FREQUENTLY ASKED QUESTIONS

Daily Money Manager Services:

Do I lose my financial independence if I am hiring a Daily Money Manager?

No, DMM services can help the clients maintain their independence for a longer time. With the help of a Daily Money Manager, you are getting all the support and explanations needed for staying on top of your own finances.

 

Is a Daily Money Manager used only by seniors?

No, everybody who wants to get rid of the stress involved with the ongoing financial paperwork can benefit from DMM services. You will gain peace of mind, and you can use your energy for the nicer activities of your life.

 

Do you offer different levels of support?

I tailor my offer to the need of each and every client. You can get help in only a small piece of your financial life, or I can offer you a package including all the services. I am happy finding a solution that is serving YOUR needs.

Do I need a computer for getting the financial record-keeping service?

No. I can keep your records either on paper, using a computer spreadsheet, or using dedicated financial software. My goal is helping every client in a way it is most effective and useful for them.

 

Is a Daily Money Manager the same as a Bill Paying Service?

No. A Bill Paying Service is paying bills they get from the client either in person, electronically, or by mail. However, those bills are not necessarily verified whether they are legitimate, rather it is an automated process. A Daily Money Manager is paying the bills together with the client, making sure only valid bills are paid and helps in discovering fraudulent charges. Additionally, a Daily Money Manager can give further advice or suggestions for improving the client's spending or helps to adjust payment schedules if needed.

 

Do I still need my Financial Advisor / CPA / tax accountant if I have a Daily Money Manager?

Yes, a Daily Money Manager is not replacing those professionals, rather they complement them by building the base for them to work on. A Daily Money Manager will keep a record of all the needed financial documents so that they can be provided to the other involved parties. A Daily Money Manager is having an overview of the clients financial situation, will help him executing the regular tasks and can refer to other professionals on a need base. The role of a Daily Money Manager is comparable to a Primary Care Provider for medical issues.

 

Will you use my login credentials for my online banking?

No. I will not use your online banking without you being present for signing-in and approving all transactions/bill payments. I will never take over the signing authority over your bank accounts. Your signature and approval are needed for all transactions and you keep the full control over all your financial affairs.

With your approval, I download your bank account transactions to my software. This is a connection used only for monitoring purposes and does not have full access to your account.

 

How do you charge for your services?

During a free and non-binding initial consultation, I will assess the client's situations and needs. As there are services of different levels of complexity offered, I can make a customized offer after that consultation. Services will be billed at an hourly rate.

 

Can you take over the role of an agent for the Power of Attorney?

No. I am not a professional fiduciary and can therefore not fulfill this role, but I am happy to work together with the agent of your Power of Attorney.

 

How often will you visit me?

Depending on your individual needs, I will visit you weekly, bi-weekly, or monthly. I can also provide support for a limited time only, for example after a life event like a divorce or death, until the client is confident in handling the affairs on its own again.

 

Are you insured?

Yes, as a member of the American Association of Money Managers I have an error&omissions insurance,  tailored for this profession. I am happy showing you the insurance certificate.

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Serving Portland, Beaverton, Hillsboro

503 851 2449

sds@smartdailyservices.com

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