DMMs and You

What is a Daily Money Manager?

A Daily Money Manager (DMM) is a financial professional who provides personal financial services to  individuals and families manage personal daily money matters such as bills, budgets, and record keeping and much more.

These professionals provide personal financial services to older adults, people with disabilities, busy professionals, high net worth individuals, and the small businesses they may own.

Who is a Daily Money Manager?

The typical DMM holds a bachelor’s degree and has three or more years of experience. These diverse professionals may have worked in businesses or social service agencies before starting their private practice and they can be found across the U.S. in small towns and major metropolitan areas.

What Does a Daily Money Manager Do?

The expertise of DMMs covers a broad range of tasks. The actual work they do depends on their background and client need; however, the scope of personal financial services generally includes:

  • Bill paying, including calls to payees regarding incorrect bills and preparation of payments for client approval.
  • Reconciling checking accounts and investment statements.
  • Preparing and making bank deposits.
  • Organizing tax documents.
  • Negotiating with creditors.
  • Reviewing medical insurance papers and verifying proper processing of claims.
  • Providing general organization of financial papers and systems.
  • Referring clients to legal, tax, and investment professionals and to community resources.

Additional DMM Services

Some, but not all DMMs will also provide additional services, such as:

  • Notary services.
  • Accepting responsibility to act as power-of-attorney or representative payee for Medicare.
  • Fiduciary services such as trustee, executor, conservator, guardian, or health care proxy.
  • Preparation of payroll checks for home employees including calculation of Federal and state withholding and FICA taxes.
  • Financial counseling.
  • Preparing budgets of spending plans.
  • Preparing plans to reduce debt.

Certified Daily Money Managers (CDMM®)

CDMMs (formerly Professional Daily Money Managers, PDMMs) are financial professionals who have demonstrated advanced knowledge in the management of personal financial matters and have earned certification. These daily money managers have earned the designation Certified Daily Money Manager (CDMM®) by meeting eligibility requirements and passing an intensive examination. The certification process was developed by the American Association of Daily Money Managers (AADMM) as part of its mission to assure high standards of practice and delivery of quality service by DMM professionals.