Q&A on Technology Fundamentals

Friedman, Gregory H.
July 2003
Journal of Financial Planning;Jul2003, Vol. 16 Issue 7, p30
Academic Journal
The article provides answers to questions related to the use of technology in financial planning. One should start by doing two things: document the current state of the technology setup, and take time to develop a picture of what he/she is trying to accomplish. The most important step in looking at software solutions is to determine with as much detail as possible what one is trying to accomplish. There are many great sources of information available, including industry meetings such as the Success Forum of the FPA, industry discussion groups, industry journals, the Internet and industry consultants. There are several types of consultants to consider. The consultant can be a generalist, providing advice and setting up things such as networks, firewalls, security and office e-mail. Another type of consultant would be familiar with the financial planning profession and be knowledgeable about the software and issues. Many times the marketing of software programs, although generally reliable, understates requirements necessary to perform as described. Although many firms spend a great deal on technology, many more firms do not spend enough. It is not unreasonable to spend as much as 10-15 percent of revenue on technology.


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