Sheffield Daily Money Management

FAQ

What is a Daily Money Manager?
Daily money managers (DMMs) provide personal business assistance to clients who have difficulty in managing their personal monetary affairs. They are, in effect, financial secretaries. The services meet a continuum of needs, from organizing and keeping track of financial and medical insurance papers, to assisting with check writing and maintaining bank accounts.

What types of tasks will a DMM handle?
The expertise of DMMs covers a broad range of tasks, and the actual work they do depends on client need. However, the scope of a DMMs work generally includes the following:

How do you charge for your services?
Generally, a monthly fixed fee is established based on the complexity of a clients’ needs. If circumstances change and complexity either increases or decreases, the fee would be adjusted as appropriate. There are cases where a client prefers an hourly fee arrangement and that can certainly be accommodated.

Can I hire you for just one project or a temporary time period?
Absolutely! Whether it be a need to organize financial records for your CPA or a case of just wanting a consult on whether your bills are being paid in the most efficient manner, call us – we can help!

Do I give up my independence if I hire a DMM?
Not at all! In fact, hiring a DMM should actually allow you to focus better on other areas of your life. If you find that you are late in paying bills or do not understand certain financial forms that come in the mail, you might feel pressure from loved ones to turn over your affairs to a legal representative. Often times, a once or twice-monthly visit from a DMM will allow you to keep your finances under your own control, with the DMM helping you to keep on track and to avoid errors which may have raised the concern of loved ones.

The involvement of an outsider in personal financial affairs can be very intimidating. We at Sheffield Daily Money Management absolutely understand that and work very diligently to ensure you are comfortable utilizing our services. Most of our clients find that once they have established a relationship with us, they don’t know how they managed without a DMM!

The American Association of Daily Money Managers hopes to lead the emergence of this industry in a positive manner, and we would be happy to answer any additional questions you may have about this field.

If I hire a DMM, why do I need an accountant, lawyer, or social worker?
A DMM does not take the place of professionals in the accounting, investment, or social service fields; rather, their work complements the work of other professionals by facilitating the completion of the day to day tasks rather than determining long-term plans.

For example, a DMM, by organizing and maintaining accurate financial records for a client, can easily compile the necessary documents for tax preparation by an accountant. When the accountant has prepared the required tax returns, the DMM makes sure they are correctly signed, that the appropriate checks are attached, and that returns are mailed on time.

Unless your DMM happens to have separate professional credentials in other fields, he or she should not be offering you legal, investment, or tax advice. However, a good DMM should be able to recognize pertinent issues and refer you to professionals and organizations qualified to provide the other services you may need.

Are you insured?
Yes! Sheffield Daily Money Management is insured.

Can you provide me with a list of references?
Yes! We can provide you with a list of client as well as personal and business references.

Do you have a privacy policy?
Yes! Confidentiality is one of our main concerns, too. We take it extremely seriously. We will not exchange, distribute, or share any information about a client to any third party, unless the client gives us express authorization to do so. And that includes the sharing of information about a client with their other professional partners – CPAs, attorneys, and financial advisors. Even family members.