Financial modeling and counseling system

• US 20020111890A1
• Filed: 08/10/2001
• Published: 08/15/2002
• Est. Priority Date: 11/01/1999
• Status: Active Grant

• Current Assignee: Accenture Global Services Limited (Accenture PLC)
• Original Assignee: Accenture LLP (Accenture PLC)
• Inventors: Sloan, Ronald E., Slutsky, Stephen B.
• Granted Patent: US 7,401,040 B2
• Time in Patent Office: Days
• US Class Current: 705/36
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

The present invention relates to a financial management system for providing personalized financial advice to a user. The system operates in a collaborative computing environment between the user and a financial advisor and comprises a service level subsystem and an advice generating subsystem. The service level subsystem allows the user to negotiate a service level agreement that defines the user'"'"'s desired level of support and limits access to user provided information. The advice generating subsystem is coupled to the service level subsystem and includes one or more coaching engines that dynamically analyze the financial needs of the user in accordance with the user'"'"'s service level agreement. Furthermore, the coaching engine provides customized financial advice tailored to the user'"'"'s life intentions. The present invention also provides for a financial portfolio management subsystem enabling the user to model the effects of adding or deleting various securities and helping the user to better conform his portfolio to his level of risk tolerance and his investment style.

The system leverages the live advisor'"'"'s time using automated coaching to help focus the user and the advisor'"'"'s attention directly to the problem areas.

Claims

1. A method for providing financial counseling comprising:

developing a service agreement with a user which includes a desired service level;

developing a financial model for the user utilizing at least one of computer coaching and live coaching as determined by the service level agreement; and

using the financial model utilizing at least one of said computer coaching and said live coaching as determined by said service level.

2. The method of claim 1 wherein developing a service level agreement comprises:

prompting the user to input personal financial information;

receiving from the user a desired service level;

estimating profitability based on the financial information; and

negotiating fees to be charged to the user based upon estimating profitability and the desired level of service.

3. The method of claim 2 wherein the service level agreement includes a determination of access to at least one account of a user.

4. The method of claim 1 wherein the financial model includes developing a user'"'"'s equity investment portfolio.

5. The method of claim 4 wherein developing an equity investment portfolio comprises:

determining the financial goals of the user and the user'"'"'s risk tolerance;

determining the current equity positions of a user; and

suggesting new equity positions for the user.

6. The method of claim 1 wherein below a certain service level threshold, a user must use computer coaching prior to using live coaching.

7. The method of claim 6 wherein said automated coaching may dispense general financial advice based on the user'"'"'s financial model.

8. The method of claim 6 wherein said live coaching may dispense specific financial advice based on the user'"'"'s financial model.

9. A financial advisor system comprising;

a user computer system coupled to a wide area network;

a coach computer system coupled to said wide area network;

a financial advisor server system, coupled to said wide are network, including a service level generator which develops a service level for the user, a financial model generator, a financial model scenario generator, a computer counselor subsystem, and a live counselor subsystem which interacts with the coach computer system, where the level of usage of the computer counselor subsystem and the live counselor system is determined, at least in part by the user'"'"'s service level agreement.

10. A financial advisor system as in claim 9 wherein said wide area network is the internet.

11. The system of claim 9 wherein said service level generator includes:

a user interface for prompting the user for an input of financial information;

a database for receiving from the user a desired service level;

an engine for estimating the user profitability based on the financial information; and

a user interface for negotiating fees to be charged to the user based upon estimating profitability and the desired level of service.

12. The system of claim 11 wherein the service level agreement includes a determination of access to at least one account of a user.

13. The system of claim 9 wherein the financial model generator includes:

a subsystem for developing a user'"'"'s equity investment portfolio.

14. The financial model generator of claim 13 further comprising:

an engine for determining the user'"'"'s financial goals and the user'"'"'s risk tolerance;

an engine for determining the current equity position of the user;

a user interface for suggesting new equity positions for the user.

15. The service level generator of claim 9, including an algorithm to direct the user to use computer coaching prior to using live coaching, if the service level is below a threshold.

16. The coach computer system of claim 9 wherein the system includes:

a user interface for computer coaching to dispense general financial advice based on the user'"'"'s financial model.

17. The live counselor system of claim 9, further comprising:

a user interface for live coaching to dispense specific financial advice based on the user'"'"'s financial model.

19. The code segment for the service level agreement of claim 18, further comprising

code for prompting a user to input personal financial information;

code for receiving the user desired level of financial management service;

code for estimating profitability based on the financial information; and

code for negotiating fees to be charged to the user based upon estimating profitability and the desired level of service.

20. The code segment of claim 19, further comprising

code to determine access at least one to a account of a user.

21. The code segment of claim 18 for developing a financial model, further comprising

code for developing the user'"'"'s equity investment portfolio.

22. The code segment of claim 21, farther comprising:

code for determining the financial goals of the user and the user'"'"'s risk tolerance;

code for determining the current equity positions of a user;

code for suggesting new equity positions for the user.

23. The code segment of claim 18, further comprising:

code for restricting a user to use computer coaching before accessing live coaching.

24. The code segment of claim 23 wherein the automated coaching further comprises:

code for computer coaching to dispense general financial advice based on the user'"'"'s financial model.

25. The code segment of claim 23 wherein the live coaching further comprises:

code for computer coaching to dispense specific financial advice based on the user'"'"'s financial model.

18. A computer program embodied on a computer readable medium for providing personalized financial counseling in a collaborative computing environment, wherein the computer program comprises:

code segment for developing a service level agreement with a user which includes a desired service level for the user;

code for developing a financial model for the user utilizing at least one of computer coaching and live coaching as determined by the service level agreement;

code for a financial model for the user utilizing at least one of computer coaching and live coaching as determined by the service level agreement.