INFORMATION, DOCUMENT, AND COMPLIANCE MANAGEMENT FOR FINANCIAL PROFESSIONALS, CLIENTS, AND SUPERVISORS

• US 20080270316A1
• Filed: 02/28/2008
• Published: 10/30/2008
• Est. Priority Date: 02/28/2007
• Status: Active Grant

• Current Assignee: Aaron Guidotti, John Guidotti, Wayne Guidotti
• Original Assignee: Aaron Guidotti, John Guidotti, Wayne Guidotti
• Inventors: Guidotti, Aaron, Guidotti, Wayne, Guidotti, John
• Granted Patent: US 7,873,557 B2
• Time in Patent Office: Days
• US Class Current: 705/36R
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• 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

Abstract

A method and system for integrating and managing information, documents, and compliance among financial professionals, financial professional clients, and financial professional supervisors. The method and system of the invention considers all information necessary for a financial professional to run their business and includes information relevant to the client and supervisor. This information includes full information management, electronic file management, compliance management, broker/dealer oversight, portfolio management, calendar management, and communications management. This information is presented to the financial professional, client, and supervisor in distinct yet integrated modules. Additionally, the method and system of the present invention offers tools for the financial professional, client, and supervisor that are relevant to their respective needs.

Claims

1. A method for integrating and managing information, documents, and compliance, the method comprising:

accessing client data wherein the client data comprises an associated account portfolio and a client profile;

retrieving integrated data from a database wherein the integrated data is related to the client data and is compiled from at least one of a plurality of sources;

analyzing the retrieved integrated data in accordance with the client profile;

enriching the analyzed retrieved integrated data by graphically displaying at least one of performance data, accuracy data, pricing data, benchmark data and historical data associated with the associated account portfolio;

communicating the analyzed retrieved integrated data between at least the client and at least an advisor to enable the client and the advisor to collaborate on the analyzed retrieved integrated data; and

displaying the analyzed retrieved integrated data based on display specifications which comprise at least one of client defined display specifications and default display specifications.

2. The method according to claim 1 wherein the associated account portfolio comprises account data from a plurality of accounts from a combination of sources.

3. The method according to claim 1 wherein the client and the advisor interact jointly with at least each other to access and exchange information related to the analyzed retrieved integrated data to establish a wealth management plan.

4. The method according to claim 1 wherein the client and the advisor collaborate simultaneously in real time.

5. The method according to claim 1 wherein the plurality of accounts comprises one or more of cash accounts, demand deposit accounts, checking accounts, savings accounts, credit card accounts, loan accounts, investment accounts, trust accounts, brokerage accounts, securities accounts, real estate accounts, certificate of deposit accounts, risk management accounts, insurance accounts, derivatives and mortgage accounts.

6. The method according to claim 1 wherein the retrieved aggregated data is further analyzed in accordance with at least one client input.

7. The method according to claim 6 wherein the at least one client input comprises a client initiated financial query related to the associated account portfolio.

8. The method according to claim 1 wherein the advisor is a financial planner.

9. A computer-based method for integrating and managing information, documents, and compliance, the method comprising:

accessing client data wherein the client data comprises an associated account portfolio and a client profile;

retrieving integrated data from a database wherein the integrated data is related to the client data and is compiled from at least one of a plurality of sources;

analyzing the retrieved integrated data in accordance with the client profile;

enriching the analyzed retrieved integrated data by graphically displaying at least one of performance data, accuracy data, pricing data, benchmark data and historical data associated with the associated account portfolio;

communicating the analyzed retrieved integrated data between at least the client and at least an advisor to enable the client and the advisor to collaborate on the analyzed retrieved integrated data; and

displaying the analyzed retrieved integrated data based on display specifications which comprise at least one of client defined display specifications and default display specifications.

10. The method according to claim 9 wherein the associated account portfolio comprises account data from a plurality of accounts from a combination of sources.

11. The method according to claim 9 wherein the client and the advisor interact jointly with at least each other to access and exchange information related to the analyzed retrieved integrated data to establish a wealth management plan.

12. The method according to claim 9 wherein the client and the advisor collaborate simultaneously in real time.

13. The method according to claim 9 wherein the plurality of accounts comprises one or more of cash accounts, demand deposit accounts, checking accounts, savings accounts, credit card accounts, loan accounts, investment accounts, trust accounts, brokerage accounts, securities accounts, real estate accounts, certificate of deposit accounts, risk management accounts, insurance accounts, derivatives and mortgage accounts.

14. The method according to claim 9 wherein the retrieved aggregated data is further analyzed in accordance with at least one client input.

15. The method according to claim 14 wherein the at least one client input comprises a client initiated financial query related to the associated account portfolio.

16. The method according to claim 9 wherein the advisor is a financial planner.

17. A system for integrating and managing information, documents, and compliance, the system comprising:

means for accessing client data wherein the client data comprises an associated account portfolio and a client profile;

means for retrieving integrated data from a database wherein the integrated data is related to the client data and is compiled from at least one of a plurality of sources;

means for analyzing the retrieved integrated data in accordance with the client profile;

means for enriching the analyzed retrieved integrated data by graphically displaying at least one of performance data, accuracy data, pricing data, benchmark data and historical data associated with the associated account portfolio;

means for communicating the analyzed retrieved integrated data between at least the client and at least an advisor to enable the client and the advisor to collaborate on the analyzed retrieved integrated data; and

means for displaying the analyzed retrieved integrated data based on display specifications which comprise at least one of client defined display specifications and default display specifications.

18. The system according to claim 17 wherein the means for communicating the retrieved integrated data comprises at least one of the internet and e-mail.

19. The system according to claim 17 wherein the means for displaying the retrieved integrated data comprises a display monitor and a graphical user interface.

20. The system according to claim 17 wherein the means for retrieving the integrated data comprises a computer.

21. A computer-implemented method for integrating and managing information, documents, and compliance among financial professionals, financial professional'"'"'s clients, and financial professional'"'"'s supervisors comprising:

providing a user interface for allowing the graphical selection, display and representation of information and commands related to data associated with a financial professional'"'"'s practice;

accessing the data associated with the financial professional'"'"'s practice;

retrieving integrated data from one or multiple databases wherein the integrated data is related to the financial professional'"'"'s practice data and is compiled from at least one of a plurality of sources; and

analyzing the retrieved integrated data by applying at least one of a plurality of operational applications, wherein the plurality of operational applications comprises a filing application, an audit application, a compliance application, a management application and a portfolio application and wherein the selective application of at least one of the plurality of operational applications allows a user of the method to analyze the retrieved integrated data in a manner consistent with their personal style of information management.

22. The method according to claim 21 wherein the filing application creates retention periods and assigns them to tags, assigns tags that are bound to retention to specific data files and calculates the proper minimum retention date.

23. The method according to claim 22 wherein the filing application retains filing history including historical minimum retention dates for each electronic file, thereby enabling the user to re-assign electronic files while maintaining minimum retention date integrity.

24. The method according to claim 22 wherein the filing application prevents users from altering or deleting files before the date established by the minimum retention date.

25. The method according to claim 22 wherein the filing application converts files to the current ISO standard for the long term preservation of electronic documents.

26. The method according to claim 22 wherein the filing application stores files on WORM media specific to minimum retention dates to allow the destruction of files after the date required by the minimum retention date.

27. The method according to claim 22 wherein the filing application permits access to files by the user and a supervisor and maintains supervisor access even after the user no longer has access to the files.

28. The method according to claim 22 wherein the filing application automatically files electronic files based on predefined metadata rules.

29. The method according to claim 22 wherein the filing application uses a combination of raw file data and corresponding templates to generate complete files.

30. The method according to claim 21 wherein the audit application consolidates user data in a manner relevant and conducive to an audit by the user'"'"'s superiors and creates an environment by which audits can be performed remotely.

31. The method according to claim 21 wherein the audit application enables a request and response system between a user and their supervisor for both general and specific audit items and automatically tracks all actions taken by a user or supervisor.

32. The method according to claim 21 wherein the audit application enables a supervisor to view specific client information, including suitability information, files, accounts and journals and further enables a supervisor to view files based on metadata searches.

33. The method according to claim 21 wherein the audit application automatically notifies supervisors and/or clients of filing inaccuracies.

34. The method according to claim 21 wherein the compliance application verifies the creation date of individual journal entries as well as the integrity of the underlying journal text.

35. The method according to claim 21 wherein the compliance application verifies the creator and creation date of individual product research entries as well as the integrity of the product research text.

36. The method according to claim 21 wherein the compliance application allows supervisors to assign and control file retention en masse for all users.

37. The method according to claim 21 wherein the compliance application stores information regarding specific compliance items as requested by a supervisor.

38. The method according to claim 21 wherein the compliance application alerts the user and supervisors to compliance items that are incomplete, incorrect or that otherwise need attention.

39. The method according to claim 21 wherein the compliance application tracks client login behavior.

40. The method according to claim 21 wherein the compliance application notifies clients of specific accounts that are not managed by the user affiliated with the client.

41. The method according to claim 21 wherein the compliance application keeps track of continuing education requirements of the user and notifies user of same.

42. The method according to claim 21 wherein the compliance application allows the supervisor to pre-populate product information and research for use by the user.

43. The method according to claim 21 wherein the management application calculates revenue generation estimates and the method of calculating revenue generation estimates at the investment product level.

44. The method according to claim 21 wherein the management application creates custom asset under management and commission and trail schedules.

45. The method according to claim 21 wherein the management application tracks and consolidates investment recommendations made to clients.

46. The method according to claim 21 wherein the management application allows the creation of complete work flow processes that can be made into templates and loaded again at a later time.

47. The method according to claim 21 wherein the portfolio application creates consolidated model portfolios based on individual investment products.

48. The method according to claim 21 wherein the portfolio application assigns model portfolios as target portfolios for individual clients.

49. The method according to claim 21 wherein the portfolio application displays the asset allocation balance for individual portfolios based on the difference between the actual portfolio'"'"'s allocation against the target portfolio'"'"'s allocation.

50. The method according to claim 21 wherein the portfolio application consolidates account information from external sources.

51. The method according to claim 21 wherein the portfolio application properly maintains account ownership and maintains balance sheets and other reports that reflect the same.