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Daily money managers for the average Jill or Joe
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Where money and the elderly are concerned, the conundrum is this: How can the elderly avoid being victimized by con artists posing as daily money managers?

"There clearly is a need and there clearly is a risk," says Hurme. "Any time you're putting your money in the hands of someone else, you need to be very certain of the ethics and qualifications of that individual. You want to be sure that they know their fiduciary responsibility."
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The best way is to seek referrals from relatives and friends, as well as doctors, lawyers, accountants and social workers in your community. A state-by-state listing of AADMM members, as well as helpful guidelines and questions to ask a prospective daily money manager, are available on the association's Web site. If a geriatric care manager more closely fits your needs, you can get helpful information from the National Association of Geriatric Care Managers.

Too busy for bills
Pat Manalio's clientele at Strategic Financial Services of Lakeridge, Va., is predominantly busy professionals and small business owners for whom her time, at $60 an hour, is money well-spent.

Manalio says her time commitment to her busy professionals far exceeds the time she spends with her few elderly clients.

"With the elderly, I might spend one hour a month; with the professionals, I have one client that I spend about five hours a week doing both their business and personal money management," she says. "The seniors sometimes just want you to write the check and reconcile the checking account. With the busy professionals, you're getting stuff together for their tax accountant; you're giving them reports. They want to know how they're spending their money in many cases."

Busy professionals, says Manalio, have come in all shapes and sizes during her nine years in the business. At one point during the dot-com era, she even assisted two 16-year-old whiz kids.

"The parents called me because the kids wouldn't let them into their finances," she chuckles. "The kids were doing pretty well, but they were too young to sign checks."

Surprisingly, she prefers clients who take an active interest in their money flow to those who would rather not bother.

"I find that the ones that just want it off their plate are very difficult to work with because they're usually in over their heads financially and what they really want is not to know that they have these bills," she says. "They want you to fix the problem and make it go away. But I can't make more money for them or spend less for them. I'm not a magician who can wave my arms up in the air and make more money appear. I would not be working if I could."

Jay MacDonald is a contributing editor based in Mississippi.

PLUS: Finding a daily money manager

Bankrate.com's corrections policy -- Posted: May 25, 2005
 
 
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