What is a DMM?
Daily Money Managers get things done. We pay the bills, reconcile the accounts, fill out the checkbook registers and needed forms, go to the post office, document payments, take care of changes on accounts and on bills. We also communicate with client's team of professionals to get other items done as well.
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How is it different from a...?
CPA
Generally, DMMs do not prepare the taxes, however DMMs do gather, organize and summarize the client information for the CPA. Once taxes are prepared, we can facilitate the signing and the payment of taxes with the annual filing and make sure estimated payments are made throughout the year as well.
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CFP
Generally, DMMs are not financial advisors or planners, however we do understand and are familiar with the items needed to create a financial plan. DMM can gather, organize and summarize the client information for CFP. If there is a spending plan or a debt consolidation plan, DMMs can execute the necessary steps with the client to make it happen.
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Bookkeeper
Bookkeepers are great, however they solely deal with the numbers, that is it. DMMs do take care of the numbers, but they also take care of the person because they are involved in multiple facets of their clients lives.
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How can a DMM help me?
DMMs are the do-ers of the professional world who get involved with their clients on many levels to help them navigate their lives, with a focus on their finances. DMMs act as a connector from them to the rest of their client's world. If there is an issue or a challenge that needs attention, DMMs are there with their clients to have joint conversations with one or all of their team of professionals to assist in determining the best course of action. DMMs are there to make sure the right information is communicated, advocate for their client, hear/document the plan, and execute the steps to make it happen.
There are some DMMs who also have additional expertise, such as tax preparation or financial planning, etc. It is important to interview your potential DMM to find a good fit of services needed. |
Additional Information
AADMM
AADMM is a national network of professional DMMs. To learn more about AADMM visit their website.
Jennifer has been a member of AADMM since 2013 and has been an active volunteer since 2015. There are many amazing DMMs all over the United States. If you are in need of a DMM, use the Find a DMM search tool.
AADMM is a national network of professional DMMs. To learn more about AADMM visit their website.
Jennifer has been a member of AADMM since 2013 and has been an active volunteer since 2015. There are many amazing DMMs all over the United States. If you are in need of a DMM, use the Find a DMM search tool.
Our Partners
It is important to note, that while DMMs do play a different role from the CPAs, CFPs and Bookkeepers, we still rely and appreciate their expertise. Attorneys and Certified Care Managers are also very important to our clients. Finding the right professional to provide guidance is essential. DMMs have a vast network of preferred and known professionals.
To tap into Simply Balanced Solutions' network of known and preferred professionals, visit Our Partners page to be referred to some of our most trusted partners.
It is important to note, that while DMMs do play a different role from the CPAs, CFPs and Bookkeepers, we still rely and appreciate their expertise. Attorneys and Certified Care Managers are also very important to our clients. Finding the right professional to provide guidance is essential. DMMs have a vast network of preferred and known professionals.
To tap into Simply Balanced Solutions' network of known and preferred professionals, visit Our Partners page to be referred to some of our most trusted partners.