METHODS AND SYSTEMS FOR IDENTIFYING FINANCIAL NEEDS AND PROVIDING CUSTOMIZABLE FINANCIAL ADVICE

• US 20140188758A1
• Filed: 01/02/2013
• Published: 07/03/2014
• Est. Priority Date: 01/02/2013
• Status: Abandoned Application

• Current Assignee: Western and Southern Life Insurance Company (Western & Southern Mutual Holding Company)
• Original Assignee: Western and Southern Life Insurance Company (Western & Southern Mutual Holding Company)
• Inventors: Harper, McKenzie M., Eck, Thomas M., Ross, Doug, Wood, Thomas J., Payne, Keith, Vovk, Matthew
• Application Number:
  US13/733,047
• Publication Number:
  US 20140188758A1
• Time in Patent Office: Days
• US Class Current: 705/36.R
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

The system and method of the centralized integrated software for assisting agents in providing financial advice and product recommendations to clients based on financial needs is disclosed. The centralized software includes integrated applications for identifying various financial needs, priorities, and urgencies, and calculating survivor and retirement needs and various metrics based on rankings of various factors presented by the user. The centralized software includes an interactive interface for use for data gathering of client information. A module is identified for further input of user information based on the financial needs, priorities, and urgencies of the user.

Claims

1. A computer implemented method for providing a centralized software for financial planning, the method comprising:

displaying a plurality of data entry fields capable of receiving, within the centralized software, by a computer, client identification information comprising the identification of the client and family composition for the client;

receiving, by the centralized software, a set of inputs regarding financial priorities and urgencies for a client;

presenting, by the centralized software, a presentation layer, wherein the presentation layer includes presentations within the centralized software for illustrating concepts for a module;

wherein the centralized software determines the module that corresponds with the client'"'"'s financial priorities and urgencies, wherein the module is further configured to;

receive data from data entry for financial goals for that module;

determine an amount needed by the client for reaching the financial goals for that module;

identify a shortfall between the amount needed by the client and the likely amount the client may reach based on current estimates; and

provide a recommendation for managing the shortfall.

2. The computer implemented method of claim 1, wherein the module includes at least one of a survivor needs module, mortgage needs module, retirement needs module, retirement income module, or wealth transfer module.

3. The computer implemented method of claim 1, wherein the centralized software further generates a report illustrating a client'"'"'s financial profile.

4. The computer implemented method of claim 1, wherein each data entry field has a corresponding notes field within a notes panel, wherein the corresponding notes field is configured to receive notes regarding the data entry field.

5. The computer implemented method of claim 2, wherein the survivor needs module further determines an amount of life insurance needed, wherein the amount of life insurance needed is based, at least in part, on the shortfall.

6. The computer implemented method of claim 1, wherein the centralized software includes a budget worksheet for identifying a client'"'"'s expenses, wherein the client'"'"'s expenses entered are available for use by the one or more modules.

7. The computer implemented method of claim 2, wherein the retirement needs module projects a year in retirement wherein desired income falls below available income.

18. The computer implemented method of claim 1, wherein each data entry field has a corresponding notes field within a notes panel, wherein the corresponding notes field is configured to receive notes regarding the data entry field.

8. A system for providing a centralized software for financial planning, comprising:

an information handling system including at least one processor for processing data associated with a client;

a memory in communication with the processor for storing the data, wherein the memory includes a centralized software, where, when executed, the centralized software causes the at least one processor to;

present a display for displaying a plurality of data entry fields;

wherein the data entry fields are capable of receiving client identification information comprising the identification of the client and family composition;

receive input from the client indicative of the client'"'"'s financial priorities and urgencies for a client;

provide a presentation layer, wherein the presentation layer includes presentations within the centralized software for illustrating concepts for a module;

wherein the module is selected based on the client'"'"'s financial priorities and urgencies, further wherein the module is configured to;

receive data from data entry for financial goals for that module;

determine an amount needed by the client for reaching the financial goals for that module;

identify a shortfall between the amount needed by the client and the likely amount the client may reach based on current estimates; and

provide a recommendation for managing the shortfall.

9. The system of claim 8, wherein the module includes at least one of a survivor needs module, mortgage needs module, retirement needs module, retirement income module, or wealth transfer module.

10. The system of claim 8, wherein the centralized software further generates a report illustrating a client'"'"'s financial profile.

11. The system of claim 8, wherein each data entry field has a corresponding notes field within a notes panel, wherein the corresponding notes field is configured to receive notes regarding the data entry field.

12. The system of claim 9, wherein the survivor needs module further determines an amount of life insurance needed, wherein the amount of life insurance needed is based, at least in part, on the shortfall.

13. The system of claim 8, wherein the centralized software includes a budget worksheet for identifying a client'"'"'s expenses, wherein the client'"'"'s expenses entered are available for use by the one or more modules.

14. The system of claim 9, wherein the retirement needs module projects a year in retirement wherein desired income falls below available income.

15. A method for providing a centralized software for financial planning, the method comprising:

providing an information handling system including at least one processor for processing data associated with a client using the centralized software;

wherein a memory is in communication with the processor for storing the data;

displaying a plurality of data entry fields capable of receiving, within the centralized software, by a computer, client identification information comprising the identification of the client and family composition for the client;

receiving, by the centralized software, a set of inputs regarding financial priorities and urgencies for a client;

presenting, by the centralized software, a presentation layer, wherein the presentation layer includes presentations within the centralized software for illustrating concepts for a module;

wherein the centralized software determines the module that corresponds with the client'"'"'s financial priorities and urgencies, wherein the module is further configured to;

receive data from data entry for financial goals for that module;

determine an amount needed by the client for reaching the financial goals for that module;

identify a shortfall between the amount needed by the client and the likely amount the client may reach based on current estimates; and

provide a recommendation for managing the shortfall.

16. The method of claim 15, wherein the module includes at least one of a survivor needs module, mortgage needs module, retirement needs module, retirement income module, or wealth transfer module.

17. The method of claim 15, wherein the centralized software further generates a report illustrating a client'"'"'s financial profile.

19. The method of claim 16, wherein the survivor needs module further determines an amount of life insurance needed, wherein the amount of life insurance needed is based, at least in part, on the shortfall.

20. The method of claim 15, wherein the centralized software includes a budget worksheet for identifying a client'"'"'s expenses, wherein the client'"'"'s expenses entered are available for use by the one or more modules.