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.


Related Articles

  • TECHNOLOGY NEWS.  // Credit Union Journal;1/19/2009, Vol. 13 Issue 3, p13 

    The article offers news briefs related to the financial services industry in the U.S. Cuna Technology Council has given Jwaala with the Best of Show Award recognizing the success of their MoneyTracker personal finance solution during the Retail Delivery Conference. The spending on global...

  • Industry SnapShots: INDIA INFORMATION TECHNOLOGY.  // Acquisdata Industry SnapShot: India - IT;7/24/2014, preceding p1 

    The article reports on India's information technology industry and including its leading companies, financial services, and financial management as of July 24, 2014

  • DIAMOND'S DISCONNECT. Streit, Meghan // Crain's Chicago Business;5/19/2008, Vol. 31 Issue 20, p4 

    The article reports that the financial industry's slump is roughing up Diamond Management & Technology Consultants Inc. based in Chicago, Illinois. Shares of Diamond are down 61% over the past 12 months, among the worst performances for information technology service providers. Financial...

  • Navigate Your School to Smart Software Choices. Weidenhammer, John // School Business Affairs;Oct2009, Vol. 75 Issue 9, p34 

    The article discusses the eight turnkey approach for software requests for proposals (RFPs) that can help schools to easily choose what financial management and human resources software meets their requirements. Among the steps are recognize that choosing a software is a business decision and...

  • Expect Tougher Cyber Measures From Regulators. Kite, Shane // Securities Industry News;10/27/2003, Vol. 15 Issue 42, p8 

    Reports on several regulatory and industry measures that were developed to bolster the cyber security of financial services in the U.S. as of October 27, 2003. Changes in the visitation and examination process conducted by the New York State Banking Department to address information technology...

  • Wiring Asia. Mehra, Nina // Asian Investor;Sep2008 Supplement, p4 

    The article discusses the factors driving the use of trade and risk management technology in the financial services industry and explores the technology's utilization level in Asia. It cites that the sector's increased spending on technology was largely driven by clients' concern over...

  • Effective IT strategies: For acquiring, retaining and cross-selling customers. Moore, Jim // Illinois Banker;Oct2005, Vol. 90 Issue 10, p31 

    The article discusses effective information technology (IT) strategy in the financial services industry in Illinois. IT investments at present target much more conservative goals like improving communication, information distribution and process management. IT innovation focuses on the factors...

  • The tower of babble. Young, Stephen // Money Marketing;5/12/2005, p41 

    Reports on the need for technology providers in the investment advising market to address the needs of information technology users citing the emergence of four specific user groups with varying levels of understanding and ability. Categories and types of financial advisers who have knowledge...

  • Firms Seek to Control IT Costs Even as Economy Begins to Recover. Morgan, John // Money Management Executive;10/19/2009, Vol. 17 Issue 40, p1 

    The article reports on the significance of information technology (IT) cost control to the economic recovery of financial service firms in the U.S. It notes that these firms were compelled to make reductions in staff levels. Chief technology officer Michael Stoeckert suggests firms to be...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics