From May 3, 2018 article here:

“Some 5 million older Americans are financially exploited every year by scammers…  The elderly are also suffering at the hands of greedy, desperate or drug addicted relatives and friends, among others. The total number of victims is increasing as baby boomers retire and their ability to manage trillions of dollars in personal assets diminishes. One financial services firm estimates seniors lose as much as $36.5 billion a year. But assessments like that are “grossly underestimated,” according to a 2016 study by New York State’s Office of Children and Family Services. For every case reported to authorities, as many as 44 are not.”

More information about daily money managers:

From AARP: Need Help Managing Day-to-Day Finances? A daily money manager might fit the bill

Two case studies from American Association of Daily Money Managers (AADMM):

How do Daily Money Managers make a difference?

How hiring a DMM can help Baby Boomers balance caregiving responsibilities

AADMM’s Code of Ethics

From Journal of Accountancy: Daily money management

From Wall Street JournalWhen Aging Parents Need Help With Financial Tasks (subtitle: “Daily money managers can help with bill paying, budgets and even ward off fraud. But trust is essential.”)

Two other informative articles:

DMM: The Most Important Job You’ve Never Heard Of

Is it time to hire a daily money manager?

Other: Tennessee State Board of Accountancy’s Rules of Professional Conduct

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