I met Chris Baker of Baker DMM. LLC about a year ago though a mutual friend. I was interested in what he did with the senior population and how he helped them with their day-to-day finances. In speaking with Chris, he mentioned that studies show that elderly people are conned out of $2.9 billion every year, but experts believe only 1 out of every 30 cases of elder financial fraud are ever reported. We all know people that have their financial house in order and “high-five” to all those seniors that do. However, if you have loved one that might be vulnerable to fraud or simply cannot keep up with their monthly bills or cash flow, Baker DMM can help. One instance of fraud can wreck someone on a fixed income.
I asked Chris to share some of his wisdom on seniors and money and he was kind enough to send me the piece below. Take a read…and If it sounds like your loved one, give him a call. He can help.
“Signs an Elderly Person May Benefit from a Daily Money Manager
All types of people can benefit from having a daily money manager look out for their personal financial interests. It can make life so much easier to know you can rest assured your money is being managed on your behalf.
The elderly benefit from a daily money manager for a number of reasons. They generally have a nest egg that needs watching over, but whether it be from a cognitive or physical impairment, they may have a tough time doing so on their own. In addition to these issues, elderly individuals are often targets for people who may not have their best interests at heart. Sadly, many times the people taking advantage of the Senior are the people they know best.
If you know an elderly person who would benefit from the services of a daily money manager, it can sometimes be tough to broach the subject. But there are signs to look for that should encourage you. If you visit them at their home, you may notice some of the following examples:
- House is unorganized
- Mail is starting to pile up
- Valuables have gone missing
- Bills are going unpaid
- Utilities are cut or in jeopardy of being cut
If you are a service provider, you may also notice odd things with their documents. Perhaps a change of address shows up on their financial statements or bills. They may change their power of attorney or loved ones may inform you of a new “friend” who is isolating them. Someone new may even be moving in. If you ever notice new relationships, signatures, or documents that might seem suspicious, this should set off alarm bells.
So whether you’re a loved one, or a service provider, if you see any of the above mentioned events occurring, please reach out to Baker DMM so we can figure out the best way to help your loved one or client.”
Thanks for the info Chris…I know I am going to keep my eyes peeled for those that might be in distress. If you want to contact Chris, please see a link to his website below, a testimonial (let’s face it, we want to know who handles out money!) and his contact information.
Cris Baker, CPA