Granted Patent B2

US 12,254,517 · App. 18/508,003 · Granted Mar 18, 2025

Inventors: Thomas R. Kmak (Bulverde, TX); Matthew A. Golda (Sherwood, OR); Craig S. Rosenthal (Southbury, CT)

Assignee: Fiduciary Benchmarks Insights, LLC

G06Q40/06

Abstract

Claims (42)

1. A system for evaluating an advisor of a selected retirement plan, comprising:

one or more load balancing web servers configured to operate behind a first firewall;

one or more application web servers configured to operate behind a second firewall that is behind the first firewall;

an XML database configured to operate behind the second firewall and downstream of the one or more application web servers, the XML database configured to communicate with the one or more application web servers and the one or more application web servers are configured to communicate with the one or more load balancing web servers, the XML database comprising plan data of the selected retirement plan in XML format and other plan data of other retirement plans in XML format, wherein the plan data and the other plan data numerically define numerical and non-numerical characteristics of the selected plan and of the other retirement plans;

wherein, responsive to the one or more load balancing web servers receiving an HTTP request from a web browser of a user:

(i) the one or more load balancing web servers are configured to automatically and electronically transmit, in real time, the HTTP request to the one or more application web servers;

(ii) the one or more application web servers are configured to automatically select, in real time, a comparison group from the other retirement plans stored in the XML database based on the characteristics of the selected retirement plan;

(iii) the one or more application web servers are configured to generate a numerical scope-of-services comparison for service categories between a scope-of-services provided by the advisor of the selected retirement plan and scopes-of-services provided by advisors of the comparison group by automatically quantifying each of the service categories based on numerically assigned levels of difficulty of services provided by the advisor within each of the service categories;

(iv) the one or more application web servers are configured to automatically create, in real time, a user-customizable, electronically displayable report in PDF format or HTML format that presents a visual summary of the numerical scope-of-services comparison for the advisor of the selected retirement plan; and

(v) the one or more load balancing web servers are configured to automatically and electronically deliver, in real time, the report to the web browser of the user to provide proof that the advisor is meeting fiduciary objectives.

2. The system of claim 1 , wherein, prior to automatically selecting the comparison group of retirement plans, the one or more application web servers are configured to automatically predetermine potential comparison groups based on the other plan data of the other retirement plans.

3. The system of claim 2 , wherein the one or more application web servers are configured to define the potential comparison groups by at least one of plan assets, plan type, diversity of advisors, or diversity of recordkeepers.

4. The system of claim 1 , wherein the one or more application web servers are configured to define and select the comparison group based on at least one of plan assets, plan type, diversity of advisors, or diversity of recordkeepers.

5. The system of claim 1 , wherein the service categories comprise at least one of investment services, vendor management services, plan management services, or participant services.

6. The system of claim 5 , wherein each of the service categories comprises a plurality of services.

7. The system of claim 1 , wherein the one or more application web servers are configured to quantify each service of the service categories such that there is a 100% statistical confidence in each of the service categories for the selected retirement plan and a 95% statistical confidence in each of the service categories for the comparison group.

8. The system of claim 1 , wherein to quantify each of the service categories, the one or more application web servers are configured to:

a. allocate a first constant sum of units across services of each of the service categories,

b. apply a first weight factor to a most difficult service and a second weight factor to a least difficult service, and

c. interpolate between the most difficult service that is weighted by the first weight factor and the least difficult service that is weighted by the second weight factor.

9. The system of claim 8 , wherein, to interpolate between the most difficult service and the least difficult service, the one or more application web servers are configured to interpolate to achieve a 100% statistical confidence in the scope-of-services for each of the service categories of the selected retirement plan and a 95% statistical confidence in the scope-of-services for each of the service categories for the comparison group.

10. A method of evaluating an advisor of a selected retirement plan, comprising:

operating one or more load balancing web servers behind a first firewall;

operating one or more application web servers behind a second firewall that is behind the first firewall;

operating an XML database behind the second firewall and downstream of the one or more application web servers, the XML database being in communication with the one or more application web servers and the one or more application web servers being in communication with the one or more load balancing web servers, the XML database comprising plan data of the selected retirement plan in XML format and other plan data of other retirement plans in XML format, wherein the plan data and the other plan data numerically define numerical and non-numerical characteristics of the selected plan and of the other retirement plans;

responsive to receiving an HTTP request from a web browser of a user by the one or more load balancing web servers, automatically performing, in real-time:

(i) electronically transmitting the HTTP request from the one or more load balancing web servers to the one or more application web servers;

(ii) selecting, by the one or more application web servers, a comparison group from the other retirement plans stored in the XML database based on the characteristics of the selected retirement plan;

(iii) generating, by the one or more application web servers, a numerical scope-of-services comparison for service categories between a scope-of-services provided by the advisor of the selected retirement plan and scopes-of-services provided by advisors of the comparison group by automatically quantifying each of the service categories based on numerically assigned levels of difficulty of services provided by the advisor within each of the service categories;

(iv) creating, by the one or more application web servers, a user-customizable, electronically displayable report in PDF format or HTML format that presents a visual summary of the numerical scope-of-services comparison for the advisor of the selected retirement plan; and

(v) electronically delivering, by the one or more load balancing web servers, the report to the web browser of the user to provide proof that the advisor is meeting fiduciary objectives.

11. The method of claim 10 , further comprising automatically predetermining, by the one or more application web servers, potential comparison groups based on the other plan data of the other retirement plans prior to automatically selecting the comparison group of retirement plans.

12. The method of claim 11 , further comprising defining, by the one or more application web servers, the potential comparison groups by at least one of plan assets, plan type, diversity of advisors, or diversity of recordkeepers.

13. The method of claim 10 , further comprising defining and selecting, by the one or more application web servers, the comparison group based on at least one of plan assets, plan type, diversity of advisors, or diversity of recordkeepers.

14. The method of claim 10 , wherein the service categories comprise at least one of investment services, vendor management services, plan management services, or participant services.

15. The method of claim 14 , wherein each of the service categories comprises a plurality of services.

16. The method of claim 10 , wherein each service of the service categories is quantified such that there is a 100% statistical confidence in each of the service categories for the selected retirement plan and a 95% statistical confidence in each of the service categories for the comparison group.

17. The method of claim 10 , wherein quantifying each of the service categories includes:

a. allocating a first constant sum of units across services of each of the service categories,

b. applying a first weight factor to a most difficult service and a second weight factor to a least difficult service, and

c. interpolating between the most difficult service that is weighted by the first weight factor and the least difficult service that is weighted by the second weight factor.

18. The system of claim 17 , wherein interpolating between the most difficult service and the least difficult service includes interpolating to achieve a 100% statistical confidence in the scope-of-services for each of the service categories of the selected retirement plan and a 95% statistical confidence in the scope-of-services for each of the service categories for the comparison group.

Assignments (1)

Continuity (5)

References Cited (217)