Expert Systems to Provide Financial Planning Benefits
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AbstractExpert systems can substantially reduce the cost of comprehensive personal financial plans while providing more consistent quality. Four basic approaches are used by developers of expert systems for comprehensive personal financial planning: 1. a custom expert system, 2. a custom modification of an existing expert system, 3. developer-provided personal financial plans, and 4. the purchase or license of an expert system for in-house use. The best approach depends on the number of plans to be prepared, the expertise and staff in both expert systems and personal financial planning, and the choice of either an in-house or outside entity to provide the service. Criteria that should be considered when selecting a personal financial planning expert system preparer for employees include: 1. the reliability of the system, 2. the suitability of the system, 3. the form of data input, 4. the support needed to prepare input, 5. the flexibility of the system, and 6. the understandability of the output. Six financial planning expert systems are discussed.
Permission granted from publisher Dec. 1, 2010. “This article is from the First quarter 1991 issue of Benefits Quarterly, published by the International Society of Certified Employee Benefit Specialists.”