Daily Money Manager - DMM

Daily money managers are often employed by the elderly, who find it difficult to manage their day-to-day finances. Busy professionals, small business owners, and those who are disabled also use this type of service.

DMMs can do everything from paying bills and balancing a checkbook...to maintaining tax records and handling payroll for a small business.

To help avoid a DMM who runs off with all your money, there's an American Association of Daily Money Managers that works to provide a network of ethical money managers. ​ ​

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Finance: What Does a Personal Wealth Man...84 Views

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finance a la shmoop what does a personal wealth manager do? hmm

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personal wealth. sounds like a big rich guy rolling around in hundred-dollar bills [man rolls in money]

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instead of a mattress. yeah intimate greedish, money licious .so the gallon guy

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behind the screen here usually comes from a stockbrokers background. they

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understand that heavy but kissing of that gig. yeah like that it needs to be

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done to keep difficult wealthy clients happy, so they'll continue paying the 1% [man smiles]

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change a year fee plus whatever other charges they incur like commissions and

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oh you know the other fees. other beware of other. the job is generally housed

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inside of investment banks like Goldman Sachs Morgan Stanley JP Morgan and [skyscrapers]

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others and the banks generally charge that 1% for managing a client's money

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each year year after year after year. so if a wealth manager is handling the

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savings for a client with a hundred million bucks invested with them well

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the fee for just that one client is a million bucks a year and the wealth

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manager has heft or leverage or power. when they negotiate on the client's [equations]

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behalf to get into whatever theoretically exclusive hedge fund or

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private equity fund or other fancy for the rich only investment vehicles are

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out there, and feel hot that day yeah they get discounts because they have

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heft .in theory by being inside of an investment bank the PWM or Private [man lifts weights]

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Wealth manager has access to valuable research or discounted pricing on fees

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in whatever funds might be appropriate for the client and to all of the other

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resources offered by the bank .well how's the economy looking there? well how's

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your cough there mr. client? we have a nice estate and will planning department [man coughs]

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down the hall here if you really are feeling sick. want to donate some money?

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well we can show you a tax efficient way to do that. you know you get all kinds of

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favors ,like that. that stuff tons of services the wealthy need to you know to [fancy building shown]

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stay wealthy. on a day to day basis you are a fork in the road .stock and bond

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research goes through you. you add your own

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spin to it like well I agree with the analyst here I disagree with the analyst [man speaks over folder]

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there, and then you disseminate that research to your clients. and for that

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little ad of salt and pepper to the stone soup of Finance well you get to

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earn a modest salary maybe 50 to 80 grand depending on where you live but

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then annual bonuses that can be in the millions based on how big and lucrative [definitions on screen]

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your clients are. bottom line if you're reasonably good at understanding the

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concept of managing money, and figuring out who's good so you get your clients

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to invest with them, but you yourself are not good enough to be an actual

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portfolio slash money manager, and you know how to butt kiss with the best of [man uses throat spray]

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them well maybe this is a gig for you.

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