Method and system for integrating investment advice with financial account statement information
First Claim
1. A method comprising:
- sending, by an individual, personal information to a processing system comprising a server, wherein the server identifies in a data storage system financial account statement information associated with a financial account of the individual, determines an estimated retirement goal for the individual based on the personal information, and wherein the personal information is submitted at the time the financial account of the individual is created, and determines a financial planning recommendation based on the estimated retirement goal and the financial account statement information, the financial planning recommendation comprising a financial planning strategy; and
periodically receiving, by the individual, an integrated report that is generated by the processing system and comprises 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.
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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.
82 Citations
20 Claims
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1. A method comprising:
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sending, by an individual, personal information to a processing system comprising a server, wherein the server identifies in a data storage system financial account statement information associated with a financial account of the individual, determines an estimated retirement goal for the individual based on the personal information, and wherein the personal information is submitted at the time the financial account of the individual is created, and determines a financial planning recommendation based on the estimated retirement goal and the financial account statement information, the financial planning recommendation comprising a financial planning strategy; and periodically receiving, by the individual, an integrated report that is generated by the processing system and comprises 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. - View Dependent Claims (2, 3, 4, 5, 6, 7, 8, 9)
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10. A method comprising:
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sending, by an individual, of personal information to a processing system comprising a server, wherein the server identifies in a data storage system, financial account statement information associated with a financial account of an individual, determines an estimated retirement goal for the individual based on the personal information, wherein the personal information is submitted to the data storage system at the time the financial account of the individual is created, and determines a financial planning recommendation based on 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 receiving, by the individual, an integrated report that is generated by the processing system and comprises 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. - View Dependent Claims (11, 12, 13, 14, 15, 16, 17, 18, 19)
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20. A system comprising:
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a non-transitory computer readable medium comprising computer readable program code embodied therein; and a processor that can read the non-transitory computer readable medium to execute the computer readable program code to implement a method comprising; sending, on behalf of an individual, personal information to a processing system comprising a server, wherein the server identifies in a data storage system financial account statement information associated with a financial account of the individual, determines an estimated retirement goal for the individual based on the personal information, and wherein the personal information is submitted at the time the financial account of the individual is created, and determines a financial planning recommendation based on the estimated retirement goal and the financial account statement information, the financial planning recommendation comprising a financial planning strategy; and presenting to the individual, a periodically received integrated report that is generated by the processing system and comprises 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.
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Specification