COMMISSION MANAGEMENT SYSTEM
9 Assignments
0 Petitions
Accused Products
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.
16 Citations
31 Claims
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1-17. -17. (canceled)
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18. A system for pooling and managing soft dollar commission accounts over a communications network, comprising:
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a web interface module for detecting an event over said communications network; a processor for determining said event detected by said web interface module, for receiving a portion of commissions from at least one of a plurality of brokerage firms after a client executes trades with said at least one of said plurality of brokerage firms to provide a soft dollar commission, and for crediting a soft dollar commission account of said client when said soft dollar commission is received from at least one of said plurality of brokerage firms, thereby pooling said soft dollar commission for said client from said plurality of brokerage firms; an investment services module for establishing an accounting record for an investment service provider for said client if said processor determines said event detected is a request from said client to subscribe to an investment product/service offered by said investment service provider, and determining if said investment service provider has an accounting record associated with said client if said processor determines said event detected is a request for payment of an invoice from said investment service provider for providing said investment product/service to said client; and a client invoice module for presenting said invoice to said client via said web interface module if said investment service module determines that there is no accounting record between said client and said investment service provider, receiving an approval to pay said invoice from said client via said web interface module, and paying said invoice from said soft dollar commission account if it is determined that said investment service provider has an accounting record or if said approval is received from said client. - View Dependent Claims (19, 20, 21, 22, 23, 24)
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25. A computer readable medium comprising computer executable instructions for pooling and managing soft dollar commission accounts over a communications network, said computer executable instructions comprising:
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receiving a portion of commissions from at least one of a plurality of brokerage firms after a client executes trades with said at least one of said plurality of brokerage firms to provide a soft dollar commission; crediting a soft dollar commission account of said client when said soft dollar commission is received from at least one of said plurality of brokerage firms, thereby pooling said soft dollar commission for said client from said plurality of brokerage firms; detecting an event by said web interface module; establishing an accounting record for an investment service provider for said client by an investment services module if a processor determines said event detected is a request from said client to subscribe to an investment product/service offered by said investment service provider; determining if said investment service provider has an accounting record associated with said client by said investment services module if said processor determines said event detected is a request for payment of an invoice from said investment service provider for providing said investment product/service to said client; presenting said invoice to said client by a client invoice module over said communications network via a web-interface module if there is no accounting record between said client and said investment service provider; receiving an approval to pay said invoice from said client by said web interface module; and paying said invoice from said soft dollar commission account by said client if it is determined that said investment service provider has an accounting record or if said approval is received from said client. - View Dependent Claims (26, 27, 28, 29, 30, 31)
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Specification