The term “vendor” typically brings to mind companies who sell products or services to other businesses. But individuals use vendors, too. Our utility providers, cable company, dog walker, lawn care crew, cleaning service, and even our bank are examples of household vendors.
Any of these vendor relationships could require attention at various times and for different reasons. Every company has its own scheduling procedures, payment policies, point of contacts, and service terms. Engaging Baker DMM to provide household vendor management services helps seniors and their caregivers navigate vendor demands.
Equally important, engaging Baker DMM for household vendor management adds a layer of protection between susceptible seniors and the product or service providers’ intent on taking advantage of their vendor relationship to financially exploit an elderly customer.
Responsible household vendor management for seniors begins with a thorough review, ensuring best matches between your senior relative’s service needs, their vendors, and of course their financial resources.
Led by a Baker DMM team member and conducted with the senior (when possible) and/or their caregiver, our goal is ensuring each current household vendor is necessary, affordable and performs as promised. We’re also looking for any past due balances.
A household vendor review is also an important part in taking care of an elderly parent’s finances because it could reveal critical warning signs of the senior’s decreasing financial competency or financial exposure. You may learn they need more comprehensive financial help than originally thought. A senior’s failure to pay bills in a timely manner could signal decreasing financial awareness; carrying partial balances could indicate low funds which in turn may suggest fraud or theft.
With the household vendor review complete, Baker DMM attends to ongoing vendor management tasks as necessary including but not limited to:
Reviewing credit and payment policies
Addressing quality control issues
Building relationships
Resolving disputes
Ensuring timely payment in full
Unscrupulous vendors often prey on the elderly, marking them as perfect targets for financial exploitation. Our mission is to protect your senior relative from these vendors! Baker DMM works to ensure your household vendors deliver reliable, quality products and services, at agreed upon rates, with integrity and respect.
Certainly, the senior, or perhaps the caregiver depending on the situation, is the final decision maker. You may choose any vendor or make a potentially risky financial decision. Baker DMM does not force our clients into uncomfortable situations or to accept advice.
Our purpose is to become a trusted partner by helping our clients maintain excellent financial health through affordable solutions to daily money management problems. Attentive, practical, and consistent household vendor management is just one of those affordable solutions. Call us, let’s talk about all the ways Baker DMM helps you protect your elderly parents’, or another senior relative’s, financial future.
Baker Daily Money Management is your economic first responder...
... guarding against theft, reducing exposure to financial fraud, and protecting family assets. Our clients hire us on their terms, for limited or extensive services. As their financial advocate, our clients invite us into their homes or join us in our offices to assist them with everything from mail review to bill paying to long-term financial decision making. We’ll design your financial caregiving plan according to a proven, reliable process then flex it to meet your specific needs.
