Barbara is 86 years old and recently widowed. Her husband of 65 years handled all of the mail, bill paying and filing. Now, she is saddled with a pile of paperwork and bills that need to be paid. She is overwhelmed and realizes she needs help. But Barbara doesn’t have any nearby family who can assist her — her closest family member lives about three hours away.
Barbara knows if she misses paying her bills or makes a math mistake, it can cause a cascade of negative financial events. At a recent meeting with her financial advisor, he realized the gravity of the problem and recommended she hire a Daily Money Manager to help with her personal finances.
What Is a Daily Money Manager?
A Daily Money Manager “is a professional who provides personal financial services to individuals and families, and who manages personal daily money matters such as bills, budgets and record keeping and much more,” according to information from the American Association of Daily Money Managers.
At Life Managers and Associates (LMA), our Client Managers provide daily money management. This service can help people remain independent living in their homes and continue on solid financial footing because there is constant oversight of their personal finances. They also have one less thing to worry about (paying bills).
“We specialize in providing ‘personalized’ services to enable aging in place,” explains Bode Hennegan, founder and president of LMA. “We get to know each client’s unique situation and develop a plan to assist them, so they can be as independent as possible for as long as possible.
How it Works with LMA
Once individuals call LMA for daily money management help, we will schedule a meeting to discuss their needs. Depending on the scope of the job, the Client Manager could visit the home once a month, every other week or even weekly.
Regardless of the frequency, the Client Manager will come to the home and assist the client by sorting through all the mail, write checks for the client’s signature, document all the payments and then take care of all the filing.
When reviewing the bills, Client Managers pay close attention to the particulars. They recognize behavior patterns with credit cards and utility bills. Doing this allows them to spot any problems related to changes in behavior and the potential of fraudulent or erroneous charges.
When bank statements and credit card statements come in, the Client Manager will reconcile them and make sure there’s no duplication in charges to ensure everything is in order. And when money is running low in clients’ accounts, the Client Manager will alert those clients and if necessary, coordinate with their financial advisor.
Other action items the Client Manager might tackle are dealing with long-term care insurance or health insurance claims, as well as processing the payroll for clients who have caregivers. At tax time, Client Managers can help clients gather all the documents they need for their accountants and other financial professionals.
But LMA Client Managers are more than just daily money managers, they also are a second set of eyes in the home. Through their regular visits, they can alert the client or client’s family if there are any red flags or home maintenance issues that need to be taken care of.
Overall, Client Managers help individuals keep their financial house in order, which ultimately encourages their peace of mind as well as allows them to independently age in place.
Life Managers & Associates supports older individuals as a surrogate family member with the administrative and organizational responsibilities required to age in place. As a trusted member of their team, we help families feel safe and supported — alleviating stress for all.