Daily Money Managers: A primer
Commonwealth Cash Management is at the forefront of the growing daily money management industry. The following Q&A explains what daily money managers are — and how they can help you.
What is a daily money manager?
A daily money manager (DMM) provides business process assistance to business or personal customers who are challenged by or don't care to manage their business or personal monetary affairs. DMMs complement the work of other professionals by completing day-to-day tasks rather than long-term plans. The services meet a continuum of needs, from organizing and keeping track of financial information, business bookkeeping, investment tracking, to assisting with bill paying and maintaining bank accounts and insurance.
How can a DMM help me?
It all depends on your situation. Generally speaking, DMMs can help organize your personal or small business’s financial situation, saving you time and effort while allowing you (or your professional advisors) to make smarter decisions. This translates into better, cleaner recordkeeping, clarity and understanding of financial realities, and a level of personal assistance that particularly benefits those who struggle with their finances.
Why is the demand for daily money management services on the rise?
Here are four of the most potent reasons:
- the aging baby boomer generation and increased lifespan of Americans
- the continued complexity of payroll, business and personal tax regulation
- the state of the economy and challenges to the small business owner and entrepreneur
- the growing number of dual-career households
- the extended travel required by workers in a global economy
Do DMMs eliminate the need for an accountant, attorney or financial advisor?
No. DMMs do not provide professional advisory services in any form. In fact, our work complements theirs, and we are happy to work in tandem with professionals like these.