'It saved my relationship with my mom.' These money managers may help if you're feeling overwhelmed helping your parents pay their bills.

By Jessica Hall

An extra set of eyes on these kinds of tasks can help people remain independent longer

Among the responsibilities of a daily money manager are budgeting, bill paying, tracking expenses, monitoring accounts and disputing any incorrect credit-card charges.

In 2017, when Sydney's father was dying, he hired Sharon Zissman to help pay the household bills and oversee the everyday financial nuisances that he feared would burden his wife and family after his death.

That began Zissman's eight-year relationship with two generations of Sydney's family, helping them through the death of both parents and the hurdles of settling their estate.

Zissman is a daily money manager, and was recommended by the family's financial adviser to handle the bills and the details of daily financial tasks.

"She's a bill-payer, but just like a financial adviser has to be priest, rabbi and therapist to their clients, Sharon was that way to us. She did everything," said Sydney, who lives in New York. "We were all very sad and stressed when my dad was very sick and Sharon just understood the situation and was very professional."

Through weekly appointments over nearly a decade, Zissman sat with Sydney's mother and paid the household bills by check, handling everything from the cable bill and utilities to insurance and medical bills.

"It saved my relationship with my mom. It gave us space to have our own relationship instead of me having to explain to my mom constantly how things worked - I didn't have to get frustrated with my mom. Sharon handled the bill-paying and I could remain the daughter," Sydney said.

After Sydney's mother died, Zissman helped her settle the estate, deal with organizing tax papers and bills, and cancel financial accounts.

"We're just very lucky my father had the forethought to do this," Sydney said. "We never had a worry."

Zissman is one of about 600 daily money managers in 45 states who provide everyday financial assistance to older adults. Daily money managers charge different rates depending on the geographic region and tasks involved, ranging from about $75 an hour to $200 an hour and often come recommended through an attorney, geriatric-care manager or financial adviser.

They can help with budgeting, bill-paying, tracking expenses, monitoring accounts, disputing an incorrect credit card charge, fighting an improper medical bill and helping with the winding down of an estate. Some pay bills online for clients, while other write paper checks. They don't give legal, investing or medical advice. They don't prepare taxes, but can help organize documents for a client's accountant. Essentially, they are bookkeepers for families.

A personal financial secretary

Jeffrey Wildstein is a former rabbi who became a daily money manager after helping his own mother after his father died. His mom was overwhelmed by the idea of sorting through all the financial details of the household and asked Wildstein to take over. He eventually shifted into the profession full time.

"It takes a lot of time. You really need to be organized. There are a large number of people as the population ages who need this kind of help," said Wildstein, who is based in Massachusetts. "It's like having your own personal financial secretary."

Many of his older clients often struggle to interact with automated customer-service systems, which can make resolving billing disputes or following up on insurance claims difficult, Wildstein said. He meets with his clients in person to pay bills, settle billing problems or handle insurance issues.

"Some clients don't have smartphones or email addresses and more and more companies are relying on automatic systems that are harder to navigate without being tech-savvy," he said. "It can be very, very difficult for some clients to figure out how to deal with a computer robot who will hang up on you if you can't verify a code quickly."

Having an extra set of eyes and assistance on these kinds of financial tasks can help older people remain independent longer. Most seniors say they any want to age in place, but difficulty handling bills can lead to late fees, canceled insurance policies and problems with credit, and accelerate an unwanted move to assisted living.

The idea of having a stranger involved with their personal finances - or their parents' finances - may make people uncomfortable, especially as instances of elder fraud climb and financial scams become more sophisticated.

In 2024 there was a total of $4.9 billion in losses from 147,127 elder financial-fraud complaints, according to the FBI's Internet Crime Complaint Center data. That's a 46% increase in complaints from 2023, as well as a 43% increase in losses. The FBI said the true extent of the problem is likely even higher since older Americans are less likely to report fraud because they either don't know how to report it, are embarrassed, or don't know they have been scammed.

Donna Olah-Reiken, a daily money manager in the New York metropolitan area and president of the greater New York chapter of the American Association of Daily Money Managers, said having a financial professional deal with daily bills and finances can actually circumvent scammers because a trusted individual is tracking and checking every payment and credit.

"It's a pretty intimate financial relationship. We see all the transactions," Olah-Reiken said. "We can help protect clients from fraud, make sure all the bills are paid, make sure the taxes get paid and reduce any anxiety clients may have about dealing with everyday money matters."

Still, hiring someone to deal with your more personal financial needs involves risk. Members of the American Association of Daily Money Managers must pass a criminal background check, have insurance and follow a code of ethics, but it isn't a regulated industry and doesn't require any special education or license.

Professionals can voluntarily become certified daily money managers through the AADMM, which requires 1,500 hours of experience, passing an exam and a background check. Before hiring a daily money manager, ask for - and check - references, ask for proof of insurance and a background check.

Olah-Reiken, who has a background in finance and information technology, sees some clients in person, while others she helps virtually across the country. Some clients work with her on a weekly or monthly basis, while others need help less often.

"Many people are so anxious and scared about what's going on with technology that having a trusted financial manager oversee things gives them peace of mind," Olah-Reiken said.

-Jessica Hall

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