Method and system for integrating investment advice with financial account statement information

• US 7,383,218 B1
• Filed: 07/31/2002
• Issued: 06/03/2008
• Est. Priority Date: 07/31/2002
• Status: Active Grant

• Current Assignee: Charles Schwab & Company Incorporated (Charles Schwab Corporation)
• Original Assignee: Charles Schwab & Company Incorporated (Charles Schwab Corporation)
• Inventors: Oros, Robert
• Primary Examiner(s): Abdi; Kambiz
• Assistant Examiner(s): Maguire; Lindsay M.
• Application Number:
  US10/210,410
• Time in Patent Office: 2,134 Days
• Field of Search: 705 35- 45
• US Class Current: 705/36.00R
• 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 40/06 Asset management; Financial planning or analysis

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.

Claims

1. A system for providing financial planning advice to individuals comprising:

a data storage system which stores financial account information for a plurality of financial accounts, and stores information identifying an individual having each of the plurality of financial accounts, and stores personal information for each of the individuals;

a processor system adapted for analyzing financial account information for a financial account, and adapted for analyzing personal information for the individual having the financial account to determine a financial planning recommendation for the individual,

wherein the processor system is further adapted to analyze the financial account information to determine a group of financial account statement information for the financial account, and to incorporate the financial planning recommendation and the group of financial account statement information into an integrated report, wherein the processor system is further adapted to periodically generate integrated reports for the individual using information from the data storage system without requiring further input from the individual in connection with periodically generating the integrated reports, and

wherein the financial planning recommendation is related to a retirement benefit plan.

2. The system of claim 1 wherein the processor system is further adapted to analyze financial account information for the financial account and the personal information for the individual such that the financial planning recommendation is based upon an estimated retirement need for the individual.

3. The system of claim 1 wherein the processor system is further adapted to generate the integrated report on a periodic basis without requiring that the individual interact with the processor system to cause the report to be generated.

4. The system of claim 1 wherein the processor system includes a third party processing system which analyzes the financial account information and the personal information to generate the financial planning recommendation.

5. The system of claim 1 wherein the processor system is adapted to transmit an e-mail to the individual, wherein the e-mail includes the integrated report.

6. The system of claim 1 wherein the processor system is adapted to format the integrated report such that it can be accessed from a remote computer, wherein the individual can access the integrated report using the remote computer connected to the processor system via a communication network.

7. The system of claim 1 wherein the group of financial account statement information includes recent transactions in the financial account, present investments held in the financial account, and the financial planning recommendation includes information showing an estimated likelihood that the financial account will have sufficient funds to provide for an estimated retirement need for the individual if the financial planning recommendation is followed.

8. The system of claim 1 wherein the group of financial account statement information includes information showing sufficient detail regarding the financial account, so that the integrated report can be provided to the individual instead of an account statement.

9. The system of claim 1 wherein the financial planning recommendation includes a recommended asset mix including a stock allocation, a bond allocation, and a cash allocation.

10. The system of claim 1 wherein the financial planning recommendation includes a recommendation to change a contribution to the retirement benefit plan, wherein the retirement benefit plan is associated with a current employer of the individual.

11. The system of claim 1,

wherein the processor system is further adapted to predict a first balance at retirement for the individual based on a present investment strategy,

wherein the processor system is further adapted to predict a second balance at retirement for the individual based on a new investment strategy associated with the financial planning recommendation,

wherein the processor system is further adapted to compare the first balance to the second balance, wherein the integrated report includes the comparison of the first balance to the second balance.

12. A system for providing financial planning advice to individuals comprising:

a data storage system which stores financial account information for a plurality of financial accounts, and stores information identifying an individual associated with each of the plurality of financial accounts, and stores personal information for each of the individuals;

a processor system adapted for analyzing financial account information for a financial account, and adapted for analyzing personal information for the individual associated with the financial account to determine a financial planning recommendation for the individual,

wherein the processor system is further adapted to analyze the financial account information to determine a group of financial account statement information for the financial account, and to incorporate the financial planning recommendation and the group of financial account statement information into an integrated report, wherein the processor system is further adapted to periodically generate integrated reports for the individual using information from the data storage system without requiring further input from the individual in connection with periodically generating the integrated reports, and

wherein the financial planning recommendation provides specific recommendations identifying one or more investments which the individual should purchase.

13. The system of claim 12 wherein the specific recommendations further identify a recommended asset mix including a stock allocation, a bond allocation, and a cash allocation.

14. The system of claim 12 wherein the financial planning recommendation is related to a retirement benefit plan.

15. A system for providing financial planning advice to individuals comprising:

a data storage system which stores financial account information for a plurality of financial accounts, and stores information identifying an individual associated with each of the plurality of financial accounts, and stores personal information for each of the individuals;

a processor system adapted for analyzing financial account information for a financial account, and adapted for analyzing personal information for an individual associated with the financial account to determine a financial planning recommendation for the individual,

wherein the processor system is further adapted to analyze the financial account information to determine a group of financial account statement information for the financial account, and to incorporate the financial planning recommendation and the group of financial account statement information into an integrated report, and wherein the processor system is further adapted to periodically generate integrated reports for the individual using information from the data storage system without requiring further input from the individual in connection with periodically generating the integrated reports, and

wherein the processor system is further adapted such that the financial planning recommendation includes an estimated likelihood of the financial account having sufficient assets to provide for an estimated retirement need for the individual, assuming that a current financial strategy is followed until an estimated time of retirement, and includes an estimated likelihood of the financial account having sufficient assets to provide for the estimated retirement need where the financial planning recommendation is followed until the estimated time of retirement.

16. The system of claim 15 wherein the processor system is further adapted to rate on a scale a portfolio associated with the financial account based on the estimated likelihood that the portfolio has sufficient assets to provide for the estimated retirement need for the individual.

17. A method for periodically generating an integrated report which includes both a financial planning recommendation and a group of financial account statement information, wherein generating the integrated report includes:

storing financial account information and personal information in a data storage system;

periodically identifying the group of financial account information for a financial account belonging to an individual, from information stored in the data storage system;

periodically determining the financial planning recommendation for the individual, wherein the financial planning recommendation is predicted to improve performance of the financial account; and

periodically combining the group of financial account statement information and the financial planning recommendation to generate the integrated report and transmitting the integrated report to the individual, without requiring periodic input from the individual,

wherein the financial planning recommendation is related to a retirement benefit plan.

18. The method of claim 17 further comprising:

determining an estimated retirement need for the individual, based on personal information stored in the data storage system, wherein the financial planning recommendation is predicted to improve a likelihood that the financial account will have funds sufficient to meet the estimated retirement need, relative to a present investment strategy utilized in the financial account.

19. The method of claim 17 further comprising:

using personal information from the data storage system, and the group of financial account statement information to generate the integrated report, and not requiring the individual to provide additional information in connection with periodically generating the integrated report.

20. The method of claim 19 wherein the integrated report contains sufficient financial account information such that a separate account statement need not be transmitted to the individual.

21. The method of claim 17 wherein the determining the financial planning recommendation includes determining a likelihood that a current investment strategy employed in connection with the financial account will meet an estimated retirement need for the individual, and determining a likelihood that a recommended financial planning strategy will meet the estimated retirement need for the individual.

22. The method of claim 17 wherein the group of financial account information includes recent transaction information, and identification of assets held in the financial account information, and a value of the assets held in the financial account information.

23. The method of claim 22 wherein the financial planning recommendation includes at least a specific recommendation to purchase a specific investment.

24. The method of claim 17 wherein further comprising:

transmitting the integrated report to the individual instead of transmitting an account statement.

25. The method of claim 17 wherein the financial planning recommendation includes a recommended asset mix including a stock allocation, a bond allocation, and a cash allocation.

26. The method of claim 17 wherein the financial planning recommendation includes a recommendation to change a contribution to the retirement benefit plan, wherein the retirement benefit plan is associated with a current employer of the individual.

27. The method of claim 17 wherein generating the integrated report further includes:

determining an estimated retirement need for the individual based on personal information stored in the data storage system;

determining an estimated likelihood that the financial account will have funds sufficient to meet the estimated retirement need based on a present investment strategy; and

rating on a scale a portfolio associated with the financial account based on the estimated likelihood that the financial account will have funds sufficient to meet the estimated retirement need based on the present investment strategy.

28. A method for providing financial planning advice to individuals, the method comprising the steps of:

analyzing personal information for an individual to determine an estimated retirement need for the individual;

analyzing financial account information for a financial account belonging to the individual to determine account statement information for an integrated report;

analyzing the financial account information and the personal information to determine a likelihood that the financial account will have funds sufficient for the estimated retirement need;

determining a financial planning recommendation that is predicted to increase the likelihood that the financial account will have sufficient funds for the estimated retirement need; and

generating the integrated report which incorporates the account statement information, including recent transactions information, assets held in the financial account information, and past performance of the financial account information, and incorporates the financial planning recommendation, on a periodic basis without requiring periodic input by the individual, and periodically transmitting the integrated report to the individual,

wherein the financial planning recommendation is related to a retirement benefit plan.

29. A machine-readable medium having stored thereon data representing sequences of instructions which when executed by a processor cause the processor to generate a display of an integrated report wherein a process of generating the display includes:

generating a first area on the display wherein the first area includes information showing recent transactions in a financial account;

generating a second area on the display wherein the second area includes information showing assets held in the financial account;

generating a third area on the display wherein the third area shows a financial planning recommendation, wherein the financial planning recommendation shows specific recommendations regarding investments which should be bought or sold, wherein the financial planning recommendation is related to a retirement benefit plan; and

generating a fourth area on the display wherein the fourth area shows past performance of the financial account,

wherein the integrated report is periodically generated without requiring further input from an individual in connection with the periodical generating of the integrated report.

30. A data signal embodied in a propagation medium, the data signal including a plurality of instructions which when executed by a processor, cause the processor to generate a display of an integrated report wherein a process of generating the display includes:

generating a first area on the display wherein the first area includes information showing recent transactions in a financial account;

generating a second area on the display wherein the second area includes information showing assets held in the financial account;

generating a third area on the display wherein the third area shows a financial planning recommendation, wherein the financial planning recommendation shows specific recommendations regarding investments which should be bought or sold, wherein the financial planning recommendation is related to a retirement benefit plan; and

generating a fourth area on the display wherein the fourth area shows the past performance of the financial account,

wherein the integrated report is periodically generated without requiring further input from an individual in connection with the periodical generating of the integrated report.