David Loeper is taking on UBS but his patent lawsuit is raising alarms in the RIA business
A pitched battle over the uniqueness of a financial planning process could result in thousands of advisors paying royalties
I’m sure you and your patent attorneys would refer to this as “innovation” Dave, but I believe economists call it rent-seeking (and it makes about as much sense as patenting a golf swing). I’m still OK with it, as long as it’s taxed at 90% or so of its realizable value.
After quickly perusing the patent award I cannot understand how this will not be challenged to death. The USPO will be made to reassess the process match requirements. If the terms of the claims and their references are mutually inclusive then likely there is little to really worry about. However, if any of the core claims are a match, then nearly everyone has something to worry about. The entire process map details what advisory professionals do either on paper, in interview, in their head, on a computer, etc., without giving another thought to it. Of course I am not a lawyer and Mr. Simpson was declared innocent by the U.S. justice system, but the premise of the patent seems abusive. I wonder how it is that eMoney, IAS and so many other advisory products let this one get by. This should prove an interesting ride for Mr. Loeper and the industry. I look forward to seeing the outcome.
What is the difference between patents and trademarks or copyrights? So little of the financial planning world is original thinking that i am at a loss to see how anything could be protected legally.
Infamous stockbroker resolves civil suit stemming from violent tirade -- the apparent final chapter in an incident that went viral and forever branded him the 'Fairfield Smoothie Guy'
Broker Jim Iannazzo went all out with high-powered attorneys and slick Las Vegas crisis pr team to limit the damage from his actions, but whether he can ever live down the incident remains to be seen.
September 1, 2022 at 5:11 AM
UBS bets its 'wealth' future on ex-Schwabbie Naureen Hassan, a corporate digital A-lister, who analysts give a fighting chance to transcend PaineWebber's ossified culture
Still a $2-billion cash-flow cow, the Swiss bank's 6,000-broker, US-based wirehouse is milking aging broker relationships with aging investors but needs a new kind of human presence, empathy, mindset and smarts to draw in Gen Z.
July 16, 2022 at 1:35 AM
Envestnet nabs Dani Fava to cross-pollinate semi-autonomous units and reap 'financial wellness' as the end product
The Chicago outsourcer has a massive, partially disconnected arsenal of products that CEO Bill Crager is rationalizing into 'wellness' with yet another new unit.
July 23, 2020 at 1:42 AM
Jeff Mello is latest to join eMoney's talent exodus but CEO Ed O'Brien says it's healthy renewal at a firm that added several hundred people since Fidelity bought it
The ex-Goldman Sachs director of strategy and planning at eMoney joins a growing list of departures exacerbated, sources say, by Fidelity putting a wobbly performance reporting software project -- and staff -- on its plate
February 28, 2020 at 11:09 PM
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