[Lynne Edwards]

Cierra, I don’t think you were asking this, but just to get it out of the way for anyone else reading: we CAN discuss actual dollar amounts with individuals, but not at any AADMM gatherings – and these forums are considered a gathering. So we won’t talk about actual fees, but that still leaves a lot to be said and shared.

Discussions about the merits of hourly rates vs package or project pricing or flat monthly fees is fair game in this forum (again, as long as dollars & cents aren’t included). I’m now in my 10th year as an organizer (member of NAPO) and/or DMM (AADMM member) and I still do everything by the hour. I’ve never convinced myself that I wouldn’t end up feeling that I was either cheating or taking advantage of a client (or myself) using another method. The downside is that I spend more time tracking and calculating hours than is probably necessary, but it’s my comfort zone. Virtually all my clients purchase pre-paid packages of 20 or 40 hours (for a 5-10% discount); that’s easier and less awkward for all concerned.

A couple of suggestions for you: some people include rates on their websites. It can be very helpful to explore other’s websites, not only looking for rates, but to see how they present information overall.

Another thing you can do is research what other service providers in your area charge e.g., massage therapists, personal trainers, etc. Look into professionals with comparable level of education, training, and work experience you have in regards to providing DMM services.

Best wishes for success!

[Lynne Edwards]

Danielle, I can’t answer your question because I don’t use Quicken, but felt the need to chime in to remind members that sometimes very simple “old school” tools work just fine. I use Excel spreadsheets and Word docs to track all my hours; expenses; and income. I realize that Quicken, QuickBooks, and other financial management tools may necessary or desirable for many, but I am choosing to stay in my comfort zone for the time being.

Best wishes for success!

[Lynne Edwards]

I enthusiastically recommend Greta Perry and her small team at Kickify — https://www.kickify.com/team-kickify/. They recently tweaked a few things on my website; obtained security certificate; and provided other services — all fast, friendly, and very reasonably priced. They can do it all from scratch, or provide whatever level of support/assistance you desire.

Good luck!

[Lynne Edwards]

I invite everyone reading this thread to review the Antitrust Compliance link in the Member’s area of AADMM’s website. Debra, I realize you didn’t ask how much people charge, but I reference this to educate those who may be unaware of its existence.

Now, to your question:
– I charge an hourly fee, the same for everything I do: residential organizing activities, DMM activities (onsite or at my home), and/or anything and everything in-between.
– I have a 5-hour minimum; new clients pay in advance.
– I offer ‘package pricing’: 20-hours gets a 5% discount on my hourly rate; a 40-hour package rates a 10% discount. And of course all clients are different: I try to rein in one of my DMM clients to no more than 10-15 hours a month, while others get by with as little as 2 hours monthly.
– I charge time for travel more than 20 minutes each way (again, same rate). I don’t charge every minute; for example, a client who lives 25 miles from me, which typically takes 40 minutes each way, is charged 1 hour travel time. Another client who lives 12 miles from me, which typically takes 25 minutes, is charged 1/2 hour travel time.

I have been doing this work for 9 years (8 owning my own business), focusing on elderly but I have a few younger clients, too. I’ve never moved to project pricing because I’m not confident that I wouldn’t end up short-changing the client or myself. Like all DMM’s, I believe, I’m completely devoted to/invested in my client’s welfare; many have been with me since the very early days in 2009/10. (The good news: consistent income. The bad news: heartbreak every time a beloved client dies.)

Good luck and best wishes!

[Lynne Edwards]

Barb, I don’t know if this is the ‘final authority’ on whether credit checks affect scores, but it’s very recent and conforms with my experience: https://www.creditkarma.com/advice/i/hard-credit-inquiries-and-soft-credit-inquiries/.

I’ll be curious to read what our colleagues have to say about preferred methods of services to check reports. One tool I’m using routinely is the free service offered by many credit card companies (as discussed here: https://www.doughroller.net/credit-cards/credit-cards-that-offer-credit-scores/).

Thanks for posting!

[Lynne Edwards]

Earlier today I posted a comment regarding Estate Documents & Digital Assets that addresses this issue. I won’t repeat that post here, but it’s about accessing online accounts for another. I imagine we all encourage clients to maintain a list of accounts and passwords (for use by another when they die/are incapacitated), but that doesn’t fully address the increasingly important issue of digital access/afterlife. For one thing, companies increasingly require multiple-factor authorization (i.e., a password alone doesn’t get you in, you also must get a text code or other additional identifier). And, I’ve learned, litigation is increasing when companies discover that their online account agreements (which prohibit anyone other than the registered user from accessing an online account, even family members or executors) have been violated. According to some legal advisors, that means every individual’s estate documents must specifically authorize one or more individuals to access and manage their digital assets. And, to avoid complications, it was recommended that users check with each institution to learn whether other paperwork may be required in addition to a Trust, or will, or POA that mentions digital access. (For instance, every bank I deal with on behalf of clients has a separate form that must be signed to complement my POA.) Just today I sent my estate attorney an email asking his guidance because I don’t see any such language specifically addressing digital assets in my own documents.

[Lynne Edwards]

Todd, I just checked and found myself (and others) with zip code search — but not you. Have you completed a Directory Entry? I recall thinking it was cumbersome to have multiple profiles, but I think that may be the problem for you (and others who don’t show up in zip code searches.

[Lynne Edwards]

Sarah, I find there is no “average” amount of time per client. I often do things that have nothing to do with “Daily Money Management” per se, but are serving the client’s needs and contributing to their overall well-being. For example, when long-time client Alice [not her real name] lived locally, I blocked 4 hours every Thursday for her, knowing that 1/2 hour would be ample time to do anything “DMM”-related, but that she would keep me busy performing myriad other tasks. Now that Alice lives in an Assisted Living Facility in another state, I spend no more than 2 hours per month, on average, performing DMM duties for her. How much you ‘wander’ is up to you; some of our colleagues hold a rigid line on what services they perform while others, like me, are more flexible.

P.S. I charge the same fee regardless of the tasks I’m doing.

[Lynne Edwards]

Oops, I forgot to include one additional resource for children / financial education that another conference attendee recommended to me. She wrote: “Lots of good (and free) information at Consumer Financial Protection Bureau and Federal Trade Commission: http://www.consumerfinance.gov/consumer-tools/money-as-you-grow/.”

[Lynne Edwards]

Thank you, Barbara! Several others provided recommendations, as well. Here is a recap:

1. Make Your Kid A Money Genius by Beth Kobliner (and other resources at http://www.bethkobliner.com/)

2. Warren Buffett (http://www.smckids.com/)

3. Carrie Schwab-Pomerantz (https://communitytable.parade.com/584763/carrieschwabpomerantz/ask-carrie-what-financial-lessons-did-you-learn-from-your-mother/)

4. Feed the Pig (https://www.feedthepig.org/plan-ahead/starting-a-family/teaching-kids-about-money#.Wgki04hrxPY)

5. Smart Money, Smart Kids by Dave Ramsey & Rachel Cruze (https://www.smartmoneysmartkids.com/)

6. Junior Achievement (https://www.juniorachievement.org/web/ja-usa/press-releases/-/asset_publisher/q4WH4nMou1cw/content/id/4031832)

I look forward to hearing additional “tried & true” resources from other colleagues.

Roxanne Cheney

[Lynne Edwards]

Tia, did anyone provide an answer to your question about virtual calls? Susie Marbury is the POC.

[Lynne Edwards]

Great conference (as usual)! Caitlin, another attendee had an idea that may be worthy of consideration: during session Q&As, some members offer comments/suggestions instead of asking questions. While those comments are often useful, they take up time and limit the number of questions that can be asked. Instead of allowing comments during Q&A, ask that they be made using these Forums.

[Lynne Edwards]

I agree, freezing one’s credit is a good idea unless your credit reports are accessed routinely for work or because you create new accounts on a regular basis.

This article seems to be a comprehensive, succinct step by step to follow ourselves and share with clients:
https://www.consumer.ftc.gov/blog/2017/09/equifax-data-breach-what-do

And this one helps sort out the advantages/disadvantages for freezing your credit.
https://www.nbcnews.com/business/consumer/one-move-make-after-equifax-breach-n1200276

But freezing credit is a preemptive measure – and 143 million Americans (at least) are now exposed. I emailed all my clients about the data breach and invited them to contact me if they wanted to discuss. [Because Equifax now says that consumers can receive the free credit monitoring service without giving up their right to sue Equifax in the future, more clients are interested in the offer.]

I am also encouraged clients to:

1. Keep a close eye on all bank and credit card transactions
2. Change all sensitive passwords AND add two factor authorization to accounts that offer it. (You will be texted or emailed with a code to enter when you try to log in to a site that has two factor authorization).

Getting your free annual credit report from each agency would also be a good idea, but I’m not sure now is the best time to do that … crooks will be patient and the data they’ve got on at least 143 million Americans (SSNs, DOB, etc.) won’t expire. I might wait a month or two or three on that.

Thanks for the great question; I’m curious to hear what others are doing.

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