The use of computer technology to manage money continues to explode across the financial services industry. Enter the robo-planner. The question is can an online computer platform help answer common financial questions like should you invest in an RRSP or TFSA, or should you pay off your mortgage sooner? Today we talk about the use and potential benefit of robo-planners with Rona Birenbaum of Viviplan, a new Canadian robo-planning website.

Robo-planning vs robo-investing

A robo-planner provides access to unbiased financial planning advice through an online platform, replacing much of the face-to-face engagement involved in working with an individual to create a personal financial plan.

A robo-planner differs from a robo-advisor, which uses online technology to help you choose and manage your investments.

While the terms robo-advisor and robo-planner are often used interchangeably, according to Rona, they don't provide the same service. A robo-advisor's primary aim is to gather assets. It focuses on your investments, not on delivering customized advice like whether you should buy instead of rent or how to prepare for retirement, for example.

On today's show we discuss using a robo-planner, and how robo-planning can help you deal with your debt.