Questions and Answers

•  What is a daily money manager?

A daily money manager (DMM) brings clarity and order by providing assistance to clients who are busy or have difficulty managing their personal financial matters. Examples of the kinds of services that DMMs provide include bill paying, checkbook balancing, banking, budgeting, insurance paperwork, and organizing records, statements and receipts.

A DMM compliments the work of other professionals (such as accountants, lawyers, financial advisors, tax preparers and social services providers) by coordinating with them to provide services as needed. 

• Who benefits from having a daily money manager? 

People benefit from using a daily money manager for many different reasons. Clients can be anyone who lacks the time, desire or ability to manage their financial affairs, for example:

- Senior citizens needing assistance paying bills or sorting out insurance papers

- Divorcees, widows or widowers needing help organizing their daily finances

- An older person’s adult children, who live far away or don’t have time to take over their loved one’s financial affairs.

- Busy individuals, travelers or retirees who would rather not spend their time handling the minutia of routine financial tasks and managing paperwork.

- Families/spouses sorting out a loved one’s estate. 

• How do I know if I or my loved one needs a daily money manager?

  There are many reasons why a person might need someone to help them with managing their financial tasks. Someone may need a daily money manager if these warning signs are present in their life: 

  - Bills aren’t being paid on time, resulting in utilities disconnect warnings, late fees, overdraft charges, interest, etc. 

  - The same bills are paid multiple times by mistake.

  - The person has difficulty keep track of assets or property.

  - Bills, important papers, checks, cash or credit cards are disorganized or missing.

  - The person neglects to open and pay bills or deposit checks. “Piles of paper” abound in their home.

  - They make irresponsibly large donations to charities.

  - They seem to spend excessively on questionable items.

  - The person spends excessive amounts for needed care and companionship.

  - They sign legal documents (e.g. property transfers, power of attorney or a new will) without understanding the transactions or their consequences. 

  - A caregiver or “friend” has taken control of their money but is failing to provide for their needs or is taking advantage of them.

• How do you charge for your services?

After a free initial consultation, fees are charged on an hourly basis plus a travel fee. The rate varies because the amount of time and complexity involved in working with each client also varies. I bill on a monthly basis and payment on invoices is due within 30 days.

• Will I lose my independence if I hire Grace Financial Care?

Not at all. In fact, you will feel more independent when things are running smoothly and are under control. My services help you lessen the stress and anxiety of managing financial and insurance paperwork, but you and your advisors retain control and final authority. By removing the frustrations often associated with managing mail, paying bills on time, or tracking insurance claims, clients enjoy a renewed feeling of freedom and independence.

• By working with Grace Financial Care, will I be giving up control over my accounts?

No. Clients may continue to have complete control (including signature authority) over their bank accounts and accounts with other service providers.

• If I hire Grace Financial Care, do I still need other legal, investment, or financial professionals?

Yes. Grace Financial Care does not provide tax, investment or financial advice. That said, we work together with (not in place of) these other professionals. I will act a liaison and coordinator as needed with your attorney, accountant, insurance agent, bank/brokerage firm, financial advisor and social services providers.