| The financial planning profession has been growing in acceptance and in client numbers since its inception on December 13, 1969 (Dunton, 1986). The primary reason for this rapid expansion is due in part to the increasing complexity of financial investment vehicles over the past forty years (Greenspan, 2003). As a result, a growing number of individuals are seeking the assistance of a financial professional. The purpose of this quantitative study was to determine how and to what extent Internet financial planning web sites, which offer financial tools and calculators, have an impact on the current and future client base of personal financial planners. Specifically, this study wanted to establish if an individual's financial knowledge and experience or the age of the individual plays a role in their decision to self manage their finances or seek out the assistance of a financial professional. Surveys were emailed to Certified Financial Planners via SurveyMonkey.com and a total of 31% were completed and returned. Data from these questions were summarized using descriptive statistics testing, the Pearson's correlation coefficient (Pearson r), and through multiple regression analysis. The findings indicated inconclusive data regarding the relationship between an individual's financial knowledge and experience and his or her decision to utilize the Internet's financial planning tools. However, an overwhelming 83% of survey respondents agreed that a lack of financial knowledge is a major motivation in a person's decision to seek the advice of a financial planning professional. In addition, the findings indicated a strong relationship between an individual's age and his or her decision to utilize the Internet's financial planning tools. The findings of this study are significant to practicing financial planners because they may yield answers to questions related to unexpected changes in the demographics of their current client base. This study clearly suggested that practicing financial professionals may need to amend their current services and marketing techniques and take into consideration the level of financial knowledge and experience and the age of their clients or potential clients. Such actions may improve the service they provide, help retain their current client base, and assist in attracting new clients. |
