TRANSACTIONAL DECISION MAKING DEVICE AND METHOD

• US 20140156559A1
• Filed: 02/04/2014
• Published: 06/05/2014
• Est. Priority Date: 03/21/2008
• Status: Abandoned Application

• Current Assignee: iJoin Solutions LLC
• Original Assignee: iJoin Solutions LLC
• Inventors: Greenstein, Fred
• Application Number:
  US14/172,361
• Publication Number:
  US 20140156559A1
• Time in Patent Office: Days
• US Class Current: 705/36.R
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A system for assisting groups of individuals in making personal and private transactions deploys a common large display means and a plurality of small portable data access and display devices for receiving and viewing private information associated with the matter shown on the common display. The small portable devices access existing transactional websites. The device and the associated method can be used for investment education and transaction execution, as well as enrollment in financial, health and related service plans requiring the user'"'"'s selection from among options that depend on individual and generally private circumstances, and in particular for retirement plan enrollment and investment management.

Claims

1. A system for transactional decision making, the system comprising:

a storage module configured to maintain one or more transactional decision making tools for utilizing private financial information associated with a plurality of privately hosted accounts; and

a transactional decision making device that is separate from the storage module and in communication therewith, the transactional decision making device including at least one hardware processor and a memory, wherein the memory stores instructions that when executed by the at least one hardware processor performs the steps comprising;

securely accessing at least a first account of the plurality of privately hosted accounts;

accessing private financial information associated with the first account;

accessing the transactional decision making tools from the storage module; and

performing, in real-time, at least one of a financial transaction or a hypothetical financial transaction associated with the first private account using the transactional decision making tools and at least some of the private financial information.

2. The system of claim 1, wherein the storage module includes a computer, a server, a database, a hard drive, a USB flash drive, or a portable digital media device.

3. The system of claim 1, wherein the transactional decision making device includes a web-enabled device.

4. The system of claim 3, wherein the web-enabled device includes a mobile phone, a personal computer, a personal digital assistant (PDA), a tablet, or a handheld device.

5. The system of claim 1, wherein the transactional decision making device includes a display screen for displaying the financial transaction or the hypothetical financial transaction.

6. The system of claim 1, wherein the transactional decision making tools include extrapolation tools for performing hypothetical financial transactions.

7. The system of claim 1, wherein the transactional decision making tools and private financial information are accessed via the Internet.

8. The system of claim 1, wherein the transactional decision making tools and private financial information are wirelessly accessed.

9. The system of claim 1, wherein the private financial information is associated with an owner of each of the plurality of privately hosted accounts and includes at least one of an account balance, an asset allocation, an age, a number of years until retirement, a savings account balance, a savings rate, a salary, a projected benefit, and/or combinations thereof.

10. The system of claim 1, wherein the transactional decision making tools include computer readable media that, when executed by a hardware processor, project financial information associated with a specific account of the plurality of privately hosted accounts.

11. The system of claim 1, wherein the transactional decision making device includes a user interface whereby an account owner performs the at least one financial transaction or hypothetical financial transaction.

12. The system of claim 1, wherein the transactional decision making device is configured to perform, in real-time, a transaction including enrolling in a retirement account, a college savings account, a pension account, a wealth management account, an estate planning account, an investment account, a 401(k) account, a 403(b) account, a 507 retirement plan, an individual retirement account (IRA), a Roth IRA, or an insurance account.

13. The system of claim 1, wherein the transactional decision making device is configured to perform, in real-time, a transaction including contributing to a retirement account, a college savings account, a pension account, a wealth management account, an estate planning account, an investment account, a 401(k) account, a 403(b) account, a 507 retirement plan, an individual retirement account (IRA), a Roth IRA, or an insurance account.

14. The system of claim 1, wherein the transactional decision making device is configured to perform, in real-time, a transaction including allocating or reallocating investments in a retirement account, a college savings account, a pension account, a wealth management account, an estate planning account, an investment account, a 401(k) account, a 403(b) account, a 507 retirement plan, an individual retirement account (IRA), a Roth IRA, or an insurance account.

15. The system of claim 1, wherein the transactional decision making device is configured to perform, in real-time, a transaction including changing a contribution or deferral rate in a retirement account, a college savings account, a pension account, a wealth management account, an estate planning account, an investment account, a 401(k) account, a 403(b) account, a 507 retirement plan, an individual retirement account (IRA), a Roth IRA, or an insurance account.

16. The system of claim 1, wherein the transactional decision making device is configured to perform, in real-time, a transaction including initiating a rollover into a retirement account, a college savings account, a pension account, a wealth management account, an estate planning account, an investment account, a 401(k) account, a 403(b) account, a 507 retirement plan, an individual retirement account (IRA), a Roth IRA, or an insurance account.

17. A system for transactional decision making, the system comprising:

a storage module configured to maintain instructional information for establishing a plurality of privately hosted accounts; and

a transactional decision making device in communication with the storage module, the transactional decision making device including at least one hardware processor and a memory, wherein the memory stores instructions that when executed by the at least one hardware processor performs the steps comprising;

accessing the instructional tools from the storage module; and

enrolling, in real-time, in at least a first retirement account, a first pension account, or a first 401(k) account of the plurality of accounts using at least some of the instructional information.

18. The system of claim 17, wherein the first retirement account comprises an individual retirement account (IRA) or a Roth IRA.

19. The system of claim 17, wherein the instructional information includes actual financial information, hypothetical financial information, and/or instructional steps for performing guided investment making decisions.

20. The system of claim 17, wherein the storage module includes a computer, a server, a database, a hard drive, a USB flash drive, or a portable digital media device.

21. The system of claim 17, wherein the transactional decision making device includes a web-enabled device.

22. The system of claim 20, wherein the web-enabled device includes a mobile phone, a personal computer, a personal digital assistant (PDA), a tablet, or a handheld device.

23. A method for transactional decision making, the method comprising:

at a transactional decision making device comprising a hardware processor and memory;

communicating with a storage module having instructional information stored thereon for enrolling in a first retirement account of a plurality of privately hosted retirement accounts;

determining one or more parameters of the first retirement account; and

enrolling, in real-time, in the first retirement account using the instructional information obtained from the storage module.

24. The method of claim 23, wherein the storage module and the transactional decision making device communicate wirelessly or via the Internet.

25. The method of claim 23, wherein the first retirement account comprises an individual retirement account (IRA), a Roth IRA, a 401(k) account, a pension account, a 403(b) account, or a 507 retirement plan.

26. The method of claim 23, wherein the instructional information is visually displayed on a display screen.

27. The method of claim 23, wherein determining one or more parameters of the first retirement account includes determining a contribution or deferral rate.

28. The method of claim 23, wherein determining one or more parameters of the first account includes allocating investments.

29. The system of claim 23, wherein the transactional decision making device is a web-enabled device including a mobile phone, a personal computer, a personal digital assistant (PDA), a tablet, or a handheld device.

30. A non-transitory computer readable medium having stored thereon computer executable instructions embodied in a computer readable medium and when executed by a processor of a computer performs steps comprising:

at a transactional decision making device comprising a hardware processor and memory;

communicating with a storage module having instructional information stored thereon for enrolling in a first retirement account of a plurality of privately hosted retirement accounts;

determining one or more parameters of the first retirement account; and

enrolling, in real-time, in the first retirement account using the instructional information obtained from the storage module.