Creative Destruction

Walker, Lewis J.
July 1995
Journal of Financial Planning;Jul95, Vol. 8 Issue 3, p107
Academic Journal
This article focuses on financial planning. Planners can sense the trend as reflected in booming individual retirement account rollover business and planning for outplaced executives from downsized corporations. Even as giant enterprises announce another round of personnel pruning, the economy continues to grow. Planners have been part of a process of creative destruction, as computing power put more information and capability at disposal, regulatory barriers fells and confused consumers wrestled with growing complexity in financial products, services, and changing tax laws and governmental regulations. Financial planners have been ahead of the curve in the race to the tomorrow of today. The forces of creative destruction portend both opportunities and problems for the practitioner of the early 21st century. Technologies required large amounts of money and masses of workers to make them profitable. But with the microchip, advanced technology and vast amounts of information can be tapped for only a few thousand dollars.


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