The Financial Planning Association today emailed its members saying it is keeping “a watchful eye” on a patent infringement lawsuit filed by a goal-based money management platform because it is “concerned about how this lawsuit could impact commonly used financial planning processes and strategies.”
“We have recently heard from members regarding a legal case that is garnering media attention and we wanted to provide you with our perspective on the situation,” FPA Executive Director Marv Tuttle says in the message to members. “Patenting financial planning processes and strategies could become a problem if it limited the ability of planners to serve clients and help them achieve their goals.
“FPA will continue to monitor developments and assess whether the lawsuit does in fact implicate the financial planning process,” Tuttle added.
In August 2011, Financeware, a wealth management platform for financial advisors, issued a press release announcing it had filed a lawsuit against brokerage giant UBS for patent infringement stemming from UBS’s use of MoneyGuide Pro, a financial planning software application for advisors that also employs goal-based planning.