Integrated client relationship management processor

• US 6,324,523 B1
• Filed: 09/30/1997
• Issued: 11/27/2001
• Est. Priority Date: 09/30/1997
• Status: Expired due to Term

• Current Assignee: Bank of America Corp.
• Original Assignee: Merrill Lynch & Co. Incorporated
• Inventors: Gill-Fagan, Hollie A., Bennett, James G., Killeen, Jr., John J., Stamler, Gilbert H., Banford, Cynthia K., Carney, Patrick M., Batavia, Donna G.
• Primary Examiner(s): Nguyen, Nga B.
• Assistant Examiner(s): Nguyen, Cuong H.
• Application Number:
  US08/940,244
• Time in Patent Office: 1,519 Days
• Field of Search: 705/30, 705/37, 705/38, 705/35, 705/36, 705/39
• US Class Current: 705/36.00R
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• 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

Abstract

A data processing system initiates, implements, confirms and updates a novel financial transaction support service, which provides an allotment of brokerage transactions, related financial services, and banking account services at a fee predicated on total assets in a selectively constructed Account Group.

The foregoing system permits wide scale implementation of an asset-based fee structure for a wide range of services, with simplified and enhanced tracking of account activity.

Claims

1. A method of managing a plurality of Account Groups, the method comprising the steps of:

(a) defining a plurality of hierarchical tiers based upon an amount of total assets held in an Account Group for the benefit of one or more Account Group holders,

(b) linking one or more individual accounts to an Account Group,

(c) determining the amount of total assets held in a first Account Group,

(d) assigning an initial set of attribute parameters to the first Account Group based upon the amount of total assets held in the Account Group, the attribute parameters specifying at least two of;

(i) a total number of brokerage trades allowed for the Account Group;

(ii) a total number of account transactions allowed for the Account Group; and

(iii) an amount of account service fees to be debited against the Account Group;

and at least one of;

(i) one or more financial planning services which the one or more Account Group holders are eligible to receive;

(ii) one or more account services which the one or more Account Group holders are eligible to receive;

(iii) one or more financial reports which the one or more Account Group holders are eligible to receive; and

(iv) a reduction in credit line interest rate applicable to funds borrowed by the one or more Account Group holders; and

(e) monitoring account transactions and brokerage trades on a periodic and/or repeated basis and, in response thereto, assigning one or more updated attribute parameters to the Account Group.

2. The method of claim 1 further including the steps of, for each of a plurality of Account Groups:

(a) tracking the amount of total assets held in an Account Group as a function of time, and (b) establishing a fee against the Account Group based thereon.

3. The method of claim 1 further including the steps of, for each of a plurality of Account Groups:

(a) tracking the amount of total assets held in an Account Group as a function of time, and

(b) establishing a level of account service access based thereon.

4. The method of claim 1 wherein the first Account Group comprises a first account and a second account, the method further including the steps of:

(a) tracking an Account Group holder implementing a first account transaction for the first account;

the first account transaction having a first transaction cost associated therewith;

(b) tracking an Account Group holder implementing a second account transaction for the second account;

the second account transaction having a second transaction cost associated therewith;

(c) debiting a transaction cost against the Account Group based upon the amount of total assets held in the Account Group, wherein the debited transaction cost is less than the sum of the first and second transaction costs.

5. The method of claim 1 wherein the first Account Group comprises a first account and a second account, the method further including the steps of:

(a) tracking an Account Group holder implementing a first account transaction for the first account;

the first account transaction having a first transaction financial benefit associated therewith;

(b) tracking an Account Group holder implementing a second account transaction for the second account;

the second account transaction having a second transaction financial benefit associated therewith; and

(c) providing a financial transaction benefit to the Account Group based upon the amount of total assets held in the Account Group, wherein the provided financial transaction benefit is greater than the sum of the first and second transaction financial benefits.

6. The method of claim 1 further including the step of establishing a communications link to a first financial service if the amount of total assets held in the Account Group is less than a predetermined amount, and establishing a communications link to a second financial service if the amount of total assets held in the Account Group is not less than a predetermined amount.