The American Association of Daily Money Managers has 637 members, a 27% increase since 2005. A growing number of other professionals, including accountants, geriatric-care managers and private bankers, also offer similar services.
When we think of seniors and the care they need, we often think of medical problems and solutions for their health. But we also need to consider basic financial needs for our elderly loves ones, such as money management.
For seniors money management challenges can be as basic as paying bills, let alone understanding their savings and investment decisions. As a recent article in The Wall Street Journal considers, one growing solution to this dilemma is hiring a money manager.
The article, titled “A Little Help With the Bills,” explores the void a money manager may fill when the skills of a financial planner aren’t needed or when financial execution is as necessary as financial planning.
The services of a money manager may give you some peace of mind when it comes to your elderly loved ones, while offering some same safe controls for their finances.
Reference: The Wall Street Journal (July 27, 2012) “A Little Help With the Bills”