While a professional fiduciary does not take the place of an accountant, lawyer or social worker, their work complements these professional specialties by executing day-to-day tasks. For example, a professional fiduciary can compile accurate financial records to deliver to a client’s accountant for tax preparation. A fiduciary helps clients to maintain independence, ensuring bills are paid and recognizing pertinent issues that should be referred to outside services.
As personal financial matters become more complicated–finding time to focus on the daily tasks of money management often becomes more difficult. Daily money managers offer services to ensure nothing falls through the cracks, including necessities like paying monthly bills, maintaining tax records, balancing checkbooks, decoding medical bills and negotiating with creditors. Other services may include payroll management, healthcare advocacy or acting in another fiduciary capacity.