Fintech

IN’s Pavia: When the information flow becomes a flood

This may sound strange coming from someone in the information business, but I am worried that we are overdosing on information.

At work and at home, we are bombarded with information on the web, via e-mail, blogs, texting, online discussion groups, instant messaging and RSS feeds. If we can break away from our BlackBerries, iPhones and Kindles, many of us are also still reading newspapers and magazines, watching TV, listening to the radio and — to give our thumbs a rest — engaging in old-fashioned face-to-face conversation from time to time.

The flow of information is simply overwhelming.

Like early adopters of new technology in the past, those who can master today’s multimedia information torrent have a major advantage over those who feel they are drowning. The key to mastery, I think, is developing our own personal filters to screen for incoming information that is actually important and useful.

Advisers struggle with the information tsunami more than most.

Even the longest of long-term planners must keep a steady finger on the pulse of the markets. They also must stay in touch with clients, while making sure that their business is operating efficiently.

All those demands require regular input from a variety of information sources (one of which, I hope, is InvestmentNews in one or more of its many formats).

But think about the content that is coming at you throughout the day. Although there are indeed valuable nuggets amid the newsletters, web updates and other sources to which you subscribe, I bet there is a ton of information totally irrelevant to your work or personal life.

If your e-mail inbox is like mine, it is a particularly fertile junkyard. Although Microsoft does its best to filter out spam, lots of useless garbage makes its way through.

I wish I had a dime for every get-rich-quick scheme, scam and irrelevant press release (did you know, or care, that Belize tourism is booming?) I receive each day.

The same is true of the Internet.

It is obviously the most amazing information tool that ever existed, and as a way to find the latest news about virtually anything, it is simply unsurpassed. But — dare I, a newsman, say this — too much of a good thing isn’t always good.

Although it is our job in the news business to obsess about being the first to break a story, most times, most news isn’t going to turn your life upside down. Nor will it make much difference if you find out about it immediately, 15 minutes or an hour after it is posted.

And if it involves Britney Spears or Lindsay Lohan, does it really affect the delivery of financial advice?

Admittedly, being able to filter information overload is easier said than done. We love all those portable electronic gadgets, and they keep getter cooler and more useful.

And just like the Victorian English on “Masterpiece Theatre,” we all have an insatiable desire to gossip, stay in touch and keep informed, because heaven forbid we are the last one to know something. Now that we have the electronic wherewithal, there is no stopping us.

Who among us would ever go to a business conference or meeting without a wireless communication device? Who dares risk not being able to track appointments, handle daily schedules or compose, send and receive wireless e-mails while taking a cab from the airport to the hotel (where free Internet access is more important to us than 24-hour room service)?

Admit it, when was the last time you went two or three consecutive days without checking your e-mail or surfing the web?

Good or bad, once we have tasted the fruit of the electronic tree, there is no going back. There is no way we can return to a more innocent information age; we have to face forward, and use our judgment and discernment to edit and limit the endless barrage.

These days, being unplugged may translate to being uninformed. Sometimes, however, the wisest thing to do is to simply turn the on switch to off.

Jim Pavia is the editor of InvestmentNews.