This week’s blog is a guest blog from my friend and colleague, Barbara Boustead of Madison, Wisconsin. Barbara serves with me on the board of directors of the American Association of Daily Money Managers.
This is an exciting time for daily money managers in Wisconsin and across the nation! We’re adding professionals to our industry in record numbers, and the AADMM Annual Conference in San Diego in November had the largest turnout ever! The conference itself was top notch in not only educational content, but also in opportunities to network and meet other DMMs.
As the AADMM Regional Coordinator for Southern Wisconsin, I had the privilege of welcoming several new DMMs to the group this year. It’s great to collaborate and support DMMs in WI and elsewhere. Many DMMs work remotely with their clients who may reside in different states.
I have received several referrals of clients who live locally while their adult children live in another state. It is heartwarming to know that these families are able to enjoy their visits with their loved ones without worrying about paying the bills or opening stacks of mail.
Daily money managers are becoming better known by other professionals and are being utilized as a valuable addition to a client’s financial team.
However, there is more work to be done to raise awareness about DMMs and the valuable work they do.
My Top 3 Reasons to increase Public Awareness about Daily Money Management
1. The increase in fraudulent activity and scams occurring against seniors and other vulnerable populations is at an all-time high and continues to grow. Often these crimes are committed by family members who take advantage of the people in their care. Increasing public awareness of DMMs can help to reduce these crimes by introducing a 3rd party, such as a daily money manager who will adhere to the standards of practice and ethics as outlined in AADMM.
2. Busy professionals, frequent travelers, and growing families are often unable to keep up with their financial matters; as a result, bills go unpaid, interest and penalties add up, and they become overwhelmed with the amount of paperwork in their lives. DMMs assist these individuals by taking over the burden of bill paying and financial organization. People are able to live their lives to the fullest without worrying about their money matters.
3. Finally, I have a very personal reason for wanting more people to join AADMM and the DMM profession.I hope to age in place in my own home and want to be assured that if I need financial assistance over the next 20 years or so, I will know exactly who to call!
Barbara Boustead is a Licensed Clinical Social Worker and a Daily Money Manager. She is the Founder of Mary’s Daughter, LLC and provides daily money management services to older adults and veterans. Please visit her at https://www.marysdaughterllc.com.
This blog is published to provide you with general information only, and is not intended to provide specific or comprehensive advice. Money Care, LLC encourages individuals to seek advice from competent professionals when appropriate.