Insights from Six Months as a Daily Money Manager

Goals

With an MBA and background in finance, I approached my next career with two goals in mind: 1) increase my community involvement and 2) increase my sense of personal fulfillment.  Luckily, in September 2022, I found a role as a Daily Money Manager with Paper Tigress Personal Finance Care enabling me to accomplish both. 

Lessons Learned

With 6 months under my belt, what have I learned?  To begin with, not many people are aware of Daily Money Managers.  I am often asked what does a Daily Money Manager do?  A quick answer is I manage personal finances for other individuals; however, that response generally produces a puzzled expression on the face of the one asking me the question.  A more detailed answer would be I arrange payments of bills, manage mail, monitor, and reconcile financial accounts, provide general cash management and budgeting services, organize tax documents, pay annual and estimated taxes, assist with fraud monitoring and prevention, coordinate charitable giving, provide monthly balances and transaction reports, and more.  So much more.  I have unlocked cell phones, updated iCloud accounts, researched pet insurance, digitally saved music files, set reminders for family birthdays, cancelled unnecessary catalog mailings, completed mail in voter registrations, researched unclaimed property, coordinated estate document signing, streamlined direct deposits, and more. 

I also never thought about the “client’s team” that I was joining.  As a Daily Money Manager, I work closely with the client’s financial team including their tax preparer, estate planning attorney, and their investment advisor.  All members of this financial team must work together to meet client needs, assess risks and plan for long-term goals.

And finally, I was made aware of a growing need within our aging population to identify trustworthy people to serve in a fiduciary capacity as agents under a financial power of attorney, trustee, or executor. Some clients choose a Daily Money Manager from their community to fill these roles.  As a member of the American Associaton of Daily Money Managers (AADMM) I have passed a background check and adhere to the industry’s Standards of Practice and Code of Ethics.  As an employee of Paper Tigress Personal Finance Care, we carry Errors & Omissions and Fiduciary Insurance. Serving in these roles often avoids conflict of interest among family members as well as provides transparency to all involved.   

Fulfillment

But my most important lesson learned in the first 6 months is how much I enjoy being a Daily Money Manager.  I end my day knowing I made a difference and confirming this is the right career for me.