Eighty year-old widow Maddy still lives in the Ohio home she shared with her husband Phil for 60 years. Her children live far away—one on the east coast, the other on the west coast. Maddy has mild memory loss, an aging issue that to her seems more annoying that anything else. For Maddy today, money is not the problem—being far from family is.
Before Phil’s death, Maddy had thrived as a typical stay-at-home mom devoted to the raising, education and personal development of her children. Phil, a successful business owner, employed a CPA to handle both their business and household finances. The CPA handled the sale of the business after Phil’s death and continued to handle Maddy’s household finances during monthly visits to her home.
While Phil had kept an impeccable filing system, Maddy was quite the opposite. She habitually used unopened bills as bookmarks. The CPA spent hours rummaging through desk drawers, piles of mail, and old magazines to collect all mail related to her financial affairs.
When the CPA took to the Internet to find a “Maddy” solution, he came across an article about Daily Money Managers. He discovered that these professionals pay bills, balance checkbooks, go through mail, review investment and insurance papers, keep track of assets, and organize financial records needed for the IRS. He calculated that hiring a DMM for Maddy would save both him and Maddy time and money.
Today, Maddy happily continues to use unopened bills as bookmarks, but her DMM knows just where to look. She handles Maddy’s personal finances for a fee much lower than the CPA firm, and the CPA now has more time to manage his other high-net-worth clients.
Some CPA firms who also handle investment management for clients can subject the firm to heavier SEC scrutiny or audits, but adding daily money management services through a partnership with a firm like DLMoneyMatters can solve that problem.
Call us today and let us show you how we can help address these types of challenges for you or your clients.