Daily money managers help older adults handle everyday finances
Updated
Updated · MarketWatch · May 6
Daily money managers help older adults handle everyday finances
12 articles · Updated · MarketWatch · May 6
About 600 managers in 45 states charge roughly $75 to $200 an hour for tasks such as paying bills, tracking expenses and organising estate paperwork.
Support can help seniors stay independent longer and may reduce fraud risk by monitoring transactions, as FBI data showed 147,127 elder-fraud complaints and $4.9bn in losses in 2024.
The industry is not regulated or licensed, though AADMM members undergo background checks and can earn voluntary certification requiring 1,500 hours of experience and an exam.
With elder fraud rampant, how do we ensure a money manager doesn't become the ultimate financial predator?
If financial errors are early dementia signs, could money managers become a new frontline for cognitive health?
Are money managers the new safety net for a rising number of 'solo agers' without family support?