1. What is a Daily Money Manager?
A person who takes over the daily financial tasks for those not able to perform on their own or those who prefer not to manage it themselves.
2. Are there industry standards and code of ethics to which you adhere?
Yes. As members of AADMM (American Association of Daily Money Managers), we follow the principles found in the association’s Standards of Practice and abide by the Code of Ethics
3. What is AADMM?
Founded in 1998, it is a national membership organization representing over 700 individuals & businesses in the growing profession of daily money management. It provides professional development and accreditation to members.
4. How long have you been working as a daily money manager?
5. What kinds of professional insurance do you have?
- Professional Liability
- Errors & Omissions
- Fidelity Bond
- Additional insurance will be added as requirements arise
Can you provide a reference?
Yes. Our references will include 2 clients or their family members, at least 1 professional, and a personal reference.
Services & Billings
7. What will EDCNB do for me?
We will help you with all aspects of your day-to-day finances. We do not duplicate work done by your other professional advisors.
8. What types of services do you provide?
- Pay bills – personal, commercial, season, other
- Reconcile accounts
- Manage/Make Deposits
- Provide income/expense tracking
- Provide accurate financial records and quarterly reports
- Manage/monitor insurance claims (Health, LTC, Medicare, etc.)
- On-line file storage – EDCNB SecureTM
- Negotiating with creditors
- Organize tax information
- Work with other advisors/professionals (Financial, accountants, lawyers, insurance agents, geriatric care managers)
- Special projects on request
9. Besides paying bills, what services do you offer?
See our outline of services in question 8 above.
10. How will the work be managed?
We will take care of all your financial worries from receiving the bills and statements to processing payments, reconciling accounts, alerting you to things that you need to take care of to managing the paper.
11. Are you willing to work with my other advisors?
Yes. At the request of our clients, we frequently work with accountants, financial managers, estate attorneys, elder law attorneys, geriatric care managers, and insurance agents.
12. Can EDCNB show me where I'm spending the most …or too much. This is a time consuming part of managing my finances.
13. How will EDCNB anticipate and manage my changing financial priorities?
Communication is key. As a trusted 3rd party, we have our finger on the pulse and recognize changes in patterns and will bring it to your attention if you’ve not spoken with us.
14. How often will you need to come to our home?
We like to do the work in our office. This frees up your time and helps us be more efficient. So when we meet at your home we can focus on the “bigger picture”, answering questions, talking about special projects or requirements that you may have. In homes are billed at a 2-hour minimum.
15. Currently I track my spending…will I not have to do this anymore?
We track all your income and expenses so that you do not have to do this any more. We will provide you reports on an agreed upon basis.
16. I currently have bill pay set up through my bank and use QuickBooks to track my business expenses. What will EDCNB do differently/beyond what I currently do.
We will do it for you and provide you the information so you can monitor your expenses.
17. Will EDCNB track my investments and retirement account, and ensure I receive the proper tax documents for annual filing?
We will monitor the statements, not the actual investments. Tracking the actual activity of your investments is up to you and your financial advisor. As part of tax organizing, we make sure that the appropriate tax documents are in hand for your accountant.
18. How will I know that the bills have been paid?
19. If my attorney needs access to my financial records and documents, can I grant him access to the site and my files or will I need to take the time to find them for him?
20. What are the costs of your services?
We have a set up fee, which includes: extensive information gathering and analysis; establishing on-line file storage, access, and training in EDCNB SecureTM; establishing client financial software, and executing change of mailing address for financial documents.
Depending on the level of complexity, we come out with an estimated fee for monthly services provided by EDCNB.