ERIC Number: ED370458
Record Type: Non-Journal
Publication Date: 1992-May
Reference Count: N/A
Employee Benefit Plans and Personal Financial Planning with Expert Systems.
Phillips, Mary Ellen; And Others
Research Dialogues, n33 May 1992
This paper analyzes four personal financial planning "expert systems," which institutions of higher education might offer their employees. Such computerized planning systems, like comprehensive plans and professional planners, help families manage their assets and obligations during their lifetimes and plan for distributing their wealth at death. Discussion includes detailed analysis of advantages and disadvantages. Advantages include lasting expertise, consistent decisions, low operating costs, and inexpensive duplication of copies of the expert system computer program. Disadvantages of such systems include their lack of common sense, their inability to see changes in the environment, and their inability to recognize a problem that is not solvable or outside the program's range of expertise. Examination of purchasing such a system for employees to use looks at reasons for its initial high cost and criteria to weigh when selecting a system. These include quality of data-gathering forms and assistance, system flexibility, plan clarity, system reliability and suitability, and potential liability. The analysis looks at each of these in detail particularly at specific planning areas and how they are treated in each of the systems examined for the analysis. A conclusion notes deficiencies and some key issues for institutions to consider. (JB)
Publication Type: Collected Works - Serials
Education Level: N/A
Authoring Institution: Teachers Insurance and Annuity Association, New York, NY. College Retirement Equities Fund.