Wealthcare's David Loeper Responds To FPA; Says His Patents Won't Prevent Advisors From Providing Financial Planning Services Hot

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  “To the extent that others have stated or implied that Wealthcare’s patents would prevent financial planning, that is simply wrong,” Loeper says in an email. “Our patents are specifically tailored to what Wealthcare invented and only affect those using our inventions without our permission.  The vast majority of financial planning systems and methods do not use our inventions and we have no issue with advisors who are using those other systems.”


In August 2011, Financeware, a wealth management platform for financial advisors owned by Financeware, issued a press release announcing it had filed a lawsuit

against brokerage giant UBS for patent infringement. The lawsuit charged that UBS’s use of MoneyGuide Pro, a financial planning software application for advisors that also employs goal-based planning, violated Financeware’s patents.


Last week, the FPA emailed its members saying it was concerned about the lawsuit. “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 Executive Director Marv Tuttle wrote to members.


Asked to respond to the FPA message t members, Loeper sent A4A a statement.   


 “Wealthcare developed its intellectual property through years of hard work, innovation and a multimillion dollar of investment’ says Loeper.  “Like any prudent inventor, we have sought to protect our inventions by asking the United States Patent Office to decide if Wealthcare’s systems and methods are worthy of patent protection.”


 “After an evaluation of prior systems, methods and inventions, the Patent Office has decided that Wealthcare does have inventions that are new, novel and non-obvious,” Loeper adds. “Wealthcare has brought a lawsuit against UBS in order to protect its intellectual property from a patent infringer.  We believe (and the law provides) that we are entitled to protect our inventions from being used without our permission.”


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