TITLE

When Science Clashes with Art: The Financial Planner's Dilemma

AUTHOR(S)
Most, Bruce W.
PUB. DATE
June 1996
SOURCE
Journal of Financial Planning;Jun96, Vol. 9 Issue 3, p36
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
This article discusses the dilemma faced by a financial planner in dealing with a client's feelings about money and other emotional aspects which can't be dealt with the help of any technological advancement, like the computer. There is little doubt that technology is revolutionizing the financial planning profession, as it has many professions. Planners are able to screen investment alternatives and design and monitor portfolios in ways they never dreamed of ten or even five years ago. They can use their computers to track and schedule client activities, generate remainders and lists, and cultivate prospective clients. Despite this vibrant cornucopia of time-saving technologies, there exists a certain uneasiness among some planners about the use and potential misuse of technology. The issue of the misuse of technology has dogged the financial planning profession since financial planning software first arrived on the scene in the 1980s. Planners are however, enthusiastic about what the technology can do. To them, financial planning is, when all the numbers are crunched, a people business, nor a numbers business. It's less a quest to find the efficient frontier of a client portfolio. INSET: Directory of Software Providers and Products Available.
ACCESSION #
5560725

 

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