-4083 if you’d like more information.
Hi Todd,
I haven’t had an issue with my US Bank business card (yet) but when I recently applied for my Intuit merchant account that would accept payments for my client invoices, they denied me. At the AADMM conference I asked other DMMs what they used, and they told me to call Intuit again which I did. They allowed me to change from “financial” to “professional” services and that was accepted. I will be on the watch for this in the future with all the reg changes.
Good luck!
Barbara Boustead
barbara@marysdaughterllc.comI don’t give gifts, but love Cindy’s idea to do the girl scout cookies, which is also a wonderful modeling for kids! Caitlin’s thoughtfulness to send gifts to her clients based on what they may like is another option (this is particularly in line with her high net worth clients).
For me, it’s an ethical issue because I don’t want clients to worry about getting a gift for me or wondering what to do around holidays.
I also don’t want the extra burden of figuring out what to give clients, so in some ways it’s about self care for me. I don’t enjoy buying stuff and don’t like shopping either. I’m a real Scrooge 🙂
As a clinical social worker, in order to maintain my license I need to get 4 hours of ethics and boundaries training every 2 years and have done so since 1975. Social workers often talk about why they make decisions that may cross a boundary, and we refer to these as boundary crossings (more of the gray areas) which are different from boundary violations (very specifically spelled out). If there is a boundary crossing, one needs to ask what is the rationale and does it stand up to the “reasonable standard”. If there is a question, it should be discussed in consultation with other experienced professionals. I love this forum for that exact reason and appreciate the DMMs who responded!
Barbara Boustead
barbara@marysdaughterllc.comThanks for all your great ideas! The emails sent to me directly along with these forum responses will be shared with the Public Relations committee this week! Really appreciate your time. I’ve learned a lot just reviewing everyone’s responses, and will consider adding some of these ideas to MY financial calendar next year 🙂 Thanks again everyone. DMMs are Awesome!
Barbara Boustead
barbara@marysdaughterllc.comNatalie,
Thanks so much for your enthusiastic response and support! You are pointing out a major flaw that will need to be corrected, which is how DMMs and others can access the articles being written by our committee. Currently they are located under “Press” which is one of the Menu options on the AADMM website; but then you need to click on “News & Press Release” to access the articles. As I was just looking at this, I see a couple articles are actually under “News” while the rest are under “Press Release”. Here’s a list of the articles so far:
Press Releases
Financial Goals for the New Year & Tax Prep Tips
Identify Theft Prevention: Tips & Resources
Top 10 Financial Organizational Tips For Peace of Mind
The 5 Pillars for a Strong Financial Literacy Foundation
Taking Charge of Your Credit
SCAMS – How to Protect Yourself and Loved Ones from 6 Common TypesAADMM has sent notices out to the membership about the articles which can be shared with clients, referral partners, etc. but some people miss the announcement and don’t know where to locate the articles on the website. Thanks for your ideas and suggested dates for the Financial Calendar. The plan is for this to be an article about the benefits of using a calendar to remind people of important financial dates, and then be able to do a social media post on a monthly basis with those reminders for each month. There is no physical calendar, but hopefully it prompts readers to put some of the financial dates/deadlines that are relevant to their situation on their personal calendar. AND also raise public awareness about AADMM 🙂
Looking forward to seeing you at the conference as well Natalie. It’s always fun to get together in person!!
Hi Bill,
Good for you to be thinking about your brand. I commend you and your girlfriend/branding coach! I work primarily with seniors, veterans and their families but also did some financial coaching with younger people which was a very different animal. I did not include the coaching under my DMM brand as that might have been confusing to the referral partners in my network. I did a lot of Financial education seminars/workshops/ to build my brand as a financial expert (I always clarified that I am not a financial advisor, etc) and went to the senior centers, local senior programs (Alzheimers and Dementia) where my clients were being served. I’m also on the resource list for my county as a DMM for seniors and as a DMM vendor for a membership program for 55+. I recommend you reach out to some of the experienced DMMs/PDMMs in AADMM who work with high net worth individuals of all ages, but my best advice for working with seniors is earning their trust by listening, providing information of value (at no charge) so they get to know you as a trusted individual who understands their issues. Working with seniors requires a slower pace and relationship building that may not be necessary with other clients, so you may need to adjust your calendar accordingly. Wishing you all the best!
Barbara Boustead
608-515-4083
barbara@marysdaughterllc.com
