Frequently Asked Questions About Daily Money Management
A daily money manager (DMM) provides assistance to clients who are too busy or find it too difficult to manage their personal financial matters. Assurance Family Partners can take the burden of organizing financial paperwork off your shoulders and help with daily financial tasks. Examples of the kinds of services that DMMs provide include: bill payment, check writing, bank account and credit card reconciliations, preparing budgets, filing medical claims, and organizing tax records. The scope of services provided varies, based on each client’s individual needs and desires. See our sample pricing packages or contact us to design your own package from the wide range of services we provide.
Yes. It is important to confirm that anyone working as a daily money manager is a member of this important organization. As a member in good standing of the American Association of Daily Money Managers (AADMM), we at Assurance Family Partners must adhere to a strict Code Of Ethics and high Standards Of Practice along with being independently nationally background checked every two years.
We work with a wide variety of clients at all stages of life and career. Our clients include everyone from young people starting their first job or busy individuals and families, through active retirees or elderly adults requiring assistance with their finances. Our clients also include those experiencing life transitions such as entering the workforce, a layoff, a new job, marriage, divorce or loss of a loved one, and individuals or families wanting a different financial trajectory for their life. Learn more about how we can help:
- Active Retirees who would rather enjoy life than be consumed by everyday money management
- Seniors who want to maintain their independence but may need someone to look over their shoulder regarding money management
- Families & Caregivers of aging Loved Ones who can’t be there or don’t have time to manage their day-to-day financial management
- Busy Individuals & Families who would rather leave the day-to-day money management to others
- Young Families who are just starting out and want to be sure they’re on the right track financially, whether it’s saving for college or retirement
- Individuals faced with unexpected Life Changes such as divorce , widowhood, job loss or other life transition
- Adults with Special Needs who would benefit from a partner to oversee financial transactions
Please visit the Our Process page for more information about the process.
If you choose to work with Assurance Family Partners for banking tasks, paying bills and certain other types of work, we will require access to those accounts to be able to perform our work effectively. Rest assured, AFP takes privacy and security very seriously: all passwords and sensitive information is stored in a secure password manager, such as LastPass. We are bonded and insured, independently nationally background checked, and are members in good standing of the American Association of Daily Money Managers and adhere rigorously to a strict Code Of Ethics and high Standards Of Practice. Our clients always retain complete control (including signature authority) over their bank accounts and final authority over all financial decisions. We will not perform any transactions that could benefit us personally, including paying our own invoices. Importantly, we do not require Power of Attorney to perform our services, in fact, we expressly do not become a fiduciary so that we remain completely independent.
No. In fact, by removing the frustrations often associated with managing mail, paying bills on time, or tracking medical claims, our clients enjoy a renewed sense of freedom and independence. Our services simply help remove the stress and anxiety of managing financial and health insurance paperwork, but clients or their legal agents retain total control and final authority.
No. Our clients retain complete control (including signature authority) over their bank accounts and final authority over all financial decisions. We do not require Power of Attorney to perform our services, in fact, we expressly do not become a fiduciary so that we remain completely independent.
Yes, we work with any client who needs our support! In older or more vulnerable people, we often see that there is some level of cognitive impairment which causes financial mistakes. According to some studies, those with mild cognitive impairment will make four times the mistakes as the general population – sometimes paying bills twice or often not at all. Our typical clients may struggle in this area due to any number of factors, including physical or mental challenges. However, some clients may not have the time or interest in managing daily finances on their own or are dealing with life challenges (death of a spouse, divorce, relocation). Many clients value their independence and privacy in financial matters and prefer to enlist the services of a daily money manager rather than rely on family or friends for support. We insist on signing a non-disclosure statement with each client whereby the only other people who will know the relationship are those designated by the client. Whenever possible we also partner with the client’s family. Often it is a family member who makes the initial contact to ask about daily money management services. We can provide family members and those acting as POA with monthly reports. Having a third party involved is preferred and critical in instances of limited capacity
Yes. In fact, our clients include people at all stages of life: from individuals just starting their first job, to newly married couples, to young families planning for the future and families who are just too busy to worry about their day-to-day financial obligations. Many of our clients find themselves juggling hectic careers, second homes, kids in college, and family events and vacations and simply don’t have time for the day-to-day attention that daily money management requires.
As often as you need us, either physically or virtually. Each client has different requirements and their needs tend to change over time. We set up customized services on a schedule that is guided by the needs of our clients and/or their families. Some clients require twice monthly assistance in their home to open the mail, maintain filing, assist with bill pay, coordinate phone calls and more. Others simply require our help as needed: if there is a life transition we can help by adjusting budgets or reviewing financial paperwork for probate or insurance claims, or assist with decisions such as whether, when and where they can afford to move. Still others delegate the entire process where bills come to us and we process them on a flow basis. Clients are notified with any questions/exceptions and receive monthly reports. We can also support clients on an annual basis to prepare for tax time.
We offer all of our services a la carte and you can mix and match any of our services depending on your needs. Please visit our Pricing Packages page for more information about sample package pricing.
Our initial half-hour consultation is always complimentary. This time together will allow us to discuss your needs and the goals you want to achieve. If we determine that AFP is a good fit for both of us, we will draft a Letter of Engagement outlining the services to be provided, together with the cost. Once signed, we will begin right away. Payment for our monthly packages is expected in advance, on the first day of the month for which the services are provided. Any ad hoc or one-time services will be billed separately.
- Timing of Bills: We bill on a monthly basis and payment is due upon receipt.
- Travel Time: In an effort to eliminate a required minimum number of hours per session, there is a small fee for travel time beyond 30 minutes for in-person visits.
- Retainer: A retainer is required before we begin working together and will be held for the duration of our time together. The full amount is applied to your final invoice.
Absolutely! In fact, many of our clients are referred to us by family members or friends. Simply contact us to learn a little more about what we do, then we can work together to speak with your family member or friend about what his or her needs are.
No. These professionals play a critical role in your overall financial health. As DMMs, we complement and work together with these professionals by preparing and organizing documents and financial records so they can work more effectively in their respective specialties. We can meet with you and/or any other professional as your liaison should you desire. We have a strong network of professional partners to whom we can refer you should you or your family need assistance beyond what our services cover.
Yes. Your daily money manager is dedicated to serving you and will be at every visit, except in times of illness or vacation when another member of the Assurance Family Partners team will gladly step in to help as needed.
Yes. Assurance Family Partners is fully insured, and all our employees are bonded.
After working in accounting and finance for over 20 years, we understand the importance of handling sensitive client data and ensuring this information stays confidential. We keep confidential information under lock and key and password protected. We take privacy seriously and regularly review our internal processes and technology infrastructure to ensure maximum protection for our clients. We outline the confidentiality of your personal sensitive information within our Letter of Engagement. We insist on signing a non-disclosure statement with each client whereby the only other people who will know the relationship are those designated by the client. Should you want us to have the ability to discuss your personal matters with anyone besides you, we require that those people be individually listed in the signed agreement so there is no ambiguity. Additionally, the Code of Ethics and Standards of Practice outlined within our membership of the American Association of Daily Money Managers are well-defined with respect to privacy and confidentiality. Lastly, our core value of “Do unto others as you would have them do unto you” makes many decisions in our business and personal life easy. In this instance, we will handle your personal matters as we would hope you would handle ours.
Call us! Your first half-hour consultation is free. Even if you do not see the service you need listed under What We Do , we encourage you to reach out to us. We are happy to discuss your goals to get a better understanding of what services would be beneficial for you. We will then let you know if we can support you or refer you to someone else better suited to handle your needs.
Our services are available nationally. Depending on the type of services needed, we can work at our client’s home located in the Metro Boston area, or virtually - or a combination of both. Our services could include weekly or monthly in-person visits (following all COVID-19 protocols) or completely remote support. The choice is driven by client wishes and level of comfort with the process. Should you require face-to-face support and live outside the Metro Boston area, we can assist with finding the right professional locally.
Every engagement is completely tailored to the needs of our clients based upon the services required and desired goals. This could be a one-time need or on-going support and all engagements can be canceled anytime.
Yes! We believe financial literacy is vitally important at every stage of life and are more than happy to share our knowledge with you. Learn more about our Education & Coaching services and call us for a free 30-minute consultation to discuss how we can help.
Call us at (617) 733-9926 or fill out our online scheduling form for a free half-hour consultation. During this initial meeting, we will learn more about you and your needs and explore which of our services may be helpful to you. We are happy to assist you with some or all of your money management needs, depending on your level of comfort.
Schedule a complimentary consultation to get all your questions answered. We’re happy to help!