“…you don’t want that bill payer to be a random person you find online. You want to make sure they’re insured, bonded, and that you check out their website and their background” source: AARP article

What is AADMM?

The American Association of Daily Money Managers (AADMM) is a national membership organization representing individuals and businesses in the profession of daily money management. Daily Money Managers (DMMs) deliver essential financial services to seniors and older adults, people with disabilities, busy professionals, high net worth individuals, small businesses, and others.

AADMM.COM

Standards of Practice

A Daily Money Manager (“DMM”) shall perform duties and discharge obligations guided by the AADMM code of ethics and in accordance with current state and federal law.  To become and remain a DMM in good standing with AADMM, a DMM must adhere to the following principles and standards:

Professionalism

A DMM’s conduct in all matters shall reflect positively upon the profession.

A.   A DMM shall serve clients, colleagues, and the public with integrity and professionalism and shall work to uphold the reputation of AADMM.

B.   A DMM shall disclose, in writing, business conduct that presents or may present a real, perceived, or potential conflict of interest, and if a potential or actual conflict of interest exists, a DMM shall request informed consent, confirmed in writing, from each affected client.

C.   A DMM shall show respect for other DMMs and related occupational groups by engaging in fair and honorable competitive practices.

D.  A DMM shall maintain all licenses, permits, certifications, and insurance required by law for the provision of services.

E.   A DMM shall not practice any other profession or offer to provide such services unless the DMM is qualified to practice in those fields and is licensed as required by law.

F.   A DMM shall not require, as a condition precedent to the DMM providing daily money management services, that the client retain the DMM to provide other professional services.

G.  A DMM shall set forth in writing all fee arrangements with the client or other person accepting responsibility for payment prior to the initiation of services.  Such agreement shall be clear, concise, and specific regarding the type(s) of services to be performed; the time and place of performance; the amounts to be charged; the methods of payment; how and when invoices and/or statements will be generated; and such other information as may be reasonably necessary to explain the fees to be charged.  Written acknowledgement from the client will be requested.

Confidentiality

A DMM shall not disclose any confidential or sensitive client information without the specific consent of the client.

A.   A DMM shall respect the client’s privacy and dignity, especially when the disclosure of confidential or sensitive information is necessary.

B.   Disclosure of confidential or sensitive information shall be limited to what is necessary and relevant to the issue being addressed.

C.   A DMM may disclose or assist the client in communicating sensitive or confidential information to a third party when the disclosure would benefit the client. 

D.  A DMM shall keep client information confidential regardless of who pays the DMM.

E.   Before disclosing confidential information, a DMM shall confirm that the client has authorized disclosure to the recipient, whether via a direct verbal communication, a signed power of attorney, or otherwise.

Competence

A DMM shall provide services to clients competently and maintain the necessary knowledge and skills.

A.   A DMM must keep abreast of all areas of education relevant to their clients and their profession.

B.   A DMM shall offer advice only in those areas in which the DMM has competence.  In areas where the DMM is not professionally competent, the DMM shall seek the counsel of qualified individuals and/or refer clients to such qualified parties.

Integrity

A DMM shall provide services with honesty and trust, and the client’s best interest will always take priority.

A.   A DMM shall neither solicit nor accept incentives from service providers.

B.   A DMM shall not be in a position of representing both the client and the service provider.

C.   A DMM shall not provide professional advice, services, or products through dishonesty, fraud, deceit or misrepresentation.

D.  A DMM shall not solicit clients through false or misleading communications or advertisements.

AADMM is committed to ensuring the highest quality interaction between its members and their clients.  DMMs are held accountable to the AADMM Board of Standards to resolve client concerns.