Financial Services

What financial services are relevant to seniors?

Financial services for seniors fall into two main categories: financial planning and daily money management. Whether you need help building a long-term strategy or someone to handle day-to-day tasks like paying bills, Michigan has professionals who specialize in working with older adults.

What does a financial planner do?

A financial planner creates a personalized strategy around a senior's goals, income, and assets. They can advise on — and help secure — financial products like investments and trusts, and coordinate across areas including:

• Retirement — Maximizing 401(k)s, IRAs, and other vehicles to ensure lasting financial independence.
• Taxes — Reducing tax liabilities and improving cash flow, including referrals to a tax preparer when needed.
• Estate — Planning the accumulation and distribution of assets — home, investments, and personal property — both during life and after.
• Insurance & risk — Evaluating health insurance, long-term care insurance, and other coverage to manage financial risk.
• Investments — Building and managing a portfolio for growth, income, and inflation protection.
• Cash flow — Advising on debt management, spending habits, and day-to-day financial decisions.
• Education funding — Setting aside money for grandchildren's tuition through 529 plans and similar vehicles.

What does a daily money manager do?

A daily money manager (DMM) handles the routine financial tasks that can become overwhelming with age or illness — freeing seniors to focus on living rather than paperwork. Typical services include:

• Reconciling bank statements
• Monitoring accounts and credit card activity for errors or fraud
• Organizing and paying monthly bills on time
• Establishing and maintaining a household budget
• Organizing vital records and financial documents

Who benefits most from a daily money manager?

DMM services are especially valuable for seniors who:

• Have difficulty keeping track of bills or financial paperwork
• Struggle to write checks due to arthritis or other conditions
• Have limited mobility or transportation to visit a bank
• Are at elevated risk for financial scams or elder fraud

DMM services also ease family dynamics — when a professional handles finances, adult children can focus on their relationship with their parent rather than managing their money.

How to find DMM services in Michigan

DMM services are offered through several types of organizations:

• Area Agencies on Aging (AAA) — Local AAAs often connect seniors with volunteer-based DMM programs. Use the federal Eldercare Locator to find your local AAA.
• Nonprofit programs — Organizations like the AARP Money Management Program provide bill-paying and budgeting help to low-income older adults through trained volunteers.
• For-profit DMMs — Private professionals typically charge $25–$100 per hour, with most clients needing around four hours of help per month.