COMMISSION MANAGEMENT SYSTEM

• US 20110010284A1
• Filed: 07/30/2010
• Published: 01/13/2011
• Est. Priority Date: 05/14/2002
• Status: Active Grant

• Current Assignee: Cowen Execution Holdco LLC (Toronto-Dominion Bank)
• Original Assignee: ConvergEx Group LLC (Toronto-Dominion Bank)
• Inventors: MURTAUGH, Jeanne L., Pricoli, Paul A., Ruebenstahl, Kevin, De Laforcade, Michael Will
• Granted Patent: US 8,433,629 B2
• Time in Patent Office: Days
• US Class Current: 705/35
• 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

1-17. -17. (canceled)

18. A non-transitory computer readable medium comprising computer executable code for managing soft dollar commission accounts of a plurality of clients by a processor based server over a communications network, said computer executable code comprising instructions for:

providing access to said server to a plurality of client devices by a web interface module of said server over said communications network;

uploading to said server by a client invoice module of said server invoices received from a plurality of investment service providers for investment products/services purchased by said plurality of clients;

notifying a client device associated with a client by said client invoice module to approve an invoice received from an investment service provider for an investment product/service purchased by said client;

processing said invoice by said processor if an approval to pay said invoice was received by said client invoice module from said client; and

pooling soft dollar commissions by said processor from any of a plurality of brokerage firms associated with said client to authorize payment of said invoice received from said investment service provider for said client.

19. The computer readable medium of claim 18, further comprising instructions for:

connecting said client device associated with said client to said client invoice module by said web interface module if said client selects to view or approve an invoice;

presenting said invoice for viewing by said client invoice module on said client device associated with said client; and

requesting the approval to pay from said client by said client invoice module if said invoice requires approval from said client.

20. The computer readable medium of claim 18, further comprising instructions for providing access to said client by a client statement module of said server to view soft dollar commission statements from said plurality of brokerage firms associated with said client.

21. The computer readable medium of claim 20, further comprising instructions for:

connecting said client device associated with said client to said client statement module by said web interface module if said client selects to view a soft dollar commission statement from a brokerage firm associated with said client; and

presenting said soft dollar commission statement for viewing by said client statement module on said client device associated with said client.

22. The computer readable medium of claim 21, further comprising instructions for interfacing with a separate commission or accounting system by said client statement module to provide access to said client to said soft dollar commission statement from said brokerage firm associated with said client.

23. The computer readable medium of claim 18, further comprising instructions for notifying said client device associated with said client by said client invoice module to approve an invoice received from an investment service provider for an investment product/service purchased by said client if said investment services module determines there is no account record between said investment service provider and said client.

24. The computer readable medium of claim 23, further comprising instructions for establishing an account record between said investment service provider and said client by said investment services module when said client invoice module receives said client approval to pay said invoice received from said investment service provider.

25. A server for managing soft dollar commission accounts of a plurality of clients over a communications network, comprising:

a web interface module to provide access to said server from a plurality of client devices over said communications network, each client device being associated with a client;

a client invoice module to;

upload to said server invoices received from said plurality of investment service providers for investment products/services purchased by said plurality of clients; and

notify said client device associated with said client to approve an invoice received from an investment service provider for an investment product/service purchased by said; and

a processor to;

process said invoices received by said client invoice module from said plurality of investment service providers if an approval to pay said invoice was received by said client invoice module from said client; and

pool soft dollar commissions from any of a plurality of brokerage firms associated with said client to authorize payment of said invoice received from said investment service provider for said client.

26. The server of claim 25, wherein said web interface module connects said client device associated with said client to said client invoice module if said client selects to view or approve an invoice;

and wherein said client invoice module presents said invoice for viewing on said client device associated with said client and requests the approval to pay from said client if said invoice requires approval from said client.

27. The server of claim 25, further comprising a client statement module for providing access to said client to view soft dollar commission statements from said plurality of brokerage firms associated with said client.

28. The server of claim 27, wherein said web interface module connects said client device associated with said client to said client statement module if said client selects to view a soft dollar commission statement from a brokerage firm associated with said client;

and wherein said client statement module presents said soft dollar commission statement for viewing on said client device associated with said client.

29. The server of claim 28, wherein said client statement module interfaces with a separate commission or accounting system to provide access to said client to said soft dollar commission statement from said brokerage firm associated with said client.

30. The server of claim 25, wherein said client invoice module notifies said client device associated with said client to approve an invoice received from an investment service provider for an investment product/service purchased by said client if said investment services module determines there is no account record between said investment service provider and said client.

31. The server of claim 30, wherein said investment services module establishes an account record between said investment service provider and said client when said client invoice module receives said client approval to pay said invoice received from said investment service provider.