Daily Money Manager
Packages start at $1,500/month.
Time is your most valuable resource. We believe that paying bills and day to day money management shouldn’t distract from your busy calendar. LBMC Family Office will take on the worry and stress resulting from these day to day tasks, allowing your family the freedom to invest in quality time with one another.
Because of the many services that the LBMC family of companies offers, we have the advantage of internally coordinating with other financial services. A personal CFO who can work directly with your team of professionals is always just a phone call away. Contact us to meet the team and enjoy a free consultation to determine how working with LBMC Family Office will benefit you and your family.
Is a personal money manager right for you?
How Daily Money Manager Works
- Bills are mailed or sent electronically to LBMC
- Bills are reviewed, paid & expenses are tracked
- Documents are stored electronically
- Simple, monthly reports are delivered to you
Choose the level of service that fits you best for a single fee:
| List of Services: | Total Money Management | Personal Money Management |
| Bill Payment, Personal Banking & Account Reconciliations |
X |
X |
| Sorting & Electronic Storage of Mail, Expense Tracking & Fraud Oversight |
X |
X |
| Investment & Insurance Checkups |
X |
X |
| Maintenance of Personal Financial Statements |
X |
|
| Budgeting and Cash Flow Management |
X |
|
| Financial Oversight |
X |
Getting Started: What to Expect
- Parties agree to the Terms of Service by signing the LBMC Engagement Letter.
- Your LBMC personal financial manager requests your most recent statements and/or online access to your accounts.
- A list of regularly paid bills is compiled by your LBMC personal financial manager, including due dates and amounts.
- A new checking account will be established with your current financial institution and LBMC will be listed as the signer. We suggest the account be funded to cover three months of expenses.
- Your LBMC personal financial manager will update the mailing address for paper statements, or the email address for electronic statements, to an LBMC address.
- Bills arrive and are paid electronically on the due date. You have the option to approve all bills before they are paid. We monitor the accounts and request additional funds as needed.
- Your accounts will be reconciled monthly. You will also receive a monthly electronic package that will include an expense summary.
Additional Benefits of a Personal Money Manager
- We file annual payroll tax returns for Household Employees.
- We monitor your accounts for fraudulent activity.
- We coordinate with your LBMC tax professional to provide Charitable Contributions, Payroll Taxes, and other deductible expenses we’ve paid.
- With electronic access to your accounts, we can download the annual tax statements and provide them to your tax professional.
- We review and renew Annual Insurance Policies.
- We ensure Annual Exclusion Gifts are made timely and are well documented for tax reporting.
- We coordinate with your tax professional on tax efficient strategies for charitable giving.
- We request your permission to provide periodic insurance and investment checkups.
By hiring LBMC Family Office, you can take advantage of a solution that:
- Provides peace of mind that your bills are paid properly and on time
- Offers individualized, responsive service, with a dedicated, trusted professional
- Provides a professional partner who knows where and how to access personal financial documents
- Ensures personal financial documents are stored securely in one location
- Provides a trusted team who will make the on-boarding process as seamless and painless as possible
- Establishes a streamline of information directly to your tax professional, banker, attorney, etc.
- Simply put, can help you get back to the things that matter most to you
A Daily Money Manager will work with your financial team
In your financial life, it’s important to have a team of trusted advisors to help you make the best financial decisions for your present and your future. Knowing your strengths puts you in a great position to be able to build a great team. While some skills may overlap, each are unique, stand-alone professions and all are necessary. Finding the right players is key to success.
Your players may include these professionals:
- A tax professional to help with filings and compliance.
- An investment advisor to help assess your risk tolerance and meet your goals.
- A lawyer to get your estate plan in place and to help with a successor plan if you’re in business for yourself.
- A banker to help with day-to-day access to money and for help with loans.
- An insurance agent to help protect all you have gathered along the way.
- A daily money manager to handle your every-day finances and orchestrate details for your team.
Your daily money manager is familiar with all the areas that you need covered and works with all team members on a regular basis. Not quite sure of the best way to file payroll tax returns? Your DMM likely knows. If there is a gray area, they know the questions to ask the tax accountant. Do you need help filling out that Line of Credit application? Your DMM is probably familiar with it. Do you need a referral for a caregiver for an elderly family member? Your DMM might specialize in that area. If they don’t, they know someone within AADMM who does and they can help secure a referral. DMMs troubleshoot when requests get tricky. In addition, a DMM brings a process of organization and structure to your financial life, dotting all the i’s and crossing all the t’s.
You might have established relationships with the professionals mentioned above. You might need some help assembling a team. A daily money manager walks beside you to review what is already in place and help you build the team with all the necessary players to meet your financial goals.
