WO1998014902A1 - Procede de planification financiere personnelle - Google Patents

Procede de planification financiere personnelle Download PDF

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Publication number
WO1998014902A1
WO1998014902A1 PCT/US1997/015358 US9715358W WO9814902A1 WO 1998014902 A1 WO1998014902 A1 WO 1998014902A1 US 9715358 W US9715358 W US 9715358W WO 9814902 A1 WO9814902 A1 WO 9814902A1
Authority
WO
WIPO (PCT)
Prior art keywords
subject
financial
year
future
data
Prior art date
Application number
PCT/US1997/015358
Other languages
English (en)
Inventor
John Broughton Corlett
Peter Garth Corlett
Johann Wilhelm Maree
Basil Hugh Macdougall
Original Assignee
The Quantum Consultancy Group (Proprietary) Limited
Priority date (The priority date is an assumption and is not a legal conclusion. Google has not performed a legal analysis and makes no representation as to the accuracy of the date listed.)
Filing date
Publication date
Application filed by The Quantum Consultancy Group (Proprietary) Limited filed Critical The Quantum Consultancy Group (Proprietary) Limited
Priority to EP97939718A priority Critical patent/EP0922267A4/fr
Priority to US09/147,752 priority patent/US6253192B1/en
Priority to CA002264680A priority patent/CA2264680A1/fr
Priority to AU41744/97A priority patent/AU734783B2/en
Publication of WO1998014902A1 publication Critical patent/WO1998014902A1/fr

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Classifications

    • G—PHYSICS
    • G06—COMPUTING; CALCULATING OR COUNTING
    • G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
    • G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
    • G06Q40/02—Banking, e.g. interest calculation or account maintenance

Definitions

  • THIS invention relates to a method of personal financial planning.
  • a method of financial planning comprising:
  • the financial model may further be compiled from data relating to applicable tax rates, estate duty rates, annual inflation rates, rates of appreciation or depreciation/increase or decrease of assets, liabilities, income and expenditure, and predicted future values thereof.
  • the financial model may additionally include data relating to costs associated with the management of assets and liabilities, such as commissions, finance charges, administration fees, transfer costs and the like.
  • the financial model may further include the subject's actual or anticipated retirement date, and estimated date of death.
  • the financial model may include similar information for the subject's spouse, family trusts or any other person or entity who should be considered when planning the subject's finances.
  • the planning rules database may be compiled by recording data corresponding to the subject's preferences relating to the investment of cash surpluses and the funding of cash deficits.
  • the planning rules database may further include data relating to predicted future income and expenses of the subject.
  • the data relates to priorities set by the subject for allocating cash surpluses to liquidate debts or fund investments, and liquidating assets or increasing liabilities to fund cash deficits.
  • the planning rules derived from the planning rules database are preferably applied automatically to the data representing the client's unplanned future financial situation by an allocation and funding routine, thereby to generate a suggested future financial situation usable in calculating the subject's planned future financial situation.
  • the method may include, on an iterative basis, selectively altering data representing the subject's planned future financial situation and recalculating the planned future financial situation by applying the planning rules to the altered data.
  • the method is preferably carried out using a computer which generates the financial model and the planning rules database and applies the planning rules automatically to the relevant data after entry of the data.
  • Figure 1 is a simplified overall flow diagram illustrating the method of the invention
  • Figure 2 is a simplified block diagram illustrating the operation of an automatic funding and allocation program used to implement the method, and the subsequent calculation of a suggested financial model
  • Figure 3 is a simplified flowchart illustrating the method of calculating a financial model utilising the method of the invention
  • FIG 4 is a more detailed flowchart of the block "Process one year through model” in Figure 3;
  • FIG. 5 is a simplified flowchart of an automatic allocation and funding program utilized in the method of the invention.
  • Figures 6, 7 & 8 are tables utilized in the method to set parameters for the allocation of surpluses and the funding of deficits by a subject.
  • the present invention revolves around a software program designed to facilitate the entry of detailed financial data relating to a subject's current and future financial situation, to generate a detailed financial model from the data, using data corresponding to predicted future circumstances and assumptions, and especially to allow the model to be altered and developed using rules and preferences set by the subject, thus allowing a detailed projection of the subject's future financial situation which takes both external factors and the subject's own personal choices into account.
  • the method allows probable future annual cash flow surpluses and shortfalls to be identified, and automatically applies the rules and preferences set by the subject to invest the surpluses and to fund the deficits.
  • the result is a suggested model representing a planned future financial situation of the subject, which can be analyzed and adjusted as required until a satisfactory financial plan results.
  • the software generates displays allowing the calculated data to be viewed in a user friendly manner, and generates printouts as a record of its operation.
  • the method will typically be carried out by a financial advisor who interviews and advises the subject whose financial situation is under analysis, although it will be appreciated that the subject could operate the software directly.
  • the first step in the method is for the financial advisor to interview the subject, and to obtain two types of information; firstly, actual financial information in respect of the subject's personal details, assets, liabilities, income and expenses and so on; and secondly, the subject's overall financial objectives and strategy, from which the subject's preferences and rules for the allocation of cashflow surpluses and the funding of cashflow deficits can be determined.
  • the first category of information is utilised to create a basic financial model which contains sufficient information to project the subject's net assets and nett cashflow year-by-year into the future, using conventional assumptions, and applying known tax and estate duty rules and rates, thereby to project an unplanned future financial situation of the subject.
  • the basic financial model is copied to provide the starting point for a planned model, which is altered and updated interactively by the user, utilizing data generated by an automatic allocation and funding routine of the software, until the planned future financial situation of the subject is considered satisfactory.
  • the planned model starts out as a copy of the basic model, and the suggested model is initially a copy of the planned model.
  • the basic or unplanned model is left unaltered, while the suggested model is acted on by the automatic allocation and funding program, and the planned model is updated and altered in the light of the results thereof, as well as further choices of the subject.
  • the following description relates to all three models, since their structure is essentially the same.
  • the model comprises the following:
  • model is custom-built for each subject as the database of the model is being compiled, and a formula is associated with each entry as it is loaded.
  • the particular formula applied to any entry is dependent on the type of entry.
  • the calculation program reads through the model database and on each entry, performs calculations according to the formula associated with the item.
  • Type of asset eg. shares, fixed property, personal asset like a car, etc.
  • Date of purchase This is the date on which the subject intends to purchase the asset if he does not already own it in the base year.
  • the value is entered as the price of the car in the base year.
  • the model escalates the price by this percentage each year until the year of purchase is reached. In that year the investment is made at the escalated price and depreciation starts immediately using the Growth/Depreciation percentage.
  • a retirement annuity policy needs the percentage of its value to be taken as a lump sum on maturity and the percentage to be taken annually as a pension to be indicated.
  • Some assets such as motor vehicles require both a market value for cash flow projection and a cost value for tax calculations.
  • Some examples of these are income items from the asset such as rental, dividends, interest; others are expenses such as maintenance costs, and others are liabilities such as loans (bonded or otherwise). These may be carried in their respective sections of the model (Normal taxable income, Dividend income, etc), and linked to the asset because the purchase or sale of the asset can control their applicability or else they may be carried together with the asset to facilitate checking and auditing. In this case, the entries and totals requiring these figures will fetch them as needed.
  • the asset has not yet been purchased in the Base year, its expected purchase price is escalated each year at the price escalation rate until the purchase year is reached. In that year the escalated purchase price is added to the amount invested in the asset.
  • the liquidation percentage is applied to the asset value and that amount is put into the amount liquidated for the year.
  • Type of liability eg. Bond on property, Bank overdraft, etc.
  • AASS Date of sale of linked asset.
  • RET Retirement date.
  • DEA Estimated date of death. * Annual repayment amount. This may be calculated by the model or entered by the user depending on the details of the liability.
  • the liability has not yet been incurred in the Base year, its value in the Base year and its repayment amount are escalated at the value escalation rate for each year until the date of incurrence. That date may be the start date shown on the liability or it could be the date of purchase of a linked asset.
  • the escalated value is put into amount increased on the liability and the escalated repayment amount becomes the annual repayment.
  • the closing liability amount is brought forward from the previous year to become the opening liability amount.
  • the repayment amount is also copied from the previous year unless a different figure has been specified or calculated for the year being processed.
  • Interest is calculated at the rate for the year.
  • the closing liability amount for the year is calculated as opening liability amount, plus amount increased and interest amount, minus amount decreased and repayment amount.
  • the liability amount is put into the repayment amount after raising half a year's interest.
  • the date of settlement may be the date of sale of the corresponding asset where the liability is linked to an asset.
  • any amount may be entered into amount increased or amount decreased in any year.
  • amount increased is part of cash inflow while amount decreased and repayment amount form part of cash outflow.
  • amount decreased is part of cash inflow
  • repayment amount form part of cash outflow.
  • data requirements and processing may vary greatly from one to the next as there are numerous variations in the conditions pertaining to loans of different types.
  • Type of expense eg. medical, entertainment, holiday, insurance, etc.
  • the amount of the expense may be carried as an actual amount in the Base year or as a percentage of the value of a linked asset, liability or income item.
  • certain types of expense may require formulae and/or tables of figures for their calculation. If it is an amount and it has not yet been incurred in the Base year it is escalated at the growth rate for each year until its first date of incurrence. If the expense is linked to an asset then that date may be the date of purchase of the asset. If it is linked to a liability it may be the date of incurring of the liability. Otherwise, if it is linked to an income item it may be the start date of the income item. In the first year of incurrence the escalated amount is reflected as an expense (cash outflow) for the first time. Each year henceforth the amount is escalated by the growth factor for the year. Of course, if the amount is calculated by applying a formula or a percentage to another figure or combination of figures in the model then the growth factor may not apply.
  • the expense amount may also just be specified as an amount for each year with or without a growth rate. In that case start and end dates override these amounts.
  • income percentage is a percentage of the value of the linked asset or liability then this is that percentage.
  • DEA Estimated date of death. * End date. Date on which income will end if not linked to an asset or a liability or if not same as disposal date of linked asset or settlement date of linked liability.
  • the income amount may be carried as an actual amount in the base year or as a percentage of the value of a linked asset or liability.
  • certain types of income may require formulae and/or tables of figures for their calculation. If it is an amount and it has not yet started to flow in the Base Year it is escalated at the growth rate for each year until the start date. If the income is linked to an asset then that date may be the date of purchase of the asset otherwise if it is linked to a liability it may be the date of incurrence of the liability. In the start year the escalated amount is reflected as income for the first time. Each year henceforth the amount is escalated by the annual growth rate for the year. If the amount is calculated by applying a formula or a percentage to another figure or combination of figures in the model then the growth factor may not apply.
  • the income continues until its end date which again may be dependent on a linked asset or liability.
  • the income amount may also just be specified as an amount for each year with or without a growth rate. In this case start and end dates override these amounts. For cashflow calculations, income is, of course, treated as cash inflow.
  • the total entry formula To calculate total income tax for the year, the total entry formula locates the information it needs in the various parts of the model. It knows the entry types required and the areas in the model in which they reside. It then does whatever calculations are necessary to calculate tax according to the tax laws prevailing in the year being processed.
  • the balance is brought forward from the previous year.
  • the interest percentage used depends on whether the total is positive or negative.
  • the two calculated interest amounts are totalled. If the total is positive it is put into interest on surplus for the year, otherwise into interest on deficit.
  • the carried forward balance for the year is then calculated as the sum of the brought forward balance, surplus for the year and the interest on it and the deficit for the year and the interest on it.
  • the invention further provides for an automatic allocation and funding program to operate on the model, thereby to illustrate to the subject the effect of his or her chosen strategy and choices.
  • This routine operates automatically, using the data entered originally into the planning rules database, and allows a complex sequence of priorities and choices to be applied to the unplanned future financial situation of the subject so that he or she can be satisfied that the rules and preferences originally entered into the planning rules database are suitable, or alternatively, so that the necessary adjustments to the planned future financial situation can be made.
  • a planning program or routine is provided which allows the subject to view the data in the three model databases, to make changes to the planned model database, inter alia by transferring figures from the suggested model database to the planned model database, and, in particular, to run the automatic allocation and funding program of Figure 5 when required.
  • a routine is run to create the planned model, which starts off as a copy of the basic model and which is subsequently updated.
  • the subject will typically start by examining a financial summary and various graphs generated by the model and displayed on the computer's VDU, allowing the projected financial situation to be accessed.
  • the user can make changes to the entries in the planned model and recalculate the model to see the effect thereof.
  • the user can access any entry in the planned model.
  • a multi-level index is provided to enable any item to be accessed via main section headings, section headings and sub-sections.
  • the financial summary screen can be presented in a "merged” or “non-merged” format, depending on which is easier to interpret.
  • the subject can run the automatic allocation and funding program whenever the need is felt for a suggested future projection based on the data in the planning rules database. A number of different planned future projections can be created for comparison.
  • the automatic allocation and funding program utilises data entered by the subject relating to the allocation of surpluses (see Figure 6), and the funding of deficits (see Figures 7 and 8). For each item to which future surpluses may be allocated an entry reflecting the subject's preferences is filled in on the screen for surplus allocation parameters which is used to build a surplus allocation table (see Appendix 2). This surplus allocation table forms part of the planning rules database. Similarly, deficit funding preferences are entered into the screens of Figures 7 and 8, according to the parameters set out in Appendices 3 and 4, respectively, and utilised as a deficit funding table in the planning rules database.
  • a deficit funding routine is utilised to build up a deficit funding array (Appendix 5) from the data in the deficit funding table prior to the calculation of each year's data in the automatic allocation and funding program.
  • the program reads through the entries in the Deficit funding table in the planning rules database. For each table entry whose parameters allow it to be used to fund a deficit automatically in the Calc year (the year being worked on), it sets up an entry in the deficit funding array. Each entry in the array shows the amount of money available for deficit funding in the year being worked on, this being dependent on the subject's rules and perhaps, the value of the asset or liability in that year. (See layout of Deficit funding array entry - appendix 5). The entries are placed in the array in the most useful sequence. Refer to the layouts of the asset and liability entries in the deficit funding table (Appendix 3 and Appendix 4) to see the parameters that limit the use of an item for automatic funding in a year.
  • the program selects the lesser of the "Maximum amount to be funded from this item" in the table or the
  • the lesser amount is selected between the "Maximum amount to be liquidated from this asset" in the table and the "Maximum liquidation value percentage" of the brought forward value of the asset for the Calc year in the suggested model. If there is a liability linked to the asset and it has to be settled when the asset is liquidated then the opening liability amount for the Calc year on the linked item in the suggested model is subtracted from the selected amount.
  • the deficit year being worked on may be followed by one or more further deficit years but these are followed by surplus years for the rest of the period being planned.
  • the program tries to fund from liabilities without touching assets but will use assets where necessary.
  • the entries in the deficit funding array are accessed in sequence when trying to fund a deficit. Because of the way in which the entries are sequenced the program handles them firstly in the preferred sequence set by the subject and secondly in ascending value so that the assets with the lowest possible values will be liquidated.
  • an asset is liquidated and it has a linked liability
  • the liability is settled automatically. If a liquidated asset or a settled liability has income or expense items linked to it those items are ended automatically in the same year. Likewise, where a liability is incurred for the first time, any linked income or expense items are started up automatically.
  • the automatic allocation and funding program allocates a cashflow surplus according to the parameters set in the planning rules database. Each entry in the surplus allocation table is examined in turn, in the sequence specified by the subject. On each one, the decision parameters are considered to see whether or not any of the surplus for the Calc year can be allocated to the item. In considering the minimum period of investment, the program looks ahead at the projected cashflow in future years to see the timing and magnitude of any anticipated deficits. Working with the decision parameters, the amount of the surplus and the amount already invested in the item as shown in the suggested model, the program calculates the amount to be allocated to the item. If the item is an asset, the amount is added to its "Amount invested" for the calc year in the suggested model. On a liability, the allocated amount is added to the "Amount decreased" for the Calc year. The program carries on processing entries from the surplus allocation table until either the surplus is completely allocated or the table is exhausted.
  • the cashflow related to any particular asset, liability, expense item or source of income can be of two types, continuous or intermittent.
  • One-off cashflow items may be considered as intermittent for the purpose of this explanation.
  • Events related to an asset, liability, expense item or source of income are occurrences or actions that result in a significant change in the continuous cashflow or that result in intermittent cashflow via the item.
  • the events relating to a fixed property would be: The purchase of the property The sale of the property Major renovations
  • the events may be:
  • the Event Reporting programme identifies every significant event occurring on every entry in the model.
  • the programme generates a "Normal language" event message to report each event that has a meaningful effect on the subject's cashflow, assets or liabilities.
  • Client begins to earn rental of R48000 per annum from fixed property "23 Johnson Ave” on 1/5/2003.
  • the generated "Event messages” are used in various ways to produce different types of reports.
  • One example of such a report is the “Annual Events and Actions” report. This report may be run on any of the models (unplanned, suggested, planned). It shows, year by year, the events that occur in each year. The report makes it easy for anyone to understand a plan, to compare it to other plans and to decide whether or not a plan is acceptable. For example the plan may indicate that the subject should sell his house and buy a smaller property in a certain year. On this report the subject will clearly see the implications thereof.
  • Non-R/F Non-Retirement Funding

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  • Business, Economics & Management (AREA)
  • Accounting & Taxation (AREA)
  • Finance (AREA)
  • Engineering & Computer Science (AREA)
  • Development Economics (AREA)
  • Economics (AREA)
  • Marketing (AREA)
  • Strategic Management (AREA)
  • Technology Law (AREA)
  • Physics & Mathematics (AREA)
  • General Business, Economics & Management (AREA)
  • General Physics & Mathematics (AREA)
  • Theoretical Computer Science (AREA)
  • Financial Or Insurance-Related Operations Such As Payment And Settlement (AREA)
  • Management, Administration, Business Operations System, And Electronic Commerce (AREA)

Abstract

Ce procédé de planification financière personnelle consiste à créer un modèle financier à partir de données se rapportant aux revenus, aux dépenses, à l'actif et au passif d'un particulier. On crée une base de données de règles de planification, à partir de données se rapportant à une stratégie financière préférée. D'abord, on projette une situation financière, future et non planifiée du particulier, en appliquant des circonstances prévues aux données du modèle financier. Puis, on applique des règles de planification, choisies dans la base de données, à la situation financière, future et non planifiée, afin de calculer une situation financière, future et planifiée, les données résultantes s'affichant aux fins de comparaison. Un programme d'affectation et de financement applique automatiquement les règles de planification choisies, le procédé de l'invention permettant toutefois une modification répétée de la situation financière, future et planifiée, afin de permettre à ce particulier de voir les effets de certains événements sur sa situation.
PCT/US1997/015358 1996-08-30 1997-09-02 Procede de planification financiere personnelle WO1998014902A1 (fr)

Priority Applications (4)

Application Number Priority Date Filing Date Title
EP97939718A EP0922267A4 (fr) 1996-08-30 1997-09-02 Procede de planification financiere personnelle
US09/147,752 US6253192B1 (en) 1996-08-30 1997-09-02 Method of personal financial planning
CA002264680A CA2264680A1 (fr) 1996-08-30 1997-09-02 Procede de planification financiere personnelle
AU41744/97A AU734783B2 (en) 1996-08-30 1997-09-02 Method of personal financial planning

Applications Claiming Priority (2)

Application Number Priority Date Filing Date Title
ZA967373 1996-08-30
ZA96/7373 1996-08-30

Publications (1)

Publication Number Publication Date
WO1998014902A1 true WO1998014902A1 (fr) 1998-04-09

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Application Number Title Priority Date Filing Date
PCT/US1997/015358 WO1998014902A1 (fr) 1996-08-30 1997-09-02 Procede de planification financiere personnelle

Country Status (4)

Country Link
EP (1) EP0922267A4 (fr)
AU (1) AU734783B2 (fr)
CA (1) CA2264680A1 (fr)
WO (1) WO1998014902A1 (fr)

Cited By (4)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US6253192B1 (en) * 1996-08-30 2001-06-26 The Quantam Consultancy Group (Proprietary) Limited Method of personal financial planning
US7783545B2 (en) 1999-11-01 2010-08-24 Accenture Global Services Gmbh Automated coaching for a financial modeling and counseling system
US7831494B2 (en) 1999-11-01 2010-11-09 Accenture Global Services Gmbh Automated financial portfolio coaching and risk management system
WO2015089287A1 (fr) * 2013-12-11 2015-06-18 Shimpi Prakash Procédés et systèmes interactifs de contrôle de données d'investissement comprenant des rendements démographiques

Citations (3)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US4953085A (en) * 1987-04-15 1990-08-28 Proprietary Financial Products, Inc. System for the operation of a financial account
US4969094A (en) * 1989-05-22 1990-11-06 Pension Benefits System Trust Self-implementing pension benefits system
US5148365A (en) * 1989-08-15 1992-09-15 Dembo Ron S Scenario optimization

Patent Citations (3)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US4953085A (en) * 1987-04-15 1990-08-28 Proprietary Financial Products, Inc. System for the operation of a financial account
US4969094A (en) * 1989-05-22 1990-11-06 Pension Benefits System Trust Self-implementing pension benefits system
US5148365A (en) * 1989-08-15 1992-09-15 Dembo Ron S Scenario optimization

Non-Patent Citations (1)

* Cited by examiner, † Cited by third party
Title
See also references of EP0922267A4 *

Cited By (5)

* Cited by examiner, † Cited by third party
Publication number Priority date Publication date Assignee Title
US6253192B1 (en) * 1996-08-30 2001-06-26 The Quantam Consultancy Group (Proprietary) Limited Method of personal financial planning
US7783545B2 (en) 1999-11-01 2010-08-24 Accenture Global Services Gmbh Automated coaching for a financial modeling and counseling system
US7831494B2 (en) 1999-11-01 2010-11-09 Accenture Global Services Gmbh Automated financial portfolio coaching and risk management system
WO2015089287A1 (fr) * 2013-12-11 2015-06-18 Shimpi Prakash Procédés et systèmes interactifs de contrôle de données d'investissement comprenant des rendements démographiques
US11468514B2 (en) 2013-12-11 2022-10-11 Prakash Shimpi Interactive methods and systems for control of investment data including demographic returns

Also Published As

Publication number Publication date
EP0922267A1 (fr) 1999-06-16
EP0922267A4 (fr) 2001-08-22
AU4174497A (en) 1998-04-24
CA2264680A1 (fr) 1998-04-09
AU734783B2 (en) 2001-06-21

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