Virtual financial planners: Product, market, and challenges

Abstract

In today’s complex financial and economic environment, individuals are exhibiting an increasing need for personal financial services. The current environment may turn some clients who use a financial planner into do-it-yourself consumers. In this article, we provide an analysis of online financial planning industry trends. We examine the demographic profile of the target market for online financial planning software and determine the target market’s perceptions, needs, and motivations regarding financial planning services. Our results suggest that there is a potential market for virtual financial planning tools. Acceptance of these tools will depend on pricing, provider reputation, and features. These results should be helpful to individuals seeking new forms of delivery for compre¬hensive personal financial planning services and to professionals interested in providing these services in a changing marketplace. © 2012 Academy of Financial Services. All rights reserved.