Daily money managers help seniors with finances

Dear Savvy Senior: Can you recommend any services to help my elderly mother with her financial chores? My dad always used to handle the bill paying and paperwork, but he passed away last year, and Mom struggles to keep on top of things. And I don’t live close enough to help her on a regular basis. — Concerned Daughter

Dear Concerned: It sounds like your mom could use a good daily money manager. DMMS are financially savvy professionals who can help older adults who have difficulty managing their day-to-day financial affairs.

The services they provide typically include paying bills, maintaining financial records, balancing checkbooks and negotiating with creditors. DMMS can also prepare checks for clients to sign, help older people organize bank and financial records, prepare and deliver bank deposits, gather and organize documents for tax returns, help decipher medical bills, and review bank statements to detect potential financial abuse or fraud.

Where to find DMMS

Depending on where your mom lives, DMM services may be available through nonprofit elder assistance organizations or government agencies. These agencies often use volunteers to provide basic DMM tasks, such as bill paying at no cost. To find out if this is available in your mom’s area, contact her Area Aging Agency. Visit Eldercare.acl.gov or call 800-677-1116 for contact information.

In addition to the nonprofit DMMS, an increasing number of individuals and private for-profit companies have started offering DMM services for a fee. Cost for these services varies by region but often ranges from $25 to $100 per hour. Most clients need approximately four hours of services per month, but this varies according to the complexity of the person’s financial situation.

To look for a professional DMM in your mom’s area, visit the American Association of Daily Money Managers website at AADMM.COM; it offers an online directory that lets you search by ZIP code. All the pros listed there have signed the group’s code of ethics. Some have passed a certification exam to earn the designation of certified daily money manager.

Before hiring a daily money manager, however, get references from two or more of their clients and check them. Also, find out what they charge and what type of insurance coverage they have. Keep in mind that neither federal nor state governments regulate the DMM industry, so there is little oversight of these services.

One other highly rated bill-paying service you should know about is Silverbills (Silverbills.com), which is specifically designed for older adults and caregivers. Available nationwide, this is a secure concierge bill management service that will manage your mom’s bills and pay them on her behalf, on time and correctly, for a flat fee of $50 per month.

If you opt for this service, your mom will be paired with an account manager who will communicate and work with her over the phone, or through email, text or mail (her preference) — no computer is required. Silverbills also reviews all bills for errors and fraud and provides monthly statements showing the date, amount and manner of each payment.

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