Data processing: financial – business practice – management – or co – Automated electrical financial or business practice or... – Finance
Reexamination Certificate
1997-09-30
2001-11-27
Nguyen, Nga B. (Department: 2165)
Data processing: financial, business practice, management, or co
Automated electrical financial or business practice or...
Finance
C705S03600T, C705S037000, C705S039000
Reexamination Certificate
active
06324523
ABSTRACT:
FIELD OF THE INVENTION
The present invention generally relates to data processing systems and methods used to manage a unique asset-based financial resource processor. In particular, the present invention relates to the systems, database structures, and controlling data processing logic for coordinating a plurality of accounts directed to financial instruments and investments to enhance client resource access and utilization.
BACKGROUND OF THE INVENTION
Financial planning for individuals inherently involves the selection and purchase of various financial assets forming a collection of core investments with the hope that they appreciate in value. Most individuals, however, are ill-equipped to research the various investment opportunities so that they can pick and choose appropriate investment vehicles that provide the requisite balance of risk/reward to address their current needs.
Accordingly, the brokerage industry in this country has customarily provided guidance to investors regarding the appropriateness of select financial investments. By working with their brokers, individual investors can establish goals and needs for future capital and income. Relying on vast experience and state of the art technology, these professionals sift through the various investment choices and recommend a portfolio of select equity and fixed income securities, coupled with perhaps annuities, credit recommendations, insurance products and other relevant financial information. Taken together, the individual investor can adopt a wide ranging, comprehensive asset allocation strategy that is tailored to their needs and that seeks to maximize the opportunities of achieving their financial goals. Typically, clients compensated their brokers for their recommendations and other advice that was incidental to the conduct of their business as brokers through the payment of commissions for the select securities purchased.
In recent years, there has been a trend to compensate brokers for their traditional services through fee arrangements that provide an alternative to commission-based pricing. In addition, there has been a corresponding growth in investor services, including banking type transactions (e.g., ATM, etc.) and non-bank services (online research tools, etc.), all provided by full service brokers, typically with separate fee structures. Although many individual investors have expressed interest in non-commission based fee structures for the payment of services offered by full service brokers, this demand was left unfulfilled in the marketplace as not practical in today's investing environment.
It was with this knowledge of the vacuum in financial service access arrangements that formed the impetus for the present invention.
OBJECTS AND SUMMARY OF THE PRESENT INVENTION
It is, therefore, an object of the present invention to provide a data processing system for managing an alternate account tracking and record keeping mechanism that coordinates a plurality of financial services with an asset-based fee alternative to traditional commission-based pricing.
It is another object of the present invention to provide a data processing methodology for multiple account management wherein a collection of financial services is available to the multiple accounts based upon aggregate assets.
It is yet another object of the present invention to provide a data processing system for tracking the account holdings of participating investors and periodically updating these account parameters in accordance with pre-established plan criteria.
It is a further object of the present invention to track trades of participating accounts against a pre-set limit and allow trading, without separate charge at the time of each allotted transaction, for eligible account holders in accordance with an asset-based service level.
It is yet a further object of the present invention to provide a data processing system that manages a plurality of separate investment accounts insuring each account is processed in accordance with the parameters associated with that account.
The above and other objects are realized in a novel data processing system that operates to manage a plurality of separate Account Groups formed by linking together related accounts for brokerage and other financial services and coordinates a variety of services available for use by these Account Groups in accordance with a stored protocol of asset-based fees and access arrangements. Each account in the Account Group is set up with an initial set of attributes determined by the system evaluation of account parameters, such as eligible assets. An allotment of brokerage trades is granted and stored for the account. One or more investment service access links are created for the account. System processing then proceeds on a periodic and event driven basis with the system tracking and updating account records in response to the various transactions entered by the account holder.
Corresponding to the varying aspects of the present invention, the data processing system is linked to various inter-dependent computer systems to process account transactions and report back for data management. Brokerage computer links permit order entry and execution with confirmation communicated back to the account management module. Non-transaction services, including a host of securities account services, are accessed and data transmitted in response to requests and the participant's access level. Account database structures include flags which inform the other service providers of the fee structure associated with account transactions and waiver of fees and loads if applicable. A separate module tracks the historical trading patterns of each account to insure proper fee assessment and invoke billing in accordance therewith.
The foregoing features of the present invention may be better understood by use of an illustrative example thereof as will be described hereinafter in conjunction with the following diagrams:
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Shup, Asset Management, Part 2, from Interactivity, p36, Jul. 1997.*
Berris, Five “end-of-century” trands in domestic private banking Trust & Estates, v135n13 pp:10-18, Dec. 1996.
Banford Cynthia K.
Batavia Donna G.
Bennett James G.
Carney Patrick M.
Gill-Fagan Hollie A.
Hopgood, Calimafde, Judlowe & Mondolino LLP
Merrill Lynch & Co. Inc.
Nguyen Cuong H.
Nguyen Nga B.
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