Commission management system

• US 20030225666A1
• Filed: 05/14/2003
• Published: 12/04/2003
• Est. Priority Date: 05/14/2002
• Status: Abandoned Application

• Current Assignee: BNY ConvergEx Group LLC (Toronto-Dominion Bank)
• Original Assignee: BNY ConvergEx Group LLC (Toronto-Dominion Bank)
• Inventors: Pricoli, Paul A., Ruebenstahl, Kevin, De Laforcade, Michael Will, Murtaugh, Jeanne L.
• Application Number:
  US10/437,513
• Publication Number:
  US 20030225666A1
• Time in Patent Office: Days
• US Class Current: 705/36
• CPC Class Codes: G06Q 20/14 specially adapted for billing systems
• CPC Class Codes: G06Q 20/28 Pre-payment schemes, e.g. "pay before"
• CPC Class Codes: G06Q 30/04 Billing or invoicing
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/12 Accounting

Abstract

The present invention relates to a commission management system and method for managing soft dollar and commission recapture services over communications network. The system and method pays the invoices from the soft dollar commission account after the client views and approves invoices online.

Claims

1. A method for managing soft dollar commission accounts over a communications network, comprising the steps of:

subscribing to one or more investment products/services from a plurality of investment service providers by a client over said network;

crediting a soft dollar commission account of said client upon execution of trades on behalf of said client;

presenting invoices for said subscribed investment products/services to said client over said network;

approving said invoices by said client over said network; and

paying said approved invoices from said soft dollar commission account.

2. The method of claim 1, further comprising the step of periodically presenting statement of said soft dollar commission account to said client over said network.

3. The method of claim 2, wherein the step of periodically presenting statement comprises the step of extracting statements from a commission management system over said network.

4. The method of claim 1, wherein the step of subscribing comprises the step of scanning and storing executed contracts relating to said subscribed investment products/services.

5. The method of claim 4, further comprising the steps of selecting an executed contract for display by said client over said network;

and retrieving and displaying said selected executed contract to said client over said network.

6. The method of claim 4, further comprising the steps of determining termination or renewal status of executed contracts of said client;

and notifying said client of said termination and renewal status over said communications network.

7. The method of claim 1, wherein the step of crediting comprises the step of determining said soft dollar commission from per share commission associated with executing trades on behalf of said client.

8. The method of claim 1, wherein the step of crediting comprises the step of receiving said soft dollar commission from another brokerage firm.

9. A computer readable medium comprising code for managing soft dollar commission accounts over a communications network, said code comprising instructions for:

subscribing to one or more investment products/services from a plurality of investment service providers by a client over said network;

crediting a soft dollar commission account of said client upon execution of trades on behalf of said client;

presenting invoices for said subscribed investment products/services to said client over said network;

approving said invoices by said client over said network; and

paying said approved invoices from said soft dollar commission account.

10. A system for managing soft dollar commission accounts over a communications network, comprising:

an investment services directory module displaying investment products/services from to a plurality of investment service providers to client over said network and receiving one or more subscribed investment products/services from said client over said network;

a processor for crediting a soft dollar commission account of said client upon execution of trades on behalf of said client; and

an invoice module for presenting invoices for said subscribed investment products/services to said client over said network, receiving approval of said invoices from said client over said network, and paying said approved invoices from said soft dollar commission account.

11. The system of claim 10, further comprising a statement module for periodically presenting statement of said soft dollar commission account to said client over said network.

12. The system of claim 11, wherein said statement module is operable to extract statements from a commission management system over said network.

13. The system of claim 10, further comprising a contracts module for scanning and storing executed contracts relating to said subscribed investment products/services.

14. The system of claim 13, wherein said contracts module is operable to retrieve and display an executed contract selected by said client over said network.

15. The system of claim 13, wherein said contracts module is operable to determine termination or renewal status of executed contracts of said client, and notify said client of said termination and renewal status over said communications network.

16. The system of claim 10, wherein said processor is operable to determine said soft dollar commission from per share commission associated with executing trades on behalf of said client.

17. The system of claim 10, wherein said processor is operable to receive said soft dollar commission from another brokerage firm.