Systems and methods for implementing a financial plan with regard to expenses

• US 7,904,362 B1
• Filed: 11/06/2007
• Issued: 03/08/2011
• Est. Priority Date: 11/06/2007
• Status: Active Grant

• Current Assignee: United Services Automobile Association
• Original Assignee: United Services Automobile Association
• Inventors: Smith, Arthur Quentin
• Primary Examiner(s): Colbert; Ella
• Assistant Examiner(s): OJIAKU, CHIKAODINAKA
• Application Number:
  US11/935,801
• Time in Patent Office: 1,218 Days
• Field of Search: 705/14, 235/380, 706/46
• US Class Current: 705/35
• CPC Class Codes: G06Q 20/102 Bill distribution or payments
• 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

Abstract

A person has expenses to be paid according to a financial plan which identifies liquidating procedures for liquidating investments to generate funds for the person, where the funds are for paying the expenses. To implement the financial plan for the person, the financial plan is received at a plan defining module which produces based thereon a formatted list of sequentially applied liquidation rules. A plan implementation module is actuated upon a triggering event, after which the formatted list of rules is received at the actuated plan implementation module. The actuated plan implementation module applies the received list of rules to liquidate investments of the person and thereby generate the funds for the person.

Claims

1. A computer-based method for implementing a financial plan for a person having expenses to be paid according to the financial plan, the financial plan identifying liquidating procedures for liquidating investments to generate funds for the person, the funds for paying the expenses, the method for implementing the financial plan for the person and comprising:

receiving the financial plan at a plan defining module;

producing by a computer processor at the plan defining module based on the received financial plan a formatted list of sequentially applied liquidation rules to liquidate investments that are categorized into groups of investments, wherein the groups of investments are defined by the financial plan;

actuating by a computer processor a plan implementation module upon a triggering event;

receiving the formatted list of rules at the actuated plan implementation module;

applying, at the actuated plan implementation module, the received list of rules by a computer processor to liquidate investments of the person in accordance with the groups of investments and thereby generate the funds for the person; and

initiating a liquidation of at least one of the investments of the person based on the application of the received list of rules.

2. The method of claim 1 wherein the plan defining module receives the financial plan as produced at an external location.

3. The method of claim 1 wherein the formatted list of rules is set forth as an eXtensible Markup Language (XML) document that sets forth the rules as a series of conditional steps.

4. The method of claim 1 wherein the plan implementation module is actuated upon a triggering event of an expense of the person being presented.

5. The method of claim 1 wherein the rules of the formatted list of rules are selected from among:

a spill-over rule, where an amount of funds is generated from one or more investments and any remainder is left to be generated by a subsequent rule;

a split rule, where an amount of funds is generated from among several investments based on a predefined allotment;

a conditional rule, where an amount of funds is generated from one or more investments, but only if a condition is met;

a fixed amount rule, where the amount of funds generates a specific amount; and

combinations thereof.

6. The method of claim 1 wherein each rule in the formatted list for the person is in a particular order in the list and wherein the rules in the list are sequentially applied by the implementation module according to the particular order.

7. The method of claim 1 wherein a rule in the formatted list requires that a particular investment of the person within one of the groups of investments be liquidated, and the plan implementation module one of liquidates such particular investment for the person, forwards a request to liquidate such particular investment to an external computer system, and forwards a request to liquidate such particular investment for execution at a financial institution.

22. The method of claim 1 further comprising:

determining by a computer processor at the plan implementation module whether a particular expense includes an over-ride notation indicating that funds for the particular expense be generated by liquidating assets from a different group of assets than a group of assets suggested by the sequentially applied liquidation rules;

if the particular expense includes the over-ride notation, initiating an asset liquidation in the different group of assets; and

if the particular expense does not include the over-ride notation, initiating an asset liquidation in the group of assets suggested by the sequentially applied liquidation rules.

8. A computer-readable medium having stored there-on computer-executable instructions for implementing a computer-based method for implementing a financial plan for a person having expenses to be paid according to the financial plan, the financial plan identifying liquidating procedures for liquidating investments to generate funds for the person, the funds for paying the expenses, the method for implementing the financial plan for the person and comprising:

receiving the financial plan at a plan defining module;

producing at the plan defining module based on the received financial plan a formatted list of sequentially applied liquidation rules to liquidate investments that are categorized into groups of investments, wherein the groups of investments are defined by the financial plan;

actuating a plan implementation module upon a triggering event;

receiving the formatted list of rules at the actuated plan implementation module;

applying, at the actuated plan implementation module, the received list of rules to liquidate investments of the person in accordance with the groups of investments and thereby generate the funds for the person; and

initiating a liquidation of at least one of the investments of the person based on the application of the received list of rules.

9. The medium of claim 8 wherein the plan defining module receives the financial plan as produced at an external location.

10. The medium of claim 8 wherein the formatted list of rules is set forth as an eXtensible Markup Language (XML) document that sets forth the rules as a series of conditional steps.

11. The medium of claim 8 wherein the plan implementation module is actuated upon a triggering event of an expense of the person being presented.

12. The medium of claim 8 wherein the rules of the formatted list of rules are selected from among:

a spill-over rule, where an amount of funds is generated from one or more investments and any remainder is left to be generated by a subsequent rule;

a split rule, where an amount of funds is generated from among several investments based on a predefined allotment;

a conditional rule, where an amount of funds is generated from one or more investments, but only if a condition is met;

a fixed amount rule, where the amount of funds generates a specific amount; and

combinations thereof.

13. The medium of claim 8 wherein each rule in the formatted list for the person is in a particular order in the list and wherein the rules in the list are sequentially applied by the implementation module according to the particular order.

14. The medium of claim 8 wherein a rule in the formatted list requires that a particular investment of the person within one of the groups of investments be liquidated, and the plan implementation module one of liquidates such particular investment for the person, forwards a request to liquidate such particular investment to an external computer system, and forwards a request to liquidate such particular investment for execution at a financial institution.

23. The medium of claim 8 wherein the actuated plan implementation module is further configured to:

determine whether a particular expense includes an over-ride notation indicating that funds for the particular expense be generated by liquidating assets from a different group of assets than a group of assets suggested by the sequentially applied liquidation rules;

if the particular expense includes the over-ride notation, initiate an asset liquidation in the different group of assets; and

if the particular expense does not include the over-ride notation, initiate an asset liquidation in the group of assets suggested by the sequentially applied liquidation rules.

15. A computer-based system for implementing a financial plan for a person having expenses to be paid according to the financial plan, the financial plan identifying liquidating procedures for liquidating investments to generate funds for the person, the funds for paying the expenses, the system for implementing the financial plan for the person and comprising:

a sub-system for receiving the financial plan at a plan defining module;

a sub-system for producing by a computer processor at the plan defining module based on the received financial plan a formatted list of sequentially applied liquidation rules to liquidate investments that are categorized into groups of investments, wherein the groups of investments are defined by the financial plan;

a sub-system for actuating by a computer processor a plan implementation module upon a triggering event;

a sub-system for receiving the formatted list of rules at the actuated plan implementation module; and

a sub-system for applying, at the actuated plan implementation module, the received list of rules by a computer processor to liquidate investments of the person in accordance with the groups of investments and thereby generate the funds for the person, and initiating a liquidation of at least one of the investments of the person based on the application of the received list of rules.

16. The system of claim 15 wherein the plan defining module receives the financial plan as produced at an external location.

17. The system of claim 15 wherein the formatted list of rules is set forth as an eXtensible Markup Language (XML) document that sets forth the rules as a series of conditional steps.

18. The system of claim 15 wherein the plan implementation module is actuated upon a triggering event of an expense of the person being presented.

19. The system of claim 15 wherein the rules of the formatted list of rules are selected from among:

a spill-over rule, where an amount of funds is generated from one or more investments and any remainder is left to be generated by a subsequent rule;

a split rule, where an amount of funds is generated from among several investments based on a predefined allotment;

a conditional rule, where an amount of funds is generated from one or more investments, but only if a condition is met;

a fixed amount rule, where the amount of funds generates a specific amount; and

combinations thereof.

20. The system of claim 15 wherein each rule in the formatted list for the person is in a particular order in the list and wherein the rules in the list are sequentially applied by the implementation module according to the particular order.

21. The system of claim 15 wherein a rule in the formatted list requires that a particular investment of the person within one of the groups of investments be liquidated, and the plan implementation module one of liquidates such particular investment for the person, forwards a request to liquidate such particular investment to an external computer system, and forwards a request to liquidate such particular investment for execution at a financial institution.

24. The system of claim 15 wherein the sub-system for applying the received list of rules is further configured to:

determine whether a particular expense includes an over-ride notation indicating that funds for the particular expense be generated by liquidating assets from a different group of assets than a group of assets suggested by the sequentially applied liquidation rules;

if the particular expense includes the over-ride notation, initiate an asset liquidation in the different group of assets; and

if the particular expense does not include the over-ride notation, initiate an asset liquidation in the group of assets suggested by the sequentially applied liquidation rules.