There is nothing like the experience of a great concert. Whether it’s your favorite band, a symphony orchestra, a wonderful choir or just a jam session, hearing a group of people work together in harmony just feels right.

I sing with a big band. There are 18 other members in the group, and we need each one of them. Each musician brings their own expertise. Even though we’re all moving to the same beat, we’re each moving in our own area with our own part. We need Susan on drums, keeping the time. We need our rhythm section laying down the bed. We need Fish on keys, fleshing out the song. We need Kenny lighting up the sax solo, and we need those trombones and trumpets filling up the middle and taking the lead when it’s their turn. When we’re all performing in the zone, it’s hard not to want to dance along.

How does this relate to finances?

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. For instance, I can play piano, but I was trained classically. Fish, on the other hand, plays jazz like I never could. I need his skill on my team. While some of the skills may overlap, they are each unique, stand-alone professions. All are necessary, and finding the right players is key to success.

Your players should include these professionals as a start:

  • 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 assistance with project funding.
  • An insurance agent to help protect all you have gathered along the way.

Who can help with assembling this team?

Your Daily Money Manager (DMM). Simply put, a DMM is a person who takes over day to day financial tasks. Your Daily Money Manager is familiar with all the areas that touch your financial puzzle and works with each piece on a regular basis.

Maybe you aren’t quite sure of the best way to file payroll tax returns? Your DMM knows. Trying to make the most of potential tax deductions? If there is a gray area, your DMM know the questions to ask the tax accountant. Did your 10-page tax organizer wear you out or maybe leave you a bit confused this tax season? Your DMM is familiar with not only tax terminology, but also your unique financial situation. 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 (American Association of Daily Money Managers) who does, and they can help secure a referral.

Your DMM will 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.

Whether established relationships with the professionals mentioned above are already in place, or you need some help assembling advisors, a Daily Money Manager will review your current situation and help build out the team to fill any financial holes, exposing you to unnecessary liability.

LBMC offers Daily Money Manager services within the Family Office practice. As an added perk, our Family Office team is integrated within the LBMC Wealth Advisors practice, providing continuous interaction with our Tax and Investment Advisors practices. Don’t hesitate to reach out to your LBMC contact should you need help getting started.

Once in place, the professional team will hum in beautiful harmony, playing the soundtrack to your financial goals.