Top 10 Questions to Ask When Hiring a Daily Money Manager:
1. What types of services do you provide? (Do you only do bookkeeping, or are there other ways that you can be of assistance?)
2. How long have you been working as a daily money manager?
3. What kinds of professional insurance do you have?
4. Are there industry standards and code of ethics to which you adhere? Make sure to ask to see the industry standards and code of ethics.
Members of AADMM follow the principles found in the association's Standards of Practice and abide by theCode of Ethics.
5. Are you willing to work with other advisors, for example, my financial advisor, tax accountant or attorney?
6. What are the costs of your services and what are the common billing methods?
Some DMMs offer a free initial consultation -- ask in advance for their policy on first meeting charges.
7. How often do you usually visit your clients and what do you charge for travel, if anything? Would it be possible for you to assist me remotely, if necessary?
8. Do you require and/or provide a contract?
9. What about confidentiality?
10. Can you provide a reference list?
A reference list should include two or more clients or their family members and at least one professional; it may include a personal reference. Take the time to call the references on the list, asking them whether the DMM is: respectful, dependable, efficient, empathetic, and professional in manner. Ask if there have been any conflicts, and if so, how they were resolved. Find out if asking for explanations of things not understood has been a comfortable situation.
Author information: AADMM is a membership organization comprised of individuals who provide daily money management services directly to their own clients. AADMM is committed to promoting high standards of client services provided by members through its professional certification program and to supporting the growth of the daily money management industry, in numbers of providers, in recognition of the field, and in the quality of services provided. For more information go to: www.aadmm.com.