Exploring Relationships Between Technology Use and Time Spent in the Financial Planning Process
41 Pages Posted: 14 Jan 2019 Last revised: 8 Mar 2019
Date Written: March 7, 2019
Using a unique data set with detailed information on the backgrounds and practices of 654 financial planners, this study examines the associations between the use of technologies by financial planners and self-reported time spent within various stages of the six-step financial planning process. Surprisingly, in many cases, use of technology is associated with an increase rather than a decrease in time spent within various stages of the financial planning process. These results suggest that although technologies may provide efficiencies in completing certain tasks, these efficiencies do not necessarily result in net reductions in time spent within the financial planning process.
Keywords: Technology, Financial Advisers, Brokers, Consumer Finance, Time Use
JEL Classification: G29, O33
Suggested Citation: Suggested Citation