Daily Money Managers: What They Do and What to Check

Updated August 3, 2026. Quick answer: a daily money manager handles the administrative side of personal finances — bills, statements, paperwork — for people who can still decide but no longer want to, or can no longer manage, the mechanics. The occupation is not licensed by any state we could verify, so the checking is on you.

What they do

Per AADMM’s own site, daily money managers deliver essential personal financial services to seniors and older adults, people with disabilities, busy professionals, high net worth individuals, small businesses and others – including bill payment, payroll-related tasks and bookkeeping.

For someone without family this fills the third of the four seats — the person who does the work. The other three.

The credential, and a correction

The credential is the CDMM, Certified Daily Money Manager, awarded by the American Association of Daily Money Managers. We checked because sources disagree on the initials: CDMM (Certified Daily Money Manager).

What we confirmed from AADMM directly: The CDMM is valid three years. Renewal requires 20 continuing-education credit hours – two of ethics, ten of payroll, finance, bookkeeping and bill-paying, eight of standards of practice and types of expenses – plus a $150 member or $200 non-member recertification fee.

What we could not confirm, and it is the part you most want

The following pages were unreachable, so none of it is published here:

• the initial certification requirements – exam, experience, background check, bonding – the page 404’d
• the explicit scope boundary, i.e. what a DMM does NOT do
• whether any state licenses daily money management
• AADMM’s own consumer guidance on how to vet one

The scope boundary is the item that matters most and we do not have it from the source. So treat the following as the questions to ask rather than as a description of the profession.

The boundary to establish yourself, in writing

Whatever the association says, these are the lines you want drawn in your own engagement:

• Do they have custody of anything? The safest arrangement is that they prepare and you sign, with no independent authority to move money.
• Are they an agent under your power of attorney? If yes, that is a much larger grant than bookkeeping and belongs in a separate decision. What misuse looks like.
• Do they give investment advice? That is a different, regulated activity.
• Who else sees the statements? A second pair of eyes on someone with access to your accounts is the whole safeguard.

How to check one

• Ask for proof of bonding and insurance, and the amounts.
• Ask for references and actually call them.
• Run a background check. Nobody has done it for you if the state does not license the occupation.
• Keep a trusted contact on the accounts who is not the daily money manager. Free, and gives away no authority.
• Keep statements coming to you as well as to them, even if you do not read them all.

None of this is suspicion of a legitimate profession. It is the ordinary care you would take with anyone who has access to your money, and it matters more when no relative is watching. Building the layer that notices.

General information drawn from IRS, Medicare, HUD and state statute and regulation, not legal, tax or financial advice. Continuing-care law is state law and differs materially between states; every figure here is year-labelled and every source named. Fiduciary licensing, executor compensation and intestacy are STATE law and differ materially between states. Fee figures are quoted from published schedules on the dates stated and change without notice; nothing here is a substitute for advice on your own facts.