Dollars and Sense: My Daily Money Manager of Irvington

Our spotlight today is on Alan Grotenstein, Owner and President of My Daily Money Manager.

Business: My Daily Money Manager
Owner: Alan Grotenstein
Website: www.mydmminc.com
Address: 155 Fieldpoint Dr., Irvington, NY 10533

How did you come up with the name?
A daily money manger is a person that provides personal assistance in the home for those that cannot or do not want to deal with bill pay, balancing their check book, filing medical claims, etc. We are generally thought of as "Personal Assistants."

We market any Securities or insurance products.

Why choose that location? Why start a business in Irvington?
I started my business in my home because most of my work is done in the homes of my clients. Irvington is centrally located to Westchester, NYC and  Rockland county where most of my business comes from.

Briefly, what business are you in?
Peronsl Assistnace in the home for those seeking simplicity and order in running their daily finacial life.

What's the most difficult moment or challenge you've faced as a business owner?
My biggest challenge is getting prospective clients to understand exactly what we do. Many people think that we sell Securities or insurance. We do not. We are personal assistants.

Were there any challenges that made you second guess your decision to be an entrepreneur?
NO. I have been in sales helping clients solve problems my entire working life. Being a Daily Money Manger allows me to help those who do not have the time or ability to run their personal financial lives. Many of my clients are disabled.

What's been your favorite moment or proudest achievement since opening?
My favorite moment is when my clients see how much more safe, secure and in control once I have set them up.

What's the most innovative idea your employees or customers have had that you put into practice?
Putting up a website and/or joining local organizations that support seniors and those that are disabled.

How do you deal with difficult customers?
Many of those that are disabled or elderly are terrified that hey can no longer run their financial lives successfully. In this regard all my clients can at first be difficult. I must learn exactly how they work and slowly change procedures to make their lives easier.

How does your business give back or get involved in the community?
We are members of several Westchester and NYS based committees that support the elderly.

We also have a sliding scale fee for those that have limited resources.

The plan behind this new series at Patch is to shine the spotlight on all our favorite local businesses, and to learn a little about the ones we may not know that well.