US 2014/0372340 A1Published application

Financial wellness scoring tool

AssigneeBank of America Corporation

InventorWilliam E. Brown, III

Life of this patent

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Abstract

Embodiments of the invention provide for systems, computer program products, and methods for a financial plan wellness tool that provides an overview of the financial well-being of financial plan participates (e.g., employees of an institution participating in a retirement plan, clients participating in a retirement plan, or the like) based on whether or not they are exhibiting behaviors in the financial plan that may lead to retirement success. The financial plan wellness tool creates a wellness score for plan participants based on the behaviors the participants are taking with respect to their retirement accounts. The financial plan wellness tool provides a report to an institution that shows aggregated wellness scores and aggregated metrics illustrating the well-being of plan participants based on the participants that utilize an advice service, trends of the plan participates over time, and comparisons against plan participates of other institutions.

Claims20

Dependent claims

A system comprising:

a memory device having computer readable program code store thereon;
and
a processing device operatively coupled to the memory device, wherein the processing device is configured to execute the computer readable program code to:
identify retirement account information for plan participants in a retirement account at an institution, wherein the retirement account information is related to related to savings, investing, setting and monitoring goals, and account preservation behaviors of the plan participants;
determine a wellness score for the plan participants in the retirement account for the institution based on the retirement information, wherein the wellness score is determined from the retirement account information related to a measure of the savings, investing, setting and monitoring goals, and account preservation behaviors of the plan participants;
determine wellness metrics for the plan participants, wherein the wellness metrics reflect the wellness scores or the behaviors of the plan participants in one or more aggregate metrics;
create a report illustrating the wellness scores for the plan participants and the wellness metrics for the plan participants;
and
provide the report to desired parties.

6 more elements

A computer program product, the computer program product comprising at least one non-transitory computer-readable medium having computer-readable program code portions embodied therein, the computer-readable program code portions comprising:

an executable portion configured to identify retirement account information for plan participants in a retirement account at an institution, wherein the retirement account information is related to related to savings, investing, setting and monitoring goals, and account preservation behaviors of the plan participants;
an executable portion configured to determine a wellness score for the plan participants in the retirement account for the institution based on the retirement information, wherein the wellness score is determined from the retirement account information related to related to a measure of the savings, investing, setting and monitoring goals, and account preservation behaviors of the plan participants;
an executable portion configured to determine wellness metrics for the plan participants, wherein the wellness metrics reflect the wellness scores or the behaviors of the plan participants in one or more aggregate metrics;
an executable portion configured to create a report illustrating the wellness scores for the plan participants and the wellness metrics for the plan participants;
and
an executable portion configured to provide the report to desired parties.

3 more elements

A method comprising:

identify retirement account information for plan participants in a retirement account at an institution, wherein the retirement account information is related to related to savings, investing, setting and monitoring goals, and account preservation behaviors of the plan participants;
determine, by a processing device, a wellness score for the plan participants in the retirement account for the institution based on the retirement information, wherein the wellness score is determined from the retirement account information related to related to a measure of the savings, investing, setting and monitoring goals, and account preservation behaviors of the plan participants;
determine, by the processing device, wellness metrics for the plan participants, wherein the wellness metrics reflect the wellness scores or behaviors of the plan participants in one or more aggregate metrics;
create, by the processing device, a report illustrating the wellness scores for the plan participants and the wellness metrics for the plan participants;
and
provide the report to desired parties.

3 more elements

Dependencies are inferred from the claim text.

Facts

Application: 13/918,082Filed 14 Jun 2013
Published: 18 Dec 2014
Term ends: Not estimatedThe source records don’t support an estimate.

Classification4 codes

G06Q 40/06
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: asset management; Financial planning or analysis
G06Q 40/04
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: trading; Exchange, e.g. stocks, commodities, derivatives or currency…
G06Q 40/08
Finance; Insurance; Tax strategies; Processing of corporate or income taxes: insurance
G06Q
Information and communication technology [ict] specially adapted for administrative, commercial, financial, managerial