Phillips, M

Phillips, M. E., Nielson, N. L., & Brown, C.
E. (1992). An evaluation of expert systems for personal financial planning.
Counseling and Planning
, 3,

An Evaluation of Expert Systems for Personal Financial

Mary Ellen Phillips1, Norma L. Nielson2
and Carol E. Brown3

A comprehensive personal financial plan prepared
by a professional planner costs from $2,000 to $20,000 even when conventional
computer software is used. A plan prepared by an expert system costs from
$200 to $500 if no professional planner is involved. Because these systems
can produce many plans at substantially reduced prices, personal financial
planners may need to consider using an expert system operator services
to remain competitive and to extend their practices.

This article describes the use of expert system 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

Key Words: Expert systems, Financial planning,


Affiliations at the time of publication:

1. Mary Ellen Phillips, Oregon State University,
Corvallis, OR 97331.Phone: (503)

2. Norma L. Nielson,

3. Carol E. Brown,