Method and system for integrating investment advice with financial account statement information

• US 7,822,671 B1
• Filed: 03/27/2008
• Issued: 10/26/2010
• Est. Priority Date: 07/31/2002
• Status: Expired due to Term

• Current Assignee: Charles Schwab & Company Incorporated (Charles Schwab Corporation)
• Original Assignee: Charles Schwab & Company Incorporated (Charles Schwab Corporation)
• Inventors: Oros, Robert
• Primary Examiner(s): Kramer; James
• Assistant Examiner(s): Maguire; Lindsay M.
• Application Number:
  US12/056,998
• Time in Patent Office: 943 Days
• Field of Search: 705/36.R
• US Class Current: 705/36.00R
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• 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 method and system which provides for generating an integrated report. The method and system utilize information in a data storage system to provide individual account holders with an integrated report which includes detailed information regarding the financial account, and integrates financial planning recommendation information with the information regarding the financial account. Typically, the information regarding the financial account will be of sufficient detail so that a separate account statement need not be sent to the individual. The system and method herein provide individual account holders with a single report which provides the individual with financial account information, and financial planning advice, utilizing data available in a data storage system. Thus, the individual need not seek out advice, rather it is proactively delivered to the individual. Further, the method and system can provide for periodically generating the integrated report without requiring periodic input or action on the part of the account holder.

Claims

1. A method comprising:

identifying in a data storage system;

financial account statement information associated with a financial account of an individual;

determining with a processing system an estimated retirement goal for the individual based on personal information of the individual, wherein the personal information is submitted to the data storage system at the time the financial account of the individual is created, and determining a financial planning recommendation based on said information comprising the estimated retirement goal and the financial account statement information, the financial planning recommendation comprising a financial planning strategy; and

periodically generating with the processing system an integrated report comprising the financial account statement information and the financial planning recommendation without requiring periodic input or action from the individual, wherein the financial planning recommendation comprises a predicted likelihood that a current investment strategy associated with the financial account will meet the estimated retirement goal for the individual and a predicted likelihood that a recommended financial planning strategy will meet the estimated retirement goal for the individual.

2. The method of claim 1, further comprising providing the integrated report to the individual.

3. The method of claim 1, wherein the financial planning recommendation includes a comparison of the predicted likelihood that the current investment strategy associated with the financial account will meet the estimated retirement goal for the individual as compared to a predicted likelihood that a recommended financial planning strategy will meet the estimated retirement goal for the individual.

4. The method of claim 1, wherein the recommended financial planning strategy is predicted to improve the performance of the financial account.

5. The method of claim 1, wherein the financial account statement information comprises transaction information and an identification of assets currently held in the financial account.

6. The method of claim 1, wherein the financial account statement information comprises a current value of assets held in the financial account.

7. The method of claim 1, wherein the personal information comprises a desired age of retirement for the individual.

8. The method of claim 1, wherein the personal information comprises an amount of income for the individual.

9. The method of claim 1, wherein the financial planning recommendation comprises a recommended asset allocation.

10. The method of claim 1, wherein the financial planning recommendation comprises a projection of retirement income based on the current investment strategy associated with the financial account.

11. The method of claim 1, wherein the financial planning recommendation is generated by an independent third party.

12. The method of claim 1, wherein the personal information comprises a number of dependents and an annual salary.

13. A method comprising:

identifying in a data storage system, financial account statement information associated with a financial account of an individual;

determining with a processing system an estimated retirement goal for the individual based on personal information of the individual, wherein the personal information is submitted to the data storage system at the time the financial account of the individual is created, and determining a financial planning recommendation based on said information comprising the estimated retirement goal and the financial account statement information, the financial planning recommendation comprising a recommendation identifying one or more investments for the individual to purchase; and

periodically generating with the processing system an integrated report comprising the financial account statement information and the financial planning recommendation without requiring periodic input or action from the individual, wherein the financial planning recommendation comprises a predicted likelihood that the financial account will have funds to meet the estimated retirement goal if the individual purchases the identified one or more investments.

14. The method of claim 13, further comprising providing the integrated report to the individual.

15. The method of claim 13, wherein the financial planning recommendation comprises a predicted likelihood that the financial account will have funds to meet an estimated retirement goal based on a current investment strategy.

16. The method of claim 13, wherein the financial planning recommendation includes a comparison of a predicted likelihood that a current investment strategy associated with the financial account will meet the estimated retirement goal for the individual as compared to the predicted likelihood that the financial account will have funds to meet the estimated retirement goal if the individual purchases the identified one or more investments.

17. The method of claim 16, wherein the financial planning recommendation comprises the recommended financial planning strategy.

18. The method of claim 13, wherein the financial planning recommendation is predicted to improve the performance of the financial account.

19. The method of claim 13, wherein the financial account statement information comprises transaction information and an identification of assets currently held in the financial account.

20. The method of claim 13, wherein the financial account statement information comprises a current value of assets held in the financial account.

21. The method of claim 13, wherein the personal information comprises a desired age of retirement for the individual.

22. The method of claim 13, wherein the personal information comprises an amount of income for the individual.

23. The method of claim 13, wherein the financial planning recommendation comprises a recommended asset allocation.

24. The method of claim 13, wherein the financial planning recommendation comprises a projection of retirement income based on the current investment strategy associated with the financial account.

25. A system comprising:

a data storage system storing financial account information associated with a financial account and personal information for the individual, wherein the personal information is submitted to the data storage system at the time the financial account of the individual is created;

a processor communicatively coupled to the data storage system, the processor configured to;

retrieve the financial account information and the personal information from the data storage system;

identify financial account statement information for the financial account;

determine a financial planning recommendation for the individual, the financial planning recommendation based on said information comprising the financial account statement information and personal information;

periodically generate an integrated report for the individual comprising the financial account statement information and the financial planning recommendation without requiring periodic input or action from the individual, wherein the financial planning recommendation is related to a retirement benefit plan and comprises a predicted likelihood that a recommended financial planning strategy will meet the estimated retirement goal for the individual; and

provide the integrated report to the individual.

26. The system of claim 25, wherein the integrated report is provided to the individual electronically.

27. The system of claim 25, wherein the integrated report is printed.