Years ago, I was asked to manage a friend's finances. He was having a hard time with impulsive behaviour causing a bancruptcy. He did not give me all his money/paycheck/etc so that I could make him money. He gave it to me, so that he could not spend/lose it. He just needed someone that he really trusted. He had already burnt out his family. (Well, they did not understand his hell and he needed discreet help)
He did have bank accounts in his name, but he did not have access to it.At first, he simply trusted me, but, later I start using power of attorney and signed agreements when more clients came on board.
His paycheck would be electronically deposited, and I used a bill payment service for the large $ items like mortgage/etc. He was given a weekly spending allowance.
Since, I provided a stable/consistant finance environment, this helped him focus on the counseling and other forms of help to get off his 'roller coaster'. Eventually, he did not need my service anymore.
Thru word of mouth, I became responsible for new clients but I remained a stable financial coach only. My only compensation is via transaction fees.
I am like a bill payment service, except that my clients volunteer to give up access to their own assets. A 30day termination delay helps clients make it thru their bad days. I actually don't get much drama, even from the trust fund kids/high earners with addiction problems.
All of this is not my day job, and I don't need/want more clients.
Are their 'real' businesses like this?
Sorry, i know this is the wrong section but it unique clients and there are similarities.
Thanks