The Quest for Technology Nirvana

Opiela, Nancy
March 2004
Journal of Financial Planning;Mar2004, Vol. 17 Issue 3, p32
Academic Journal
This article focuses on the insights of several financial planners on issues facing their firms. According to the planners, technology nirvana includes everything from a comprehensive financial planning software package to better assistance with compliance issues. David Landers of Landers & Associates Inc. says planners need a financial software suite that is similar to Microsoft Office. Seamless integration and ability to send continuously updated portable document format files to clients is the only way to keep a financial plan current. There is plenty of high-end tax software that enables electronic mail tax filing to clients, accepting a completed form from them that can automatically upload and generate the tax return. According to Greg Friedman of Friedman & Associates, when it comes to making improvements for specific applications, the technology industry needs to focus on portfolio management. Friedman's portfolio management ideal is an application service provider model, meaning it is Web-based; maintained and upgraded outside the office; and has all the accounting, reporting and management capabilities of several popular solutions. He also wants account aggregation--the further ability to have other accounts, debts and liabilities like credit card debt, mortgages, even frequent-flyer accounts--all managed by the same system and included in a report along with assets.


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