Do You Need an IT Consultant . . . or a Different One?

Friedman, Gregory
March 2004
Journal of Financial Planning;Mar2004, Vol. 17 Issue 3, p28
Academic Journal
This article focuses on the role of IT consultants in the effective implementation of both hardware and software solutions for financial planning firms. The benefits of having an effective IT consultant can be substantial. A consultant can save a substantial amount of time for the principal that can be used in more profitable endeavors, such as developing new business. There are several key qualities to look for when selecting an IT consultant. They include the following: knowledgeable; current on technology trends and tools; open-minded and flexible; great communicator; reasonable cost; availability. Knowledge of the financial services industry and the financial planning profession is an advantage, but it is not essential. To find a consultant, take the following steps: (1) find potential candidates; (2) interview them in your office; (3) check references. After finding an IT consultant, the next step is to develop a strategic plan for the overall IT systems. Within the context of the strategic plan, select one specific issue to address. The significance of technology in the efficient and effective running of a financial planning firm cannot be overstated. Taking the time to find the right help can provide a significant boost to the continued growth and development of a financial planning firm.


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