Financial planning method and computer system

• US 20020143680A1
• Filed: 02/27/2001
• Published: 10/03/2002
• Est. Priority Date: 02/27/2001
• Status: Abandoned Application

• Current Assignee: Emoney Advisor Incorporated
• Original Assignee: Emoney Advisor Incorporated
• Inventors: Cronin, Charles T. III, Schulte, Jeffrey R., Lee, David T.W., Linaugh, Joseph P., Walters, Edmond J.
• Application Number:
  US09/795,219
• Publication Number:
  US 20020143680A1
• Time in Patent Office: Days
• US Class Current: 705/36
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0281 Customer communication at a business location, e.g. providing product or service information, consulting
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 50/186 Estate planning

Abstract

A computer system, program, and method for assisting financial professionals in determining appropriate financial products for clients. The system and method present a first set of questions to a client and receives a first set of answers, then the system presents subsequent sets of questions to the client which are customized based on the answers to the first and other previous sets of questions so that the client is not asked redundant, unnecessary, or inappropriate questions, and receives answers to the subsequent sets of questions, wherein the questions request (A) personal information comprising client and dependent names, ages, and marital status; (B) financial information on one or more of savings accounts, investment accounts, insurance policies, retirement accounts, stock options, trusts, history of gifts to family members, loans, charitable contributions, charitable trusts, property, businesses, and income sources; and (C) goal information comprising retirement age and income goals and estate related goals. Information regarding each financial product available for sale by the financial professional is stored along with a set of rules which can be applied to the answers to the questions. In this way, which if any of the available financial products are appropriate to the client'"'"'s financial situation and goals is determined for the financial professional.

Claims

5-1. System according to claim 1 further including a report generator module which outputs financial plans for the client and the financial professional, the plans including graphs demonstrating progress toward meeting the client'"'"'s goals based on updated financial data and projections.

6-2. System according to claim 1 wherein a rate of inflation, rate of interest, variable insurance rates, and historical investment returns rates are applied for determining which if any financial products are appropriate for achieving the client'"'"'s goals.

7. A computer implemented method for assisting a financial professional in determining appropriate financial planning, investment, savings, and estate planning strategies for a client comprising the steps of:

storing information regarding each financial product available for sale by the financial professional, the financial products comprising one or more of insurance products, investment products, estate planning products, and business products;

presenting a first set of questions to the client and receiving a first set of answers, presenting a series of subsequent questions which are customized based on the answers received to the first and previous questions so the client is not asked redundant, unnecessary, or inappropriate questions, the questions requesting personal information comprising client and dependent names, ages, and marital status;

financial information on one or more of savings accounts, investment accounts, insurance policies, retirement accounts, stock options, trusts, history of gifts to family members, loans, charitable contributions, charitable trusts, property, businesses, and income sources; and

goal information comprising retirement age and income goals and estate related goals;

applying stored rules for determining which if any of the financial products available for sale are appropriate to the client'"'"'s financial situation and goals;

delivering one or more web pages to the financial professional which identifies and ranks the available financial products according to appropriateness for the client; and

delivering one or more web pages to the client displaying one or more of the client'"'"'s current marketable securities values, income goals, estimated retirement income, estate tax projections, and net proceeds to heirs.

8. Method of claim 7 further including the step of delivering at one or more of the client web pages a video clip illustrating the effect of utilizing one of the available financial products.

9. Method of claim 7 further including obtaining current financial information over the Internet regarding the client'"'"'s bank accounts, insurance policies, brokerage accounts, current stock quotations, and interest rate quotation sources, and updating the client'"'"'s financial data.

10. Method of claim 7 wherein the stored rules are based on the consensus of a plurality of certified financial planners and/or experts in financial planning, estate planning, insurance, and investments.