Systems and methods for financial plan benchmarking

• US 7,895,102 B1
• Filed: 02/29/2008
• Issued: 02/22/2011
• Est. Priority Date: 02/29/2008
• Status: Active Grant

• Current Assignee: United Services Automobile Association
• Original Assignee: United Services Automobile Association
• Inventors: Wilks, Bruce Wesley, Morales, Robert, Garcia, Rennie, Pacheco, Robert Anthony
• Primary Examiner(s): Colbert; Ella
• Assistant Examiner(s): OJIAKU, CHIKAODINAKA
• Application Number:
  US12/040,082
• Time in Patent Office: 1,089 Days
• Field of Search: 705/36, 705/43, 706/14, 715/810
• US Class Current: 705/35
• CPC Class Codes: G06Q 30/06 Buying, selling or leasing transactions
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A comprehensive set of data pertaining to a user is gathered from various sources and analyzed. A financial plan is generated and provided to the user. The user may set financial goals and monitor progress towards achieving the goals, and may set and monitor probabilities of success of achieving the goals. The financial plan may take into account the financial goals and probabilities of success, and may be revised to reflect changes in the financial goals and probabilities of success. In an implementation, a user may be provided with information pertaining to how their finances, financial plan, goals, and probabilities of success compare to a selected population group.

Claims

1. A financial planning method, comprising:

receiving at a financial planning engine of an institution system a plurality of financial goals from a user via an email or a website;

receiving at the financial planning engine from the user a plurality of user-specified financial goal attainment probability inputs, each probability input associated with a different one of the financial goals;

generating using the financial planning engine a financial plan based on the financial goals and the user-specified financial goal attainment probability inputs, the financial plan comprising a plurality of financial budgeting recommendations to attain each of the financial goals with the associated user-specified financial goal attainment probability inputs; and

providing the financial plan to the user.

2. The method of claim 1, further comprising electronically receiving data pertaining to the user from a plurality of data sources, at least one of the data sources being internal to an entity that is associated with generating the financial plan and at least one of the data sources being external to the entity.

3. The method of claim 1, further comprising providing a questionnaire to the user requesting the financial goals and receiving the questionnaire from the user with the financial goals.

4. The method of claim 1, further comprising receiving a revision to at least one of the goals from the user and revising the financial plan based on the revision.

5. The method of claim 1, further comprising receiving an update to at least one of the user-specified financial goal attainment probability inputs and revising the financial plan based on the updated user-specified financial goal attainment probability inputs.

6. A computer-readable medium comprising computer-readable instructions for financial planning, said computer-readable instructions comprising instructions that:

receive a plurality of financial goals from a user via an email or a website;

receive from the user a plurality of user-specified financial goal attainment probability inputs, each probability input associated with a different one of the financial goals;

generate a financial plan based on the financial goals and the user-specified financial goal attainment probability inputs, the financial plan comprising a plurality of financial budgeting recommendations to attain each of the financial goals with the associated user-specified financial goal attainment probability inputs; and

provide the financial plan to the user.

7. The computer-readable medium of claim 6, further comprising instructions that electronically receive data pertaining to the user from a plurality of data sources, at least one of the data sources being internal to an entity that is associated with generating the financial plan and at least one of the data sources being external to the entity.

8. The computer-readable medium of claim 6, further comprising instructions that provide a questionnaire to the user requesting the financial goals and receive the questionnaire from the user with the financial goals.

9. The computer-readable medium of claim 6, further comprising instructions that receive a revision to at least one of the goals from the user and revise the financial plan based on the revision.

10. The computer-readable medium of claim 6, further comprising instructions that receive an update to at least one of the user-specified financial goal attainment probability inputs and revise the financial plan based on the updated user-specified financial goal attainment probability inputs.

11. A financial planning system, comprising:

at least one subsystem that receives a plurality of financial goals from a user via an email or a website;

at least one subsystem that receives from the user a plurality of user-specified financial goal attainment probability inputs, each probability input with a different one of the financial goals;

at least one subsystem including a processor that generates a financial plan based on the financial goals and the user-specified financial goal attainment probability inputs, the financial plan comprising a plurality of financial budgeting recommendations to attain each of the financial goals with the associated user-specified financial goal attainment probability inputs; and

at least one subsystem that provides the financial plan to the user.

12. The system of claim 11, further comprising at least one subsystem that electronically receives data pertaining to the user from a plurality of data sources, at least one of the data sources being internal to an entity that is associated with generating the financial plan and at least one of the data sources being external to the entity.

13. The system of claim 11, further comprising at least one subsystem that provides a questionnaire to the user requesting the financial goals and receives the questionnaire from the user with the financial goals.

14. The system of claim 11, further comprising at least one subsystem that receives a revision to at least one of the goals from the user and revises the financial plan based on the revision.

15. The system of claim 11, further comprising at least one subsystem that receives an update to at least one of the user-specified financial goal attainment probability inputs and revises the financial plan based on the updated user-specified financial goal attainment probability inputs.