South Laurel Group - Blog #Daily Money ManagerSouth Laurel Group - Blog #Daily Money Managerhttps://www.southlaurelgroup.com/blogs/tag/daily-money-managerMon, 23 Mar 2026 09:52:02 -0700http://zoho.com/sites/<![CDATA[Who's on the Trust Team?]]>https://www.southlaurelgroup.com/blogs/post/who-is-on-the-trust-teamAs the end of life nears for older relatives or clients, you need to assemble a team of experts to care for them and their assets. Who is on that team?]]>

Those of us who help older clients (or who simply have older relatives for whom we care) know that the amount of work and the number of skills needed to do it well can be overwhelming.  No one person, no matter how brilliant or well-intentioned, can do it alone.  It requires a team of specialists and family members, all working together to make sure that the client has the highest possible quality of life and, after death, that their beneficiaries receive all to which they are entitled.


I recently had a conversation with a very experienced fiduciary and she told me that much of her value is her extensive network of other professionals, all of whom she has validated over the years.  Her database of contacts allows her to quickly solve problems with trusted providers.  Most family members, if asked to manage care or the estate at short notice, would waste a tremendous amount of time simply sourcing these services (and relying on Yelp, Google, Nextdoor or word of mouth for a quality assessment).  Think about it - do you know a quality person for each of the roles below?


The list below doesn't cover every possible role - just those that come up the most frequently.  You can easily imagine situations that would require even more narrow specializations.  A good fiduciary can help you navigate this difficult transition with a minimum amount of work, stress and expense, while providing confidence that tasks are being handled professionally and ethically.  


Medical and Personal Care

Family members

Care manager

Homecare provider

Housekeeper

Assisted Living Facility staff

Medical team (including doctors, dentist, ophthalmologist, therapists, audiologist, etc.)


Finance and Legal

Estate attorney

Licensed professional fiduciary (to build and coordinate with all the rest of the team)

Other attorneys (litigation, small business, family law)

Daily Money Manager (to pay bills, move money, etc.)

Tax advisor

Bank

Investment advisor

Court employees


Real Estate

Real Estate Agent

    Title Company

    Staging company

Contractor

Tradespeople (plumber, electrician, etc.)

Moving company

Junk removal

Housecleaner

Landscaper

Estate seller (furniture, art, collectables, etc.)

Property Manager (for rental property)


Other

Auto mechanic

Family mediator or arbiter (to resolve any disputes if the team above cannot)

]]>Mon, 28 Mar 2022 10:48:49 -0700<![CDATA[Why Would You Use a Personal Daily Money Manager?]]>https://www.southlaurelgroup.com/blogs/post/What-is-a-Daily-Money-ManagerSometimes people just need a little help in managing their day-to-day finances. A Daily Money Manager can more than pay for themselves by setting up a good review and payment process.]]>

One of the pleasures of working as a fiduciary is adapting to the needs of my clients.  Each client is different and requires different services.  And those services can change over time as clients' situations change.  Some of my earlier posts have been about relatively sophisticated financial planning instruments (Special Needs Trusts, ABLE accounts, passing real estate between generations, etc.).  These are interesting and can create a lot of value.


But many clients have a need for straightforward financial management in the form of daily money management.  


What is daily money management?  To simplify, it is just about managing day-to-day financial tasks.  A sample list of activities might be:

        • Collecting bills in one place
        • Reviewing bills for accuracy
        • Communicating with creditors 
        • Questioning or challenging inaccurate or fraudulent charges
        • Stopping unneeded recurring charges (forgotten subscriptions and automatic payments)
        • Paying bills
        • Keeping records of paid bills
        • Making bank deposits
        • Organizing tax information
        • Clear summaries and communication with the client and other appropriate parties (if any)
        • Budgeting and tracking (if asked to do so)


There are a number of reasons for outsourcing daily money management.  Clients may find the tasks difficult or impossible, they may have too much going on in their life (career, family, health) or simply don't like doing them.


Not all clients need all of the tasks above.  In fact, most do not.  Some clients simply want their bills collected and organized.  I review the bills, create a summary, fill out the checks and go over each one with the client.  The client signs the checks and I post them.  It is a very light process completely under the watchful eye of the client.  Some clients want me to manage the whole thing.  Most want something in the middle.  In each case, the key is to talk with the client, propose a solution and then communicate and adapt as we go through the process.


Some of my clients have asked me the difference between a daily money manager and a bookkeeper.  While some of the tasks are the same, the general rule of thumb is that a bookkeeper works for a business while a daily money manager works for an individual.  The graphic below may help.

AADM (American Association of Daily Managers)

In nearly all cases, the cost of a daily money manager is more than compensated by discovering unnecessary or fraudulent charges, stopping old subscriptions or automatic payments and eliminating late fees and interest charges.  Clients and family members also appreciate the peace of mind that comes from clear expense summaries and communication.

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