WELCOME
Providing the Support You Need
Operating as Cummings Daily Finance, Rick Cummings acts as a Daily Money Manager (DMM). A DMM is a professional who provides personal financial and household services to individuals and families, such as the payment of bills and record keeping, the attention to matters relating to the proper running of a home and much more. My practice focuses on older adults, people with disabilities and busy professionals.
ABOUT ME
I am a retired attorney who specialized in international business and financial matters for nearly 40 years. As a DMM, I apply my skills and talents in serving seniors and busy individuals who are having difficulty keeping track of their financial and business affairs. In particular, I strive to assist individuals in maintaining their independence and sense of self-respect by organizing their financial records, providing accounting services and paying their bills as a personal bookkeeper. The common label for a person who performs these services is called a daily money manager.
I am a member of the American Association of Daily Money Managers (AADMM), whose mission is to support daily money management services in an ethical manner, to provide information and education to members and the public, and to develop a network of dedicated professionals. AADMM's code of ethics and adherence to high standards of practice are what help strengthen the DMM community. For more information regarding AADMM, go to aadmm.com.
SERVICES
Illustrative Assignments
I provide a variety of daily personal financial and business services, including:
preparing checks and online payment of bills
assessing propriety of financial commitments
tracking pledges
making bank deposits and reconciling bank statements
dispensing cash
updating beneficiary designations
re-titling assets
arranging donations (e.g., unused cars)
organizing tax documents;
tracking medical insurance claims
reviewing and sorting mail
communicating with creditors
tracking investments
such other services as may be determined
Who Needs a DMM?
Different types of individuals can benefit from the services of a DMM, including:
Older adults who find the task of handling bills, deposits, and payments to be challenging
People who are away from home for work or pleasure
Those who prefer to pay someone to handle their daily finances
Busy professionals who don't have the time needed to handle personal business affairs
Persons with disabilities that prevent them from being able to handle their financial matters themselves and
High net worth individuals and families with complex financial lives
A DMM can be one of a variety of professionals that is retained to help an individual manage personal finances. Such professionals might include an accountant, financial advisor and/or attorney. The separation of functions among a DMM and those persons can save money and prevent possible conflicts of interest that could arise when the person handling the client's financial assets is also the one who advises, tracks and reports.
Customized Services
My services are tailored to meet the specific needs of each client. I serve as another set of eyes in seeing to it that the client's financial and household affairs are running smoothly. In doing so, I work collaboratively with the client (and, when authorized, their loved ones and representatives) in keeping his or her affairs in order.
DMMs handle highly personal and confidential matters for their clients. As in any business transaction, personal judgment and instincts are important when deciding upon an individual's advisors. Given my long history as a business attorney, I feel I am well qualified to help individuals in the management of their personal business affairs. In serving my clients, I exercise proper discretion and value each individual's dignity.
Retention of a DMM can allow an individual to maintain his or her independence due to the fact that the DMM assists client finances while keeping the client involved in decision-making. With the support of a DMM, clients can focus on things that are more enjoyable for them while at the same time avoiding the risk that financial obligations may "fall through the cracks."
Each client's situation is unique. You may want me to handle all your daily money management tasks, or you may prefer to handle some responsibilities yourself.
Typically, the first few months of a DMM assignment are more intensive. Outstanding items are dealt with and a process that allows routine financial tasks to run smoothly is implemented. As order comes to a client's finances, the amount of time needed to be spent on them should decrease. My time is charged on an hourly basis. Please contact me for the current hourly rate.
CONTACT INFORMATION
Richard C. Cummings
2320 Swainwood Drive
Glenview, Illinois 60025
312.404.1087
