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Rating:Planners Want Better Technology Not Rated 5.0 Email Routing List Email & Route  Print Print
Wednesday, June 02, 2004

Planners Want Better Technology

by: Theresa Sim

The results of an online survey of 986 financial planners are clear: planners want better technology. The survey, called Technology and Internet Usage of Financial Professionals study, was conducted by the Financial Planning Association and Pyramid, a research firm.

The respondent planners' biggest issue was with manual data entry for integrating client information across accounts.

Although one out of three surveyed planners download data directly from their providers, a Pyramid researcher reports "many planners are unaware of the firms that offer this service," and suggests "For key relationships, wholesalers might consider helping planners in the download setup.
Technology Challenge Percent
Integrating Client Account Information 75%
Integrating Software Packages 65%
Selecting and Upgrading Software 50%
Remembering Multiple Passwords 29%
Slow Response Time 20%
Slow Response Time 20%
System Data Backup 19%
Downtime 11%
Difficult to Find Info on Product Supplier Websites 11%
Multiple Trading Sign-Ons 11%
Planners replied that information about certain product types was difficult to obtain, including annuities, managed accounts, 529 accounts, 401(k) plans, and trusts. Annuities got the worst marks for electronic downloads.

FPA and Pyramid, a research firm, produced the study; AdvisorCentral, American Express Financial Advisors, Barclays Global Investors, Federated, Quicken, SEI Investments, and Wells Real Estate Funds sponsored the study. 

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