FAQ’s

General

1. What is a Daily Money Manager?

A person who takes over the daily financial tasks for those not able to perform on their own or those who prefer not to manage it themselves.

Daily Money Manger – DMM Definition | Investopedia

www.investopedia.com/terms/d/daily-money-manager.asp

2. Are there industry standards and code of ethics to which you adhere?

Yes. As members of AADMM (American Association of Daily Money Managers), we follow the principles found in the association’s Standards of Practice and abide by the Code of Ethics

3. What is AADMM?

Founded in 1998, it is a national membership organization representing over 700 individuals & businesses in the growing profession of daily money management. It provides professional development and accreditation to members.

4. How long have you been working as a daily money manager?

Since 2008.

5. What kinds of professional insurance do you have?

Professional Liability
Errors & Omissions
Fidelity Bond
Additional insurance will be added as requirements arise

Can you provide a reference?

Yes. Our references will include 2 clients or their family members, at least 1 professional, and a personal reference.

Services & Billings

7. What will EDCNB do for me?

We will help you with all aspects of your day-to-day finances. We do not duplicate work done by your other professional advisors.

8. What types of services do you provide?

Pay bills – personal, commercial, season, other
Reconcile accounts
Manage/Make Deposits
Provide income/expense tracking
Provide accurate financial records and quarterly reports
Manage/monitor insurance claims (Health, LTC, Medicare, etc.)
On-line file storage – EDCNB Secure^TM
Negotiating with creditors
Organize tax information
Work with other advisors/professionals (Financial, accountants, lawyers, insurance agents, geriatric care managers)
Special projects on request

9. Besides paying bills, what services do you offer?

See our outline of services in question 8 above.

10. How will the work be managed?

We will take care of all your financial worries from receiving the bills and statements to processing payments, reconciling accounts, alerting you to things that you need to take care of to managing the paper.

11. Are you willing to work with my other advisors?

Yes. At the request of our clients, we frequently work with accountants, financial managers, estate attorneys, elder law attorneys, geriatric care managers, and insurance agents.

12. Can EDCNB show me where I'm spending the most …or too much. This is a time consuming part of managing my finances.

Yes.

13. How will EDCNB anticipate and manage my changing financial priorities?

Communication is key. As a trusted 3^rd party, we have our finger on the pulse and recognize changes in patterns and will bring it to your attention if you’ve not spoken with us.

14. How often will you need to come to our home?

We like to do the work in our office. This frees up your time and helps us be more efficient. So when we meet at your home we can focus on the “bigger picture”, answering questions, talking about special projects or requirements that you may have. In homes are billed at a 2-hour minimum.

15. Currently I track my spending…will I not have to do this anymore?

We track all your income and expenses so that you do not have to do this any more. We will provide you reports on an agreed upon basis.

16. I currently have bill pay set up through my bank and use QuickBooks to track my business expenses. What will EDCNB do differently/beyond what I currently do.

We will do it for you and provide you the information so you can monitor your expenses.

17. Will EDCNB track my investments and retirement account, and ensure I receive the proper tax documents for annual filing?

We will monitor the statements, not the actual investments. Tracking the actual activity of your investments is up to you and your financial advisor. As part of tax organizing, we make sure that the appropriate tax documents are in hand for your accountant.

EDCNB Secure^TM

18. How will I know that the bills have been paid?

The paid bill will be available in your “on-line file cabinet”, accessible 24/7. Should you have any questions, simply ask us – email or telephone.

19. If my attorney needs access to my financial records and documents, can I grant him access to the site and my files or will I need to take the time to find them for him?

Yes. There will be a set-up fee for login credentials and access to the designated documents.

New Clients

20. What are the costs of your services?

Our initial assessment is free.
We have a set up fee, which includes: extensive information gathering and analysis; establishing on-line file storage, access, and training in EDCNB Secure^TM; establishing client financial software, and executing change of mailing address for financial documents.
Depending on the level of complexity, we come out with an estimated fee for monthly services provided by EDCNB.

21. How do I know what I need?

We will help you determine how little or how much you need. We will work with you and give you options.

22. How often do you usually visit your clients and what do you charge for travel?

We visit our clients at their request. Clients determine the frequency. We do not charge for travel within a 10 mile radius. Beyond that, it is $50/hour of travel time.

23. How often will we see or speak with you?

We encourage communication. The frequency with which we speak or visit with you is up to you.

24. How does EDCNB create a plan of my finances?

We have specific information that we request and supplement that with questions as they arise.

25. How will the work get done?

We do the work in our offices.

26. How will the work be managed?

27. Peace of mind is my highest priority but my current life circumstances are consuming all my attention. If i don't reach out, will EDCNB keep the line of communication open and reach out to me proactively?

Yes, absolutely. Staying in touch is extremely important. We can do it by phone, email, Skype, FaceTime and in person.

28. How do I have control when EDCNB manages my finances?

Because we are intimately involved with your day-to-day transactions we are able to provide your reporting which puts you “in the know” and allows you focus on the big picture without dealing with the details. You are in control.

29. How will EDCNB understand my personal financial processes and preferences so that I can be truly "hands-off"?

As a new client, we will go to great lengths to clearly understand your personal finances, your preferences – what they are, what’s important to you, and what your expectations are. We make it easy.

Terms & Conditions

30. Do you require and/or provide a contract?