How Carefull Simplified Client Account Monitoring for This Daily Money Manager
Daily money manager Jeremy Nachtigall, founder and principal of Daily Navigator, LLC, was looking for an easier way to keep tabs on his aging clients’ daily finances and provide more protection for them. Carefull was the solution.
An easy way to see multiple accounts in one place
As a daily money manager and founder of Daily Navigator, Jeremy Nachtigall helps manage daily money matters for older adults. His clients and their families count on him to keep tabs on what’s going on in their accounts to make sure bills are paid on time, mistakes aren’t made and their money is safe.
Using Carefull has allowed Jeremy to see all of his clients’ accounts in one place. “What made Carefull stand out to me and why I decided to use the software and product was because I liked the way it consolidated all of the account information for my clients so that I can get a good concise picture of their spending patterns,” he says.
A second set of eyes
Jeremy’s clients count on him to be a second set of eyes for them. The challenge, though, is being able to monitor multiple accounts around the clock so nothing slips through the cracks.
Because Carefull’s proprietary technology leverages machine learning and data analytics to identify ordinary spending patterns, it can immediately spot anything out of the ordinary. Carefull monitors accounts 24/7 for issues that commonly affect older adults—such as late and missed payments, duplicate payments, changes in spending, signs of fraud and much more—then sends alerts when it spots something unusual.
Carefull’s alerts helped Jeremy catch two charges for the same service within a week of each other in one of his clients’ bank accounts. “Upon further investigation, we found that he had been signed up for another service at the same company that he no longer used but was unaware he was still paying for it,” Jeremy says. “Had I not had the app and gotten the alert, that’s something that would have just fallen by the wayside.”
“What’s easy about using Carefull is that if there’s something unusual going on in an account that’s flagged, I get an email letting me know,” he says. “That helps me in building my relationship with my client.”
Provide protection against scams and fraud
Protecting aging clients from scams and fraud can be a challenge for a fiduciary company such as Jeremy’s. With Carefull, he and his clients get an added layer of protection.
“My business has been impacted positively especially because of the fraud protection and identity theft protection that Carefull offers,” Jeremy says. “There’s fraud going on all over the country. It’s being targeted to the senior community, which we all know. To be able to offer this service of fraud protection is a very value-add feature.”
Carefull monitors credit and personal information for misuse. In case something does go wrong, Carefull provides $1 million in identity theft insurance coverage and 24/7 customer service support to help resolve identity theft.
Build trust with prospective clients
As a daily money manager, Jeremy needs to have access to his clients’ financial accounts to monitor them. However, prospective clients aren’t always prepared to give him their banking information. Carefull provides a solution to security concerns, offering fraud and identity monitoring while itself using bank-level security.
Carefull’s service is view-only, meaning that neither Carefull nor those who use it can make transactions within the accounts that are being monitored.
“Because this is a new field, it’s very difficult to gain the trust of a client who finds you on the Internet because you’re not a name brand,” Jeremy says. “To be able to lead a conversation with ‘I can offer you this kind of protection’ is very powerful.”
Foster communication and deepen client relationships
Jeremy works with older adults and their family members. In fact, it’s often adult children who reach out to him to get help with overseeing their parents’ daily money matters. So it’s important for him to be able to keep the lines of communication open and keep all stakeholders informed.
Carefull makes collaboration easy. Users can add family members and trusted financial professionals to their “Circle” of support to communicate within the Carefull app and resolve issues that arise. It’s this feature that makes Carefull unique and especially useful to Jeremy’s daily money management business.
“The one word I would use to describe my experience with Carefull is fantastic,” Jeremy says. “Carefull is the first company that provides a service focused on the elder community and their adult children, who are managing not only their own households but also helping to take care of their parents.” Being able to provide this service to his clients and their families has allowed Jeremy to build stronger relationships and make a bigger impact—all while making it easier for him to do his job.
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