User interface for a financial advisory system

• US 20020138386A1
• Filed: 07/12/2001
• Published: 09/26/2002
• Est. Priority Date: 12/02/1997
• Status: Active Grant

• Current Assignee: Financial Engines
• Original Assignee: Financial Engines
• Inventors: Fine, Ken, Jones, Christopher L., Sharpe, William F., Maggioncalda, Jeff N., Tauber, Ellen
• Granted Patent: US 7,062,458 B2
• Time in Patent Office: Days
• US Class Current: 705/36
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes
• CPC Class Codes: G06Q 40/02 Banking, e.g. interest calculation or account maintenance credit or loans G06Q40/03
• 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
• CPC Class Codes: G06Q 40/08 Insurance

Abstract

A method and an apparatus for a user interface for a financial advisory system is provided. According to one embodiment of the invention, a set of one or more input objects and a set of output values are displayed. The input objects include an indication of a target retirement age, an indication of a target level of investment risk, and an indication of a retirement income goal. The output values include an indication of the probability of achieving the retirement income goal and an indication of the most likely retirement income in current dollars. After updated values for the input decisions are received via one or more of the input objects, one or more new output values are determined based upon the updated input decisions. The set of output values is then refreshed to reflect the one or more new output values.

Claims

1. A method comprising:

displaying a set of one or more input objects, the input objects to receive one or more input decisions including an indication of a target retirement age, an indication of a target level of investment risk, and an indication of a retirement income goal;

displaying a set of one or more output values, the set of output values including an indication of the probability of achieving the retirement income goal and an indication of the most likely retirement income in current dollars based upon one or more input decisions and a recommended set of financial products;

receiving an updated input decision via one or more of the input objects;

determining one or more new output values based upon the updated input decision; and

refreshing the set of one or more output values to reflect the one or more new output values.

2. The method of claim 1, wherein a subset of the one or more input objects and a subset of the one or more output values are displayed concurrently on the same screen.

3. The method of claim 1, wherein the target retirement age is constrained to be feasible.

4. The method of claim 1, further comprising displaying the recommended set of financial products, the recommended set of financial products conditional on the one or more input decisions.

5. The method of claim 4, further comprising displaying a recommended allocation of wealth among those of the financial products in the recommended set of financial products.

6. The method of claim 5, wherein the recommended allocation of wealth is conveyed graphically.

7. A method of providing an indication to a user of a probability of achieving a financial goal, the method comprising:

a. receiving a retirement income goal from the user;

b. receiving one or more input decisions from the user, including an indication of a target retirement age and an indication of a target level of investment risk, upon which a probability distribution is dependent, the probability distribution representing a set of possible future portfolio values based upon the one or more input decisions;

c. determining the probability of achieving the retirement income goal; and

d. displaying the probability of achieving the retirement income goal to the user.

8. The method of claim 7, wherein the target level of risk is received via a graphical input mechanism.

9. The method of claim 7, further comprising displaying a recommended set of financial products and a recommended allocation of wealth among the financial products in the set of recommended financial products.

10. The method of claim 7, wherein the probability of achieving the retirement income goal is graphically communicated.

11. A method comprising:

concurrently displaying

input objects in a first portion of a screen, the input objects configured to receive one or more input decisions including level of risk, and

a set of one or more output values in a second portion of the screen, the set of output values including the short-term risk associated with reaching a financial goal;

receiving an updated input decision via one of the depicted input objects;

determining one or more new output values based upon the updated values; and

updating the second portion of the screen to reflect the one or more new output values.

12. The method of claim 11, wherein the short-term risk comprises an indication of the potential financial loss that might occur with a 5% probability within the next 12 months.

13. The method of claim 11, wherein the one or more output values are graphically communicated.

15. The method of claim 14, wherein the indication of risk of not achieving the retirement income goal comprises an icon.

17. The method of claim 16, wherein the recommended allocation of wealth is graphically depicted.

19. The method of claim 18, wherein the one or more input decisions include an indication of a target retirement age.

14. A method of presenting various aspects of financial risk to a user, the method comprising:

receiving an indication of a retirement income goal from the user;

receiving one or more inputs including retirement age and/or other decision variables upon which a probability distribution is dependent, the probability distribution representing probabilities over time of the user achieving the retirement income goal;

displaying an indication of risk of not achieving the financial goal based upon the probability distribution.

16. A method of presenting a recommended allocation of wealth among an available set of financial products, the method comprising:

determining a recommended allocation of wealth among one or more financial products of the set of available financial products based upon one or more decision inputs, including an indication of a target level of investment risk; and

depicting the recommended allocation of wealth among the one or more financial products of the set of available financial products.

18. A method comprising:

displaying one or more input objects in a first portion of a first screen, the input objects configured to receive one or more input decisions including a financial goal, from which a recommendation is determined, the recommendation including a recommended allocation of wealth among a set of available financial products;

displaying a set of output values in a second portion of the first screen, the set of output values including a probability of achieving the financial goal based upon the recommendation; and

graphically depicting the recommended allocation of wealth among the set of available products in a second screen.

20. An apparatus comprising:

means for displaying a set of one or more input objects, the input objects to receive one or more input decisions including an indication of a target retirement age, an indication of a target level of investment risk, and an indication of a retirement income goal;

means for displaying a set of one or more output values, the set of output values including an indication of the probability of achieving the retirement income goal and an indication of the most likely retirement income in current dollars based upon one or more input decisions and a recommended set of financial products;

means for receiving an updated input decision via one or more of the input objects;

means for determining one or more new output values based upon the updated input decision; and

means for refreshing the set of one or more output values to reflect the one or more new output values.

21. The apparatus of claim 20, further comprising a means for displaying the recommended set of financial products, the recommended set of financial products conditional on the one or more input decisions.

22. The apparatus of claim 21, wherein the recommended allocation of wealth is conveyed graphically.

24. The method of claim 23, wherein the target retirement age is constrained to be feasible.

27. The apparatus of claim 26, wherein the one or more input decisions includes an indication of a target retirement age.

29. The method of claim 28 wherein the one or more input objects includes a target level of investment risk.

23. A method comprising the steps of:

a step for displaying a set of one or more input objects, the input objects to receive one or more input decisions including an indication of a target retirement age, an indication of a target level of investment risk, and an indication of a retirement income goal;

a step for displaying a set of one or more output values, the set of output values including an indication of the probability of achieving the retirement income goal and an indication of the most likely retirement income in current dollars based upon one or more input decisions and a recommended set of financial products;

a step for receiving an updated input decision via one or more of the input objects;

a step for determining one or more new output values based upon the updated input decision; and

a step for refreshing the set of one or more output values to reflect the one or more new output values.

25. The method of 24, wherein the target level of investment risk is received via a graphical input mechanism.

26. An apparatus comprising:

means for displaying one or more input objects in a first portion of a first screen, the input objects configured to receive one or more input decisions including a financial goal, from which a recommendation is determined, the recommendation including a recommended allocation of wealth among a set of available financial products;

means for displaying a set of output values in a second portion of the first screen, the set of output values including a probability of achieving the financial goal based upon the recommendation; and

means for graphically depicting the recommended allocation of wealth among the set of available financial products in a second screen.

28. A method comprising the steps of:

a step for displaying one or more input objects in a first portion of a first screen, the input objects configured to receive one or more input decisions including a financial goal, from which a recommendation is determined, the recommendation including a recommended allocation of wealth among a set of available financial products;

a step for displaying a set of output values in a second portion of the first screen, the set of output values including a probability of achieving a financial goal based upon the recommendation; and

a step for graphically depicting the recommended allocation of wealth among the set of available products in a second screen.

30. A server comprising:

a processor; and

a memory coupled with the processor to store a financial advisory system;

the processor to send information to a client machine to display on the client machine;

one or more input objects in a first portion of a first screen, the input objects configured to receive one or more input decisions including a financial goal, from which a recommendation is determined, the recommendation including a recommended allocation of wealth among a set of available financial products;

a set of output values in a second portion of the first screen, the set of output values including a probability of achieving a financial goal based upon the recommendation; and

a graphical depiction of the recommended allocation of wealth among the set of available financial products in a second screen.

31. The server of claim 30, wherein the one or more input objects includes an indication of a target level of investment risk, and an indication of a retirement income goal.

32. A method comprising:

concurrently displaying

a set of one or more input objects, the input objects to receive one or more input decisions including an indication of a target retirement age, and an indication of a retirement income goal; and

a set of one or more output values, the set of output values including the most likely value at retirement of a portfolio of available financial products previously input by the user;

receiving an updated input decision via one or more of the input objects;

determining one or more new output values based upon the updated input decision; and

refreshing the set of one or more output values to reflect the one or more new output values.

33. The method of claim 32, wherein the target retirement age is constrained to be feasible.