Table of Contents
What is a Financial Concierge™?
The Family Playbook™
Bill Paying Services for Seniors
Wills & Estates
Power of Attorney (PoA)
Frequently Asked Questions (FAQ)
About Financial Concierge™
A Financial Concierge™ is a daily money manager who provides assistance to clients with managing their personal financial matters. Examples of the kinds of services that a Financial Concierge™ provides include: bill payments; cheque writing; bank account and credit card reconciliations; submitting health, dental and drug claims and organizing tax records. The scope of services provided varies, based on each client’s individual needs and desires.
After a complimentary initial consultation, fees are charged on an hourly basis plus a travel fee. Please call us for the current hourly rate.
All Financial Concierges have a good to excellent credit scores verified annually and a clear background check including a vulnerable sector report. We are all members of the American Association of Money Managers and comply with their Code of Ethics.
Financial Concierge Inc. has been vetted and approved by the Better Business Bureau.
Financial Concierge Inc. carries $2M Commercial General Liability and $2M Professional Liability insurance which covers all Financial Concierges.
No. Our services help our clients remove the stress and anxiety of managing day to day financial activities and paperwork and may help keep them living independently longer.
No. Our clients retain complete control (including signature authority) over their bank accounts.
Yes. Financial Concierge Inc. does not provide tax, investment or financial advice. We work together with, and not in place of, these other professionals. Financial Concierge Inc. will act as your advocate and serve as a liaison between you and your attorney, accountant, insurance agent, bank/brokerage firm, and investment advisor.
Yes. Your Financial Concierge™ is dedicated to serving you and will be at every visit, except in times of illness or vacation when another member of the Financial Concierge Inc. team will gladly step in to help.
During your complimentary initial consultation, we will explore which of our services may be helpful to you once we learn about you and your needs. We are happy to assist you with some or all of your day to day financial activities.
If you have additional questions, please call us at 1-888-483-2176.
About hiring a Daily Money Manager (DMM) for your aging parents
A daily money manager (DMM) brings clarity and order to an individual’s daily management of personal bills, budgets and record keeping. A DMM assists clients with activities such as bill paying, day-to-day banking, budgeting, insurance paperwork, and organizing records and receipts in preparation for income tax filing.
For vulnerable older adults, management of daily financial obligations can become an overwhelming burden, quickly spiraling into adverse behaviors and at-risk situations such as unpaid bills, un-deposited cheques, and the terrifying consequences of cut-off utilities, bank foreclosures, evictions, and financial exploitation.
An experienced daily money manager (DMM) can provide day-to-day personal financial services for elderly parents, giving peace of mind to children that their parents’ financial affairs are being taken care of properly and professionally.
Hiring a DMM may allow some seniors with health challenges to avoid guardianship and a complete loss of independence.
In addition to bill paying, day-to-day banking, budgeting, and records organization, many DMMs are experienced with handling government and other insurance paperwork. This service eliminates the stress and confusion that often comes with these tasks, offering seniors and their families increased peace of mind. Also, a DMM can be a vital link to help senior citizens access community resources they may not even have known existed. Many DMMs are very knowledgeable about social support services for seniors.
If a senior can maintain independence with assistance in managing their financial affairs, they can continue to age in place versus going into a care facility. For the $5,000 a month charged by a care facility, you can arrange and hire an awful lot of service to be delivered in their own home – such as personal care, meal preparation or delivery, transportation to and from social activities and appointments, home maintenance, house cleaning, grocery shopping.
Daily money managers are not typically financial planners or advisers. They will interact on your behalf if requested with accountants, lawyers and other professionals.
Daily money managers understand that each client has different needs so visits are scheduled based on the tasks being performed, and the individual’s goals and availability. A client who needs help paying bills due to dementia issues may receive weekly visits from the DMM while another client may only see the DMM face-to-face occasionally because the statements and bills are managed online or because the type of work they are assisting with does not require as much time. When establishing a schedule, DMMs take into account the client’s needs, costs and time.
Absolutely not. A DMM’s role is to offer a “best of both worlds” scenario, where the clients retain control of their money but are freed from the responsibility of executing daily financial tasks. In many instances, DMMs work closely with the client’s financial advisor – assisting the advisor with the implementation of the client’s financial plan at the hands-on level. In this sense, a DMM’s role is to help clients, with their advisors, maintain control and independence.
No. In fact, a DMM can help individuals keep their independence longer by assisting with all facets of personal financial affairs. Trouble staying on top of personal financial affairs is often the first sign that a senior may be becoming overwhelmed with the responsibilities of independent living. By removing that issue from the situation, DMMs are often instrumental in helping individuals remain independent for longer.
Some DMMs offer a free initial consultation — ask in advance for their policy on first meeting charges.
Most DMMs charge for their services on an hourly basis, with rates around $150 per hour. Rates may vary greatly based on factors such as geographic location and type of service provided.
In addition to the hourly rates, most DMMs charge for their travel time and possibly for out-of-pocket expenses such as postage stamps provided to their clients and long distance charges for calls made on a client’s behalf.
Be sure that you understand the billing arrangements before the work begins.
Some DMMs request payment at the time of service and others bill on a monthly or bi-weekly basis.
You can find a DMM in your area by visiting www.aadmm.com and clicking on “Find A DMM,” which allows you to search by province, city or postal code. Individuals are also often able to find a DMM through a referral by a lawyer, accountant or social worker.
AADMM members are expected to adhere to a strict code of ethics and standards of practice. AADMM promotes excellence in services through a voluntary certification program that emphasizes both experience in the field and continuing education. Certified daily money managers, called Professional Daily Money Managers (PDMM), must also submit to criminal background checks.
The type of work DMMs handle for their clients is highly personal and confidential. Whereas your personal judgment and instincts are important in determining the honesty of any professional with whom you may do business, you can take additional steps to safeguard yourself against becoming involved with a dishonest person.
First, ask for a referral from someone you know and trust, such as a friend, relative, lawyer, accountant, or doctor. If none of these people can put you in touch with a DMM and you must hire a basically “unknown” person, be ready to address the following issues before hiring a DMM:
Top 10 Questions to Ask When Hiring a Daily Money Manager
- What types of services do you provide? (Do you only do bookkeeping, or are there other
ways that you can be of assistance?)
- How long have you been working as a daily money manager?
- What kinds of professional liability or Errors and Omissions insurance do you have?
- Are there industry standards and code of ethics to which you adhere?
- Are you willing to work with other advisors, for example, my financial advisor, tax accountant or attorney?
- What are the costs of your services and what are the common billing methods?
- 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?
- Do you require and/or provide a contract?
- What about confidentiality?
- 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.