SYSTEMS AND METHODS FOR COMPLIANCE SCREENING AND ACCOUNT MANAGEMENT IN THE FINANCIAL SERVICES INDUSTRY
First Claim
1. A system for performing compliance and account management of client accounts by a financial services firm, the system comprising:
- a number of representatives each having one or more clients;
a compliance department including a number of supervisors each having supervisory review over one or more client accounts managed by the representatives;
a compliance and account management computer program for generating electronic account applications for the one or more client accounts and transmitting the electronic account applications to one or more fund companies for the purchase of funds, the computer program including a hierarchical rules engine for creating an electronic control hierarchy for use in providing principal review over accounts and trades requested by the representatives; and
a database for storing client account data.
1 Assignment
0 Petitions
Accused Products
Abstract
Systems and methods for assisting financial services firms in the suitability screening and management of customer accounts, including computer programs for implementing such systems and methods, are disclosed. An illustrative system for performing compliance and account management at a financial services firm can include a number of representatives each having a number of clients, a compliance department including a number of supervisors each having supervisory review over client accounts managed by the representatives, and a computer program that can be used to generate electronic account applications that can be transmitted directly to a fund company for the purchase of funds. The computer program can include a hierarchical rules engine that can be used to create electronic control hierarchies that facilitate principal review over accounts and trades generated by the representatives.
92 Citations
35 Claims
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1. A system for performing compliance and account management of client accounts by a financial services firm, the system comprising:
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a number of representatives each having one or more clients; a compliance department including a number of supervisors each having supervisory review over one or more client accounts managed by the representatives; a compliance and account management computer program for generating electronic account applications for the one or more client accounts and transmitting the electronic account applications to one or more fund companies for the purchase of funds, the computer program including a hierarchical rules engine for creating an electronic control hierarchy for use in providing principal review over accounts and trades requested by the representatives; and a database for storing client account data. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16)
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17. A method of managing client accounts by a financial services firm, the financial services firm including a number of representatives each having one or more clients and a compliance department including a number of supervisors each having principal review over the client accounts, the method comprising the steps of:
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creating an electronic data package using a computer program, the electronic data package including an account application containing account information for one or more clients desiring to purchase funds through one or more fund companies associated with the financial services firm; transmitting the electronic data package to a supervisor within the compliance department responsible for reviewing client accounts and trades; reviewing the electronic data package for the presence of any errors or flags, wherein the step of reviewing the electronic data package includes the step of screening the account application for suitability; providing an approval or disapproval of the account application and prompting a representative to take further action if the account application contains one or more errors and/or flags; and transmitting the electronic data package directly to one or more fund companies for processing. - View Dependent Claims (18, 19, 20, 21, 22, 23, 24)
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25. A computer program executable on a computer readable medium and adapted to provide compliance and account management of client accounts by a financial services firm, the financial services firm including a number of representatives each having one or more clients and a compliance department including a number of supervisors each having principal review over the client accounts, the computer program comprising:
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a representative interface for generating electronic account applications for one or more clients and transmitting the electronic account applications directly to one or more fund companies for the purchase of funds; and a home office interface for reviewing the electronic account applications. - View Dependent Claims (26, 27, 28, 29, 30, 31, 32, 33, 34, 35)
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Specification