Self-service real-time financial advice

• US 8,635,132 B1
• Filed: 04/14/2008
• Issued: 01/21/2014
• Est. Priority Date: 04/14/2008
• 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): OJIAKU, CHIKAODINAKA
• Application Number:
  US12/102,108
• Time in Patent Office: 2,108 Days
• Field of Search: 705/35, 707/14
• US Class Current: 705/35
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A user may obtain self-service financial planning. A comprehensive set of data pertaining to a user is gathered from various sources and analyzed to generate a financial plan. A user may be presented with various financial scenarios based on information provided by the user. The user may perform “what if” analyses to determine prospective financial plans and results based on hypothetical information that the user may provide. A user may be provided with a financial plan and the user may see how the plan changes under various risk tolerances and life event scenarios.

Claims

1. A financial planning method, comprising:

retrieving user data related to a user;

generating a financial plan comprising recommendations for the user using a computer-implemented self-service financial planner of an institution;

providing the financial plan to a user computing device of the user from the computer-implemented self-service financial planner via a network;

monitoring, using a processor, the user'"'"'s actions related to implementation of the recommendations in the financial plan and financial data over a selected period of time;

continuously monitoring whether any of the user data has changed;

determining, using the processor, the user'"'"'s risk tolerance by analyzing the user'"'"'s actions related to implementation of the recommendations in the financial plan in view of the financial data and;

generating a revised financial plan so that the revised financial plan is aligned with the user'"'"'s risk tolerance determined by the processor and changes to the user data; and

providing the revised financial plan to the user.

2. The method of claim 1, wherein the financial plan is a self-service real-time financial plan.

3. The method of claim 1, wherein the user data is retrieved from a plurality of data sources comprising an internal data source internal to the institution and a plurality of external data sources, each external data source being external to the institution.

4. The method of claim 1, further comprising:

after generating the revised financial plan, providing both the financial plan and the revised financial plan to the user for comparison.

5. The method of claim 1, further comprising:

receiving, from the user, an indication of which one of the financial plan or the revised financial plan that the user wishes to implement.

6. The method of claim 1 wherein the financial data includes financial market data, movement or fluctuation of the financial market data, changes in interest rates, and changes in inflation rates.

7. A non-transitory computer-readable medium comprising computer-readable instructions for financial planning, said computer-readable instructions comprising instructions that:

retrieve user data related to a user;

generate a financial plan comprising recommendations for the user using a computer-implemented self-service financial planner of an institution;

provide the financial plan to a user computing device of the user from the computer-implemented self-service financial planner via a network;

monitor, using a processor, the user'"'"'s actions related to implementation of the recommendations in the financial plan and financial data over a selected period of time;

continuously monitor whether any of the user data has changed;

determine, using the processor, the user'"'"'s risk tolerance by analyzing the user'"'"'s actions related to implementation of the recommendations in the financial plan in view of the financial data and changes to the user data;

generating a revised financial plan so that the revised financial plan is aligned with the user'"'"'s risk tolerance determined by the processor; and

provide the revised financial plan to the user.

8. The non-transitory computer-readable medium of claim 7, wherein the financial plan is a self-service real-time financial plan.

9. The non-transitory computer-readable medium of claim 7, wherein the user data is retrieved from a plurality of data sources comprising an internal data source internal to the institution and a plurality of external data sources, each external data source being external to the institution.

10. The non-transitory computer-readable medium of claim 7, further comprising instructions that provide both the financial plan and the revised financial plan to the user for comparison after generating the revised financial plan.

11. The non-transitory computer-readable medium of claim 7, further comprising instructions that receive, from the user, an indication of which one of the financial plan or the revised financial plan the user wishes to implement.

12. The non-transitory computer-readable medium of claim 7 wherein the financial data includes financial market data, movement or fluctuation of the financial market data, changes in interest rates, and changes in inflation rates.

13. A financial planning system, comprising:

a processor;

a non-transitory computer-readable medium coupled to the processor and storing a plurality of instructions, which, when executed, cause the processor to provide financial planning, the plurality of instructions comprising;

instructions that cause the processor to retrieve user data related to a user;

instructions that cause the processor to generate a financial plan comprising recommendations for the user using a computer-implemented self-service financial planner of an institution;

instructions that cause the processor to provide the financial plan to a user computing device of the user from the computer-implemented self-service financial planner via a network;

instructions that cause the processor to monitor the user'"'"'s actions related to implementation of the recommendations in the financial plan and financial data over a selected period of time;

instructions that cause the processor to determine the user'"'"'s risk tolerance by analyzing the user'"'"'s actions related to implementation of the recommendations in the financial plan in view of the financial data;

instructions that cause the processor to continuously monitor whether any of the user data has changed;

instructions that cause the processor to generate a revised financial plan so that the revised financial plan is aligned with the user'"'"'s risk tolerance determined by the processor and changes to the user data; and

instructions that cause the processor to provide the revised financial plan to the user.

14. The system of claim 13, wherein the financial plan is a self-service real-time financial plan.

15. The system of claim 13, wherein the user data is retrieved from a plurality of data sources comprising an internal data source internal to the institution and a plurality of external data sources, each external data source being external to the institution.

16. The system of claim 13, further comprising instructions that receive, from the user, an indication of which one of the financial plan or the revised financial plan the user wishes to implement.

17. The system of claim 13 wherein the financial data includes financial market data, movement or fluctuation of the financial market data, changes in interest rates, and changes in inflation rates.