What’s the value of a Daily Money Manager for seniors?
At EMM, we’ve spent years helping seniors and their families take control of their financial lives. Sometimes that process results in some BIG monetary wins for our clients, but what we hear most consistently is how we bring them peace of mind.
Many people are aware that daily money managers can help with bill pay or file organization, but I wish more people understood that there are countless ways a DMM can help seniors.
A DMM Meets Seniors Where They Are
I think one of the reasons people struggle to understand what a DMM does is because it’s a very customized, personal service. I think the best way to describe a daily money manager is someone who meets clients where they are, and is willing to support them through their current stage of life with empathy and diligence.
That could mean:
An extra pair of eyes on bill management to ensure nothing slips through the cracks
Support for widows, divorcées, or other life transitions
An advocate during a medical crisis
Someone who helps you maximize and claim benefits from existing insurance policies
A DMM Pays Attention to Details
We’ve had clients come to EMM for something fairly straightforward, but as we get to know the client and their financial picture, other needs may become apparent.
For example, one client came to us for help with tax organization. While gathering his documents, I noticed something unexpected: he was paying premiums for long-term care insurance, but had never made a claim even though his wife required around-the-clock care.
That led us to dig into their policy and help pursue the benefits that were available to the client.
Having someone in their corner who can spot benefits left on the table is not a service people think to look for, but it is an invaluable benefit to those who work with DMMs.
A DMM Helps Seniors Keep up with a Changing World
For many seniors, managing money used to be relatively straightforward: a bill arrived in the mail, you wrote a check, balanced the checkbook, and knew what had been paid. If all else failed, you could pick up the phone to clarify.
Today, even routine financial tasks can require:
navigating websites
keeping track of usernames and passwords
electronic payment methods
secure document transfers
unfamiliar online systems
The shift can be frustrating and very intimidating, especially with all the warnings about scams.
A DMM can help bridge that gap by either sitting alongside a client and helping them understand how these systems work, or taking on tasks that have simply become too burdensome.
It's About More Than Managing Money
Ultimately, the value of a daily money manager for seniors isn't measured only by the number of bills paid or documents organized.
It's having:
Someone who knows you, understands how you like things handled, and can recognize when something has changed.
Someone to call when a confusing letter arrives, or an unfamiliar request shows up in your inbox.
A trusted partner who can help you deal with the financial details of life so those details don't take over your life.
For seniors and their families, that can be a pretty valuable thing. Please contact us today if we can help you keep track of the details.