System and method of providing a financial investment recommendation using a portfolio planner

• US 9,064,284 B1
• Filed: 09/27/2007
• Issued: 06/23/2015
• Est. Priority Date: 09/27/2007
• Status: Active Grant

• Current Assignee: United Services Automobile Association
• Original Assignee: United Services Automobile Association
• Inventors: Wheeler, Laif, Janiszeski, Norbert, Jimenez, Laurie, Shutt, Nancy, Sell, Alan, Smith, Ralph J., Quan, Ivan G., Hirner, David, Tomlinson, Leslie, Dempsey, Andrew, Wilks, Bruce
• Primary Examiner(s): Trammell, James
• Assistant Examiner(s): Malhotra, Sanjeev
• Application Number:
  US11/904,436
• Time in Patent Office: 2,826 Days
• Field of Search: 705/1, 705/4, 705/26, 705/28, 705/35, 705/36, 705/36.R, 705/37, 705/38, 705/39, 709/203, 345/745
• US Class Current: 1/1
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: G06Q 40/06 Asset management; Financial planning or analysis

Abstract

A method, a system and a computer-readable medium for generating a financial investment recommendation plan to a customer is described. A financial questionnaire is provided to a customer and is completed by the customer or a customer service representative assisting the customer, and the questionnaire has several options available to the customer, to include selecting an option to indicate that a tax-advantaged recommendation is desired to minimize taxes owed. The customer enters financial asset information and receives a recommendation with product-level detail on specific financial products to invest in, along with an action plan to assist the customer with investing in the financial products suggested in the recommendation.

Claims

1. A computer-implemented method for implementing an action plan for a customer investing in financial investment products, the method comprising:

receiving, by a computer system via a network, a request from the customer for portfolio planning;

receiving, by the computer system via the network, an investment selection of the customer, wherein the investment selection comprises;

an initial investment; and

an account type for a recommendation, wherein;

the account type specifies a retirement account or a non-retirement account;

transmitting, from the computer system to a computer device associated with the customer, an interface, wherein;

the interface is configured to request customer input whether to perform a portfolio recommendation;

receiving, at the computer system, an indication from the customer to perform the portfolio recommendation;

in response to receiving the indication from the customer to perform the portfolio recommendation, using the computer system in order to generate a portfolio recommendation tool;

transmitting, from the computer system via the network, the portfolio recommendation tool that concurrently presents an in-house recommended portfolio and a mixed recommended portfolio, wherein;

the recommended portfolio comprises mutual funds only housed with the financial institution providing the recommendation,

the recommended portfolio comprises product-level recommendations within a plurality of asset classes, wherein each of the product-level recommendations are housed with the financial institution providing the recommendation,

the mixed recommended portfolio comprises at least one mutual fund housed by another financial institution,

the mixed recommended portfolio comprises product-level recommendations within the plurality of asset classes, wherein at least one of the product-level recommendations are housed by another financial institution and at least one of the product-level recommendations are housed by the financial institution providing the recommendation, and

the portfolio recommendation tool provides a first option to select the in-house recommended portfolio and a second option to select the mixed recommended portfolio;

instantiating an on-line account application pre-fill component;

pre-filling, by the computer system, fund account information and amount information in a mutual fund account application form provided by the on-line account application pre-fill component, wherein;

the fund account information details one or more assets to be used to fund purchase of the at least one mutual fund product recommendation from the mixed recommended portfolio or in-house recommended portfolio.

2. The method of claim 1, wherein providing the set of investment options comprises:

creating a new mutual fund non-retirement account when the customer provides no external asset information, and the account type is the non-retirement account; and

creating a new mutual fund retirement account when the customer provides no external asset information and the account type is the retirement account.

3. The method of claim 2, wherein providing the set of investment options further comprises:

creating a new brokerage non-retirement account and displaying a brokerage transfer form when the customer provided external non-retirement asset information; and

creating a new brokerage retirement account and displaying a brokerage transfer form when the customer provided external retirement assets information.

4. The method of claim 1, wherein providing the set of investment options comprises:

creating a brokerage non-retirement account and displaying a brokerage transfer form when the customer provided external non-retirement asset information;

creating a brokerage retirement account and displaying a brokerage transfer form when the customer provided external retirement asset information;

indicating that the brokerage non-retirement account with the financial institution providing the recommendation be used to purchase the mutual fund when the customer provides no external asset information and the account type is the non-retirement account;

indicating that the brokerage retirement account with the financial institution providing the recommendation be used to purchase the mutual fund when the customer provides no external asset information and the account type is the retirement account; and

buying a mutual fund with funds from a brokerage account with the financial institution providing the recommendation based on at least one of the following;

creating a mutual fund non-retirement account when the customer provides no external asset information and the account type is the non-retirement account; and

creating a mutual fund retirement account when the customer provides no external asset information and account type is the non-retirement account.

5. The method of claim 1, wherein providing the set of investment options comprises:

buying a mutual fund using a non-retirement mutual fund account with the financial institution providing the recommendation when the customer provided external non-retirement asset information;

buying a mutual fund using a retirement mutual fund account with the financial institution providing the recommendation when the customer provided external retirement asset information;

creating a brokerage non-retirement account and displaying a brokerage transfer form when the customer provided external non-retirement asset information; and

creating a brokerage retirement account and displaying a brokerage transfer form when the customer provided external retirement asset information.

6. The method of claim 1, wherein providing the set of investment options comprises:

buying a mutual fund using a non-retirement mutual fund account held by the financial institution providing the recommendation when the customer provided external non-retirement asset information;

buying a mutual fund using a retirement mutual fund account held by the financial institution providing the recommendation when the customer provided external retirement asset information;

creating a brokerage non-retirement account and displaying a brokerage transfer form when the customer provided external non-retirement asset information; and

creating a brokerage retirement account and displaying the brokerage transfer form when the customer provided external retirement asset information;

indicating that the brokerage non-retirement account with the financial institution providing the recommendation be used to purchase the mutual fund when the customer provides no external asset information and the account type is the non-retirement account;

indicating that the brokerage retirement account with the financial institution providing the recommendation be used to purchase the mutual fund when the customer provides no external asset information and the account type is the retirement account;

creating the brokerage non-retirement account and displaying the brokerage transfer form when the customer provided external non-retirement asset information;

creating the brokerage non-retirement account and displaying the brokerage transfer form when the customer provided external retirement asset information;

creating a new mutual fund non-retirement account when the customer provides no external asset information and the account type is the non-retirement account; and

creating a new mutual fund retirement account when the customer provides no external asset information and the account type is the retirement account.

7. The method of claim 1, further comprising failing to create an action plan if based on at least one of:

a customer including more than one account type for the recommendation;

the customer including only non-retirement assets other than a bank money market account for the recommendation but choosing retirement assets as a type of account; and

the customer including only retirement assets for the recommendation, but selecting the non-retirement account as a type of account.

8. A system for implementing an action plan, the system comprising:

a memory; and

a processor disposed in communication with said memory, and configured to issue a plurality of processing instructions stored in the memory, wherein the processor issues instructions to;

receive, by a computer system via a network, a request from the customer for portfolio planning;

receive, by the computer system via the network an investment selection of the customer, wherein the investment selection comprises;

an initial investment; and

an account type for a recommendation, wherein;

the account type specifies a retirement account or a non-retirement account;

transmit, from the computer system to a computer device associated with the customer, an interface, wherein;

the interface is configured to request customer input whether to perform a portfolio recommendation;

receive, at the computer system, an indication from the customer to perform the portfolio recommendation;

in response to receiving the indication from the customer to perform the portfolio recommendation, use the computer system in order to generate a portfolio recommendation tool;

transmit, from the computer system via the network, the portfolio recommendation tool that concurrently presents an in-house recommended portfolio and a mixed recommended portfolio, wherein;

the recommend portfolio comprises mutual funds only housed with the financial institution providing the recommendation,

the recommended portfolio comprises product-level recommendations within a plurality of asset classes, wherein each of the product-level recommendations are housed with the financial institution providing the recommendation,

the mixed recommended portfolio comprises at least one mutual fund housed by another financial institution,

the mixed recommended portfolio comprises product-level recommendations within the plurality of asset classes, wherein at least one of the product-level recommendations are housed by another financial institution and at least one of the product-level recommendations are housed by the financial institution providing the recommendation, and

the portfolio recommendation tool provides a first option to select the in-house recommended portfolio and a second option to select the mixed recommended portfolio;

instantiate an on-line account application pre-fill component;

pre-fill fund account information and amount information in a mutual fund account application form provided by the on-line account application pre-fill component, wherein;

the fund account information details one or more assets to be used to fund purchase of the at least one mutual fund product recommendation from the mixed recommended portfolio or in-house recommended portfolio.

9. The system of claim 8, wherein the processor further issues instructions to:

create a new mutual fund non-retirement account when the customer provides no external asset information; and

the account type is the non-retirement account; and

create a new mutual fund retirement account when the customer provides no external asset information, and the account type is the retirement account.

10. The system of claim 8, wherein the processor further issues instructions to:

create a new mutual fund non-retirement account when the customer provides no external asset information, and the account type is the non-retirement account;

create a new mutual fund retirement account when the customer provides no external asset information, and the account type is the retirement account;

create a new brokerage non-retirement account and display a brokerage transfer form when the customer provided external non-retirement asset information; and

create a new brokerage retirement account and display a brokerage transfer form when the customer provided external retirement assets information.

11. The system of claim 8, wherein the processor further issues instructions to:

create a new brokerage non-retirement account and displaying a brokerage transfer form if the customer provided external non-retirement asset information;

create a new brokerage retirement account and displaying a brokerage transfer form when the customer provided external retirement asset information;

indicate that the brokerage non-retirement account with the financial institution providing the recommendation be used to purchase the mutual fund when the customer provides no external asset information and the account type is the non-retirement account;

indicate that the brokerage retirement account with the financial institution providing the recommendation be used to purchase the mutual fund when the customer provides no external asset information and the account type is the retirement account; and

buy a mutual fund with funds from a brokerage account with the financial institution providing the recommendation based on at least one of the following;

create a new mutual fund non-retirement account if the customer provides no external asset information and the account type is the non-retirement account; and

create a new mutual fund retirement account if the customer provides no external asset information and the account type is the non-retirement account.

12. The system of claim 8, wherein the processor further issues instructions to:

buy a mutual fund using a non-retirement mutual fund account with the financial institution providing the recommendation when the customer provided external non-retirement asset information;

buy a mutual fund using a retirement mutual fund account with the financial institution providing the recommendation when the customer provided external retirement asset information;

create a new brokerage non-retirement account and display a brokerage transfer form when the customer provided external non-retirement asset information; and

create a new brokerage retirement account and display a brokerage transfer form when the customer provided external retirement asset information.

13. The system of claim 8, wherein the processor further issues instructions to:

buy a mutual fund using a non-retirement mutual fund account held by the financial institution providing the recommendation when the customer provided external non-retirement asset information;

buy a mutual fund using a retirement mutual fund account held by the financial institution providing the recommendation when the customer provided external retirement asset information;

create a new brokerage non-retirement account and display a brokerage transfer form when the customer provided external non-retirement asset information;

create a new brokerage retirement account and display the brokerage transfer form when the customer provided external retirement asset information;

indicate that the brokerage non-retirement account with the financial institution providing the recommendation be used to purchase the mutual fund when the customer provides no external asset information and the account type is the non-retirement account;

indicate that the brokerage retirement account with the financial institution providing the recommendation be used to purchase the mutual fund when the customer provides no external asset information and the account type is the retirement account;

create the brokerage non-retirement account and displaying the brokerage transfer form the customer provided external non-retirement asset information;

create the brokerage non-retirement account and displaying the brokerage transfer form when the customer provided external retirement asset information;

create a new mutual fund non-retirement account when the customer provides no external asset information and the account type is the non-retirement account; and

create a new mutual fund retirement account when the customer provides no external asset information and the account type is the retirement account.

14. The system of claim 8, wherein the processor further issues instructions to fail to create an action plan based on at least one of:

a customer including more than one account type for the recommendation;

the customer including only non-retirement assets other than a bank money market account for the recommendation but choosing retirement assets as a type of account; and

the customer including only retirement assets for the recommendation, but selecting a non-retirement account as a type of account.

15. A computer-readable non-transitory storage medium for implementing an action plan, the computer-readable non-transitory storage medium storing computer-executable instructions to:

receive, by a computer system via a network, a request from the customer for portfolio planning;

receive, by the computer system via the network, an investment selection of a customer, wherein the investment selection comprises;

an initial investment; and

an account type for a recommendation, wherein;

the account type specifies a retirement account or a non-retirement account;

transmit, from the computer system to a computer device associated with the customer, an interface, wherein;

the interface is configured to request customer input whether to perform a portfolio recommendation;

receive, at the computer system, an indication from the customer to perform the portfolio recommendation;

in response to receiving the indication from the customer to perform the portfolio recommendation, using the computer system in order to generate a portfolio recommendation tool;

transmit, from the computer system via the network, a portfolio recommendation tool that concurrently presents an in-house recommended portfolio and a mixed recommended portfolio, wherein;

the recommended portfolio comprises mutual funds only housed with the financial institution providing the recommendation,

the recommended portfolio comprises product-level recommendations within a plurality of asset classes, wherein each of the product-level recommendations are housed with the financial institution providing the recommendation,

the mixed recommended portfolio comprises at least one mutual fund housed by another financial institution,

the mixed recommended portfolio comprises product-level recommendations within the plurality of asset classes, wherein at least one of the product-level recommendations are housed by another financial institution and at least one of the product-level recommendations are housed by the financial institution providing the recommendation, and

the portfolio recommendation tool provides a first option to select the in-house recommended portfolio and a second option to select the mixed recommended portfolio;

instantiate an on-line account application pre-fill component; and

pre-fill fund account information and amount information in a mutual fund account application form provided by the on-line account application pre-fill component, wherein;

the fund account information details one or more assets to be used to fund purchase of the at least one mutual fund product recommendation from the mixed recommended portfolio or in-house recommended portfolio.

16. The computer-readable non-transitory storage medium of claim 15, wherein instructions to provide the set of investment options based on the customer including the initial investment further comprise computer-executable instructions to:

create a new mutual fund non-retirement account when the customer provides no external asset information, and the account type is the non-retirement account; and

create a new mutual fund retirement account and the customer provides no external asset information, and the account type is the retirement account.

17. The computer-readable non-transitory storage medium of claim 15, wherein instructions to provide the set of investment further comprise computer-executable instructions to:

create a new mutual fund non-retirement account when the customer provides no external asset information, and the account type is the non-retirement account;

create a new mutual fund retirement account if the customer provides no external asset information, and the account type is the retirement account;

create a new brokerage non-retirement account and display a brokerage transfer form when the customer provided external non-retirement asset information; and

create a new brokerage retirement account and display a brokerage transfer form when the customer provided external retirement assets information.

18. The computer-readable non-transitory storage medium of claim 15, wherein instructions to provide the set of investment options further comprise computer-executable instructions to:

create a brokerage non-retirement account and display a brokerage transfer form when the customer provided external non-retirement asset information;

create a brokerage retirement account and display a brokerage transfer form when the customer provided external retirement asset information;

indicate that the brokerage non-retirement account with the financial institution providing the recommendation be used to purchase the mutual fund when the customer provides no external asset information and the account type is the non-retirement account;

indicate that the brokerage retirement account with the financial institution providing the recommendation be used to purchase the mutual fund when the customer provides no external asset information and the account type is the retirement account; and

buy a mutual fund with funds from a brokerage account with the financial institution providing the recommendation based on at least one of the following;

creating a mutual fund non-retirement account when the customer provides no external asset information and the account type is the non-retirement account; and

creating a mutual fund retirement account when the customer provides no external asset information and the account type is the non-retirement account.

19. The computer-readable non-transitory storage medium of claim 15, wherein instructions to provide the set of investment options further comprise computer-executable instructions to:

buy a mutual fund using a non-retirement mutual fund account with the financial institution providing the recommendation when the customer provided external non-retirement asset information;

buy a mutual fund using a retirement mutual fund account with the financial institution providing the recommendation when the customer provided external retirement asset information;

create a brokerage non-retirement account and display a brokerage transfer form when the customer provided external non-retirement asset information; and

create a brokerage retirement account and display a brokerage transfer form when the customer provided external retirement asset information.

20. The computer-readable non-transitory storage medium of claim 15, wherein instructions to provide the set of investment options further comprise computer-executable instructions to:

buy a mutual fund using a non-retirement mutual fund account held by the financial institution providing the recommendation when the customer provided external non-retirement asset information;

buy a mutual fund using a retirement mutual fund account held by the financial institution providing the recommendation when the customer provided external retirement asset information;

create a brokerage non-retirement account and display a brokerage transfer form when the customer provided external non-retirement asset information; and

create a brokerage retirement account and display the brokerage transfer form when the customer provided external retirement asset information;

indicate that the brokerage non-retirement account with the financial institution providing the recommendation be used to purchase the mutual fund when the customer provides no external asset information and the account type is the non-retirement account;

indicate that the brokerage retirement account with the financial institution providing the recommendation be used to purchase the mutual fund when the customer provides no external asset information and the account type is the retirement account;

create the brokerage non-retirement account and display the brokerage transfer form when the customer provided external non-retirement asset information;

create the brokerage non-retirement account and display the brokerage transfer form when the customer provided external retirement asset information;

create a new mutual fund non-retirement account when the customer provides no external asset information and the single account type is the non-retirement account; and

create a new mutual fund retirement account when the customer provides no external asset information and the single account type is the retirement account.

21. The computer-readable non-transitory storage medium of claim 15, further comprising instructions for failing to create an action plan if based on at least one of:

a customer including more than one account type for the recommendation;

the customer including only non-retirement assets other than a bank money market account for the recommendation but choosing retirement assets as a type of account; and

the customer including only retirement assets for the recommendation, but selecting the non-retirement account as a type of account.