Critical Year 2000 Decisions

Morrow, Edwin P.
February 1999
Journal of Financial Planning;Feb1999, Vol. 12 Issue 2, p32
Academic Journal
The article offers a look at possible scenarios facing financial planners regarding the year 2000 (Y2K) computer crisis. Most software problems will be fixed before the millennium date--or repaired shortly thereafter. Interruption to business and commerce will be mild and anomalies will be swiftly corrected. Even cash will lose value as the Treasury prints billions of dollars for redemption from massive surrenders by the Japanese of U.S. bonds to prop up their economy, predicted to suffer greater impact from the year 2000. Some companies, domestic and foreign, will experience severe Y2K problems that devastate their earnings and values. During 1999, planners communicate regularly with their clients, sending a few bulletins, providing Y2K portfolio reviews and holding periodic briefing seminars. Clients are invited to bring family members, friends and business associates by reservation. As the millennium approaches and fear increases, more people turn to planners for steady advice and resolve. Y2K will be an inconvenience unless one use it as an opportunity to increase the client base. The millennium inexorably approaches. Competition seems limited primarily to each practitioner's ability to meet a sufficient number of the desired class of clients, present his or her services effectively and close the engagement on the right terms.


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