An Evaluation of Financial Planning Expert Systems

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Association for Financial Counseling and Planning Education
This article describes the use of expert systems in personal financial planning and the research approach used to evaluate the expert systems. For four of the six expert systems that have been developed, it compares the data-collection forms and information used in preparing personal financial plans. Then, it discusses environmental and system assumptions. Lastly, the article analyzes the impact of the variations observed in information requested, system parameters, and system assumptions, and, when possible, compares the recommendations of the plans.
Permission granted to deposit this article Nov. 23, 2010.
expert systems, personal financial planning
Phillips, M.E., Nielson, N.L., and Brown, C.E., "An Evaluation of Financial Planning Expert Systems," Financial Counseling and Planning, 1992. pp. 79-103.