A daily money manager is a financial professional, who manages the financial activities of clients. Daily money management persons help individuals handle their financial activities, from simple bill payments to complex activities like filing medical claims. They can serve elderly citizens, medical patients, as well as busy professionals & clients, who feel it difficult to manage their day-to-day financial activities. The tasks performed by a money manager include payment of bills, preparing checks, bank deposits & reconciling bank accounts, withdrawing cash from accounts, managing tax documents, & medical insurance claims, tracking investments, and negotiating with creditors.
How to start a daily money management business
The services offered by a daily money manager are paid in return with around $30 to $100 for an hour. To jump in money management business, you just have to obtain a degree in accounting or personal finance field. But sometimes clients may be attracted to persons with a higher qualification and experience. Thus, gaining some experience in the sector is an added advantage.
To start your own business in daily money management, it is recommended to join the American Association of Daily Money Managers. AADMM is an organization that provides certification, specialized insurance, and many other benefits to its members. The certification from AADMM can add credibility to your business, and improve the confidence of clients in your services.
AADMM charges a small membership fee annually, but the certification will bring more clients to you proving that you are a professional, who follows strict industry standards. Further protect your business from costly liabilities by availing errors and omissions insurance. This will help to reduce the costs of your client if you make any mistakes in calculations.
Market your financial services to the public. You can place ads in local newspapers, or opt for building a website for your business. Daily money management trends are flourishing in the country, and an eye-catching ad with the services that you offer can help bring more clients to you. Highlighting the help for the elderly, by managing their each and every financial activity, can work out too.
Offering a free consultation service to your clients and helping them determine if daily money management is the right option for them can be another avenue that one can pursue. One can receive such assistance from the American Association of Daily Money Managers, or the American Association of Retired Persons.