Financial assessment systems and methods

• US 8,751,356 B1
• Filed: 01/09/2012
• Issued: 06/10/2014
• Est. Priority Date: 12/30/2005
• Status: Active Grant

• Current Assignee: USAA (United Services Automobile Association)
• Original Assignee: USAA (United Services Automobile Association)
• Inventors: Garcia, Rennie
• Primary Examiner(s): Hamilton, Lalita M
• Application Number:
  US13/346,511
• Time in Patent Office: 883 Days
• Field of Search: 705/35, 705/36.R
• US Class Current: 705/36.R
• 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

Financial assessment systems, methods and graphical user interfaces are described. Financial information for an individual is received and integrated in a financial plan. A synopsis view of the financial plan is graphically presented. The synopsis view of the financial plan may include one or more financial recommendations for the individual. The recommendations and the synopsis view may be updated in real-time in response to a change in the financial information. The recommendations and the synopsis view may be used by the individual who is the subject of the financial plan or may be used by financial advisors. Other embodiments may be described and claimed.

Claims

1. A method of providing financial counseling, the method comprising:

providing a computer having a processor and memory;

obtaining, via the processor, business rules for analyzing financial data of an individual;

generating, via the processor, a financial assessment including one or more recommendations, by analyzing the financial data using the business rules;

generating, via the processor, a graphical representation of the financial assessment of the individual as a single view synopsis, wherein the graphical representation of the financial assessment is divided into a plurality of sections corresponding to different components of the financial assessment and wherein the one or more recommendations are associated with at least one of the different components of the financial assessment;

graphically indicating, via the processor, within the graphical representation of the financial assessment, presence of the one or more recommendations for the at least one of the different components of the financial assessment, by visually highlighting with one or more visual indicators, at least one of the plurality of sections of the graphical representation corresponding to the at least one of the different components of the financial assessment; and

updating, via the processor, the one or more recommendations in response to a change in the financial assessment.

2. The method of claim 1 wherein the visual indicators include changing an appearance of the at least one of the plurality of sections, changing a position of the at least one of the plurality of sections, or animating the at least one of the plurality of sections, compared to the rest of sections of the plurality of sections without recommendations in the graphical representation of the financial assessment.

3. The method of claim 1 further comprising:

prioritizing the one or more recommendations for the individual;

assigning a value indicating priority for each of the one or more recommendations; and

visually distinguishing the plurality of sections corresponding to different components of the financial assessment using the assigned value indicating priority for each of the one or more recommendations associated with the plurality of sections.

4. The method of claim 1 wherein the different components of the financial assessment include a financial planning component, an estate-planning component, a risk management component, a cash flow component, a tax strategies component, a retirement planning component, and an other goals component.

5. The method of claim 1 further comprising:

determining that the financial data of the individual has changed;

updating the business rules according to changes in the financial data; and

applying updated business rules for analyzing the financial data of the individual.

6. The method of claim 1 wherein updating at least one of the one or more recommendations is performed after a predefined period of time.

7. The method of claim 1 wherein updating at least one of the one or more recommendations is performed upon a change in the financial data used for the financial assessment of the individual.

8. The method of claim 1, further comprising:

receiving, from a user, a selection of the at least one of the plurality of sections of the graphical representation that is visually highlighted with the one or more visual indicators; and

providing, to the user, access to a list of subcategories within the at least one of the different components of the financial assessment that corresponds to the at least one of the plurality of sections of the graphical representation selected by the user.

9. A system for providing financial counseling, the system comprising:

a processor;

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

instructions that cause the processor to obtain business rules for analyzing financial data of an individual;

instructions that cause the processor to generate a financial assessment including one or more recommendations, by analyzing the financial data using the business rules;

instructions that cause the processor to generate a graphical representation of the financial assessment of the individual as a single view synopsis, wherein the graphical representation of the financial assessment is divided into a plurality of sections corresponding to different components of the financial assessment and wherein the one or more recommendations are associated with at least one of the different components of the financial assessment;

instructions that cause the processor to graphically indicate, within the graphical representation of the financial assessment, presence of the one or more recommendations for at least one of the different components of the financial assessment, by visually highlighting with one or more visual indicators, at least one of the plurality of sections of the graphical representation corresponding to the at least one of the different components of the financial assessment; and

instructions that cause the processor to update the one or more recommendations in response to a change in the financial assessment.

10. The system of claim 9 wherein the visual indicators include changing an appearance of the at least one of the plurality of sections, changing a position of the at least one of the plurality of sections, or animating the at least one of the plurality of sections, compared to the rest of sections of the plurality of sections without recommendations in the graphical representation of the financial assessment.

11. The system of claim 9 wherein the plurality of instructions further comprise:

instructions that cause the processor to prioritize the one or more recommendations for the individual;

instructions that cause the processor to assign a value indicating priority for each of the one or more recommendations; and

instructions that cause the processor to visually distinguish the plurality of sections corresponding to different components of the financial assessment using the assigned value indicating priority for each of the one or more recommendations associated with the plurality of sections.

12. The system of claim 9 wherein the different components of the financial assessment include a financial planning component, an estate-planning component, a risk management component, a cash flow component, a tax strategies component, a retirement planning component, and an other goals component.

13. The system of claim 9 wherein the plurality of instructions further comprise:

instructions that cause the processor to determine that the financial data of the individual has changed;

instructions that cause the processor to update the business rules according to changes in the financial data; and

instructions that cause the processor to apply updated business rules for analyzing the financial data of the individual.

14. The system of claim 9 wherein updating at least one of the one or more recommendations is performed after a predefined period of time.

15. The system of claim 9 wherein updating at least one of the one or more recommendations is performed upon a change in the financial data used for the financial assessment of the individual.

16. A non-transitory computer-readable storage medium comprising a plurality of computer-readable instructions tangibly embodied on the computer-readable storage medium, which, when executed by a data processor, provide financial counseling, the plurality of instructions comprising:

instructions that cause the processor to obtain business rules for analyzing financial data of an individual;

instructions that cause the processor to generate a financial assessment including one or more recommendations, by analyzing the financial data using the business rules;

instructions that cause the processor to generate a graphical representation of the financial assessment of the individual as a single view synopsis, wherein the graphical representation of the financial assessment is divided into a plurality of sections corresponding to different components of the financial assessment and wherein the one or more recommendations are associated with at least one of the different components of the financial assessment;

instructions that cause the processor to graphically indicate, within the graphical representation of the financial assessment, presence of the one or more recommendations for the at least one of the different components of the financial assessment, by visually highlighting with visual indicators, at least one of the plurality of sections of the graphical representation corresponding to the at least one of the different components of the financial assessment; and

instructions that cause the processor to update the one or more recommendations in response to a change in the financial assessment.

17. The non-transitory computer-readable storage medium of claim 16 wherein the visual indicators include changing an appearance of the at least one of the plurality of sections, changing a position of the at least one of the plurality of sections, or animating the at least one of the plurality of sections, compared to the rest of sections of the plurality of sections without recommendations in the graphical representation of the financial assessment.

18. The non-transitory computer-readable storage medium of claim 16 wherein the plurality of instructions further comprise:

instructions that cause the processor to prioritize the one or more recommendations for the individual;

instructions that cause the processor to assign a value indicating priority for each of the one or more recommendations; and

instructions that cause the processor to visually distinguish the plurality of sections corresponding to different components of the financial assessment using the assigned value indicating priority for each of the one or more recommendations associated with the plurality of sections.

19. The non-transitory computer-readable storage medium of claim 16 wherein the different components of the financial assessment include a financial planning component, an estate-planning component, a risk management component, a cash flow component, a tax strategies component, a retirement planning component, and an other goals component.

20. The non-transitory computer-readable storage medium of claim 16 wherein the plurality of instructions further comprise:

instructions that cause the processor to determine that the financial data of the individual has changed;

instructions that cause the processor to update the business rules according to changes in the financial data; and

instructions that cause the processor to apply updated business rules for analyzing the financial data of the individual.