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Financial Planning on the Internet—Client-Driven Customization Will Break the Advisor Monopoly

Product Type: Market Research Report
Published by: TowerGroup
Published: October 1999
Product Code: R301-567
Description
The Internet has already begun changing how Americans manage their money. Now the Internet is starting to change how consumers approach their financial planning needs. Before the Internet, the consumer was largely dependent on consultation with human financial advisors, who would tailor a plan to the individual client's needs and goals. But now, financial services institutions are offering Internet users financial planning assistance.

Traditional financial planning advisors will no longer have a monopoly as financial planning tools available on the Internet improve. These tools are no longer the basic calculators of just a few years ago, but are now sophisticated engines that allow investors to focus on their 401(k) planning needs.

Not all investors will turn to the Internet for their financial planning needs. But the Internet will take on several other roles in the planning process. One will be to bring clients into financial planning firms' Web sites. Another role will be to facilitate communications between clients and planners. In each of these situations, a different mix of advisor- and Internet-based planning will emerge.

Besides looking at the Internet's emerging role in financial planning process, this TowerGroup Research Note suggests which client groups are most and least likely to use the Internet within the financial planning context, and for what purposes. It also reviews some of the current players that are participating in this market space and considers what developments are likely to occur.

Table of Contents
Highlights

Vision

Introduction

  • Internet Changing Financial Services, Including Planning
  • Internet Will Become Important Channel for Many Financial Planners and Clients
  • Spread of Interest in Financial Planning Due to Industry Changes

    What is Financial Planning?

  • Long-Term Client Goals, Asset Gathering
  • Value Has Traditionally Flowed Through Planner
  • Financial Services Firms Responded With Calculators, Simple Tools
  • Internet Bolstering Self-Directed Planning Engines

    Benefits of Internet Financial Planning

    Which Clients Will Respond to Internet Planning Tools?

    Different Client Groups Have Different Needs, Usage Patterns

  • Wealth Accumulators
  • Wealth Management Clients
  • Wealth Distribution Clients

    Conclusion

    • Ordering and More Information
    Price and Delivery Options


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