Exploring Relationships Between Technology Use and Time Spent in the Financial Planning Process

41 Pages Posted: 14 Jan 2019 Last revised: 8 Mar 2019

See all articles by Meghaan Lurtz

Meghaan Lurtz

Kansas State University - School of Family Studies and Human Services

Derek Tharp

University of Southern Maine

Kate Mielitz

affiliation not provided to SSRN

Michael Kitces

The Kitces Report & Nerd's Eye View; Pinnacle Advisory Group

D. Allen Ammerman

West Texas A&M University

Date Written: March 7, 2019

Abstract

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

Lurtz, Meghaan and Tharp, Derek and Mielitz, Kate and Kitces, Michael and Ammerman, D. Allen, Exploring Relationships Between Technology Use and Time Spent in the Financial Planning Process (March 7, 2019). Available at SSRN: https://ssrn.com/abstract=3309914 or http://dx.doi.org/10.2139/ssrn.3309914

Meghaan Lurtz

Kansas State University - School of Family Studies and Human Services ( email )

KS
United States

Derek Tharp (Contact Author)

University of Southern Maine ( email )

P.O. Box 9300
Portland, ME 04104-9300
United States

Kate Mielitz

affiliation not provided to SSRN

Michael Kitces

The Kitces Report & Nerd's Eye View ( email )

P.O. Box 2231
Reston, VA 20195
United States
703-375-9478 (Phone)

HOME PAGE: http://www.kitces.com/

Pinnacle Advisory Group ( email )

6345 Woodside Court, Suite 100
Columbia, MD 21046
United States
410-995-6630 (Phone)

HOME PAGE: http://www.pinnacleadvisory.com

D. Allen Ammerman

West Texas A&M University ( email )

Canyon, TX 79016
United States

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
65
Abstract Views
591
rank
436,423
PlumX Metrics