The client hadn’t been involved in the family finances in a long time and needed help with the basics of managing money. Miller had learned of the niche business of daily money managers and connected her client with one she vetted.
“This person helped our client regularly look at her bank accounts and bills, set up an organization process and understand her living expenses,” Miller said, according to the CBNC article. “It ended up being a fabulous fit.”
This service is still niche and the CNBC article notes that the exact number of professional daily money managers is not known. However, The American Association of Daily Money Managers “has about 700 members—all of whom must agree to a background check—scattered across the U.S., with a few in Canada,” according to the article. Fees range from $75 to $150 an hour.
“They aren’t a replacement for other professional services,” Miller says, according to the article. But, they are “a wonderful add-on because they provide valuable skills and can offer great peace of mind.”