Portfolio Planner Providing Product-Level Investment Recommendations
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Solution Overview
Problem
Financial planning services often provide generalized investment information, leaving customers confused about specific products to invest in, as they lack product-level detail, which can lead to uninformed investment decisions.
Innovation Solution
A system and method that provides customers with a detailed investment recommendation by gathering asset information through a questionnaire, offering product-level details, and an action plan to assist in investing, with the option for customer service representative assistance to customize recommendations and ensure compliance within approved ranges.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If generalized investment information is provided, then the financial planning process is simplified, but the customer understanding and actionability of recommendations deteriorates
Solution Approach 1:
The patent segments investment recommendations into specific product-level details while maintaining overall portfolio structure. Each recommendation includes specific fund names, ticker symbols, and allocation percentages, breaking down the generalized advice into actionable components without overwhelming the customer.
Solution Approach 2:
The patent introduces an intermediary layer between generalized investment principles and specific product selections. The system provides both the strategic guidance and the tactical product recommendations, acting as a mediator that translates broad financial advice into concrete investment actions with full product details.
2Reliability
If multiple visits to financial planners are required, then customized recommendations can be provided, but the time and complexity of the investment process increases
Solution Approach 1:
The patent performs preliminary actions by gathering comprehensive customer information through questionnaires and automated data collection before generating recommendations. The system pre-processes financial data, risk profiles, and investment goals to create customized recommendations in a single interaction, eliminating the need for multiple visits.
Solution Approach 2:
The patent enables self-service by allowing customers to input their financial information, risk tolerance, and investment goals directly into the system. The automated portfolio planner processes this data and generates personalized recommendations without requiring repeated interactions with human financial planners.
3Reliability
If customer service representative assistance is provided, then recommendation customization and compliance can be ensured, but the complexity of the system increases
Solution Approach 1:
The patent implements feedback mechanisms where customer service representatives can review and adjust recommendations within predefined compliance ranges. The system provides feedback on whether proposed changes are within approved parameters, allowing human oversight while maintaining system control and reducing overall complexity.
Solution Approach 2:
The patent introduces dynamic flexibility by allowing customer service representatives to adjust recommendations within approved ranges while maintaining system constraints. The system adapts to human input while enforcing compliance rules, combining automated processing with controlled human discretion without overwhelming complexity.
Data Source
AI summary
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.