Planner Technologies Need to Talk to Each Other�

September 2004
Journal of Financial Planning;Sep2004, Vol. 17 Issue 9, p22
Academic Journal
This article presents the results of a 2004 Financial Planning Association study on technology and Internet usage of financial professionals in the U.S. According to the study, integrating client information from disparate sources and investment products with the financial planner's portfolio management software is the biggest technology challenged faced by planners. The report says more than half of respondents find it difficult or very difficult to provide clients with integrated statements for all investable assets, including those they do not manage. Electronic downloads, particularly of annuities, were not always available or did not mesh with their systems. Consequently, planners and their staff have to key in client data, and sometimes have to re-key it several times. As of September 2004, one-third of planners surveyed successfully integrate client investment data into their software by downloading directly from product suppliers. But many planners are unaware of the firms that offer this service, according to Nanette Cuccia, president of the Forest Hill, New York, research firm Pyramid, which conducted the study. According to her, for key relationships, wholesalers might consider helping planners in the download setup.


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