A Technology Vision

Friedman, Gregory H.
February 2002
Journal of Financial Planning;Feb2002, Vol. 15 Issue 2, p40
Academic Journal
One of the most daunting challenges facing financial planning firms today involves issues related to technology. This includes what types of hardware a firm should have, as well as what software programs should be bought and used. How technology is used in the future will mean the difference between remaining competitive and thriving, and possibly facing extinction. Technology expenses for many firms consume nearly ten percent of revenue, and how one spends these dollars is important to the firm's success. One has to create a vision to try and accomplish what a firm needs to look like. Many times software is bought for its "bells and whistles" instead of thorough careful analysis of whether one can make it work the way he desires it to. One should look at how he conducts his business, and what types of services his clients desire. The effective use of technology is one of the most important factors in remaining competitive and building a successful financial planning firm. Spending on technology can overwhelm even the most successful firms. Taking time to follow the steps and consider the issues raised in this column can save tremendous amount of time and money, as well as increase profitability and services.


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