Abstract:
A system and method are provided that allow for automated documentation of all advice interactions between broker representatives on one end and clients, or prospective clients, on the other. This is accomplished by providing a computer system for storing appropriate data for each advice interaction with a client. The advice interaction data can be used to assess compliance with existing regulations, as well as for analytical and training purposes.

Description:
CROSS-REFERENCES TO RELATED APPLICATIONS 
     The present application is a continuation application of and claims priority to U.S. Non-Provisional application Ser. No. 09/877,988, filed on Jun. 8, 2001, which is a Non-Provisional of U.S. Provisional Application No. 60/252,825, filed on Nov. 22, 2000, the entire contents of which are herein incorporated by reference for all purposes. 
    
    
     BACKGROUND OF THE INVENTION 
     1. Field of the Invention 
     The present invention relates generally to on-line securities trading and, more particularly, to solicited securities transactions. 
     2. Related Art 
     Traditionally, full-service securities brokers have offered advice to clients on conducting specific transactions (e.g. purchase stock X, sell stock Y, etc.). When a client places an order with a broker in response to an advice interaction with the broker, the resulting trade is deemed a “solicited trade.” Solicited trades are subject to specific regulations by regulatory agencies such as the SEC. By contrast, non-full service securities brokers (sometime referred to as “discount brokers”) have traditionally shied away from providing advice to customers that would give rise to solicited trades. In such situations, the client is given access to research tools, but no specific recommendations are imparted by the brokers to the client. 
     In the traditional full-service brokerage scenario compliance with regulations pertaining to solicited trades is accomplished by assigning a specific broker representative to interact with each client. In such situations the broker representative is responsible for adhering to the regulations with the assistance of compliance officers. 
     The increasing popularity of trading securities on-line, on the other hand, has made it desirable for non full-service brokers to offer advice to clients through a variety of channels that may trigger the applicability of solicited trade regulations. In such situations, however, no individual broker representative is responsible for interacting with a specific client. As a result, there is a need for an alternative means of ensuring compliance with applicable solicited trade regulations. 
     SUMMARY OF THE INVENTION 
     The system and method of the present invention allow for automated documentation of all advice interactions between broker representatives on one end and clients, or prospective clients, on the other. This is accomplished by providing a computer system for storing appropriate data for each advice interaction with a client. The advice interaction data can be used to assess compliance with existing regulations, as well as for analytical and training purposes. 
    
    
     
       BRIEF DESCRIPTION OF THE DRAWINGS 
         FIG. 1  is a block diagram of a computer system, in accordance with an embodiment of the invention. 
         FIG. 2A  is a block diagram illustrating the hardware/software structure of a client computer of  FIG. 1 . 
         FIG. 2B  is a block diagram illustrating the hardware/software structure of a server computer of  FIG. 1 . 
         FIG. 3  is a flow diagram of an operation for documenting a customer interaction, in accordance with some embodiments of the invention. 
         FIG. 4  illustrates a hierarchical representation of the types of customer interaction records supported by the computer system  100  of  FIG. 1 . 
         FIG. 5  shows a hierarchical view of the information captured for Recommendation interaction records, in accordance with some embodiments of the invention. 
         FIG. 6  is a block diagram of the hierarchical organization of client suitability information collected by the Client Suitability Screen of  FIGS. 4 and 5 . 
         FIG. 7  is a flow diagram of an interaction data entering operation, in accordance to some embodiments of the invention. 
         FIGS. 8A and 8B  are a flow diagram of the operation of an advice interaction system, in accordance to some embodiments of the present invention, for a customer. 
         FIGS. 9A ,  9 B 1 ,  9 B 2 ,  9 C 1  and  9 C 2  illustrate various configurations of a customer advice interaction screen, in accordance to some embodiments of the present invention. 
         FIGS. 10A-D  illustrate a client suitability screen, in accordance to some embodiments of the present invention. 
         FIGS. 11A and 11B  are a flow diagram of the operation of an advice interaction system, in accordance to some embodiments of the present invention, for a prospect. 
         FIGS. 12A ,  12 B 1  and  12 B 2  illustrate new advice interaction screens in accordance to some embodiments of the present invention. 
         FIG. 13  illustrates a prospect suitability screen, in accordance to some embodiments of the present invention. 
         FIG. 14  is a user-level flow diagram of an advice interaction documentation operation, in accordance with some embodiments of the invention. 
         FIG. 15  is a system-level flow diagram of an advice interaction documentation operation, in accordance with some embodiments of the invention. 
         FIG. 16  is a flow diagram of a search and retrieval of advice interaction data operation, in accordance to some embodiments of the invention. 
     
    
    
     DETAILED DESCRIPTION OF THE INVENTION 
     A computer system  100 , in accordance to an embodiment of the invention, is shown in  FIG. 1 . Computer system  100  includes a server computer  110  connected to a plurality of client computers  120   n  (where n=A, B, C, etc.) through a computer network  130 . 
       FIG. 2A  illustrates the hardware/software structure of a client computer  120   n . During operation of computer system  100 , an advice documentation program  210  is executed on top of operating system  220 , which in turn controls hardware layer  230 . Hardware layer  230 , in turn, provides a physical connection to computer network  130 . 
       FIG. 2B  illustrates the hardware/software structure of server computer  110 . During operation of computer system  100 , database management software (DBMS)  240  is executed on top of operating system  250 , which in turn controls hardware layer  260 . Hardware layer  260 , in turn, provides a physical connection to global-area network  130 . DBMS  240  also stores and retrieves information in database  270  via operating system  250 . Database  270  can be any type of commercially available database such as DB2 or an Oracle database. 
     Server computer  110  can be any special or general purpose computer suitable for maintaining a website such as a Pentium-based computer, available from a variety of third parties, an UltraSparc workstation, available from Sun Microsystems, Inc. of Mountain View, Calif., an RS6000 workstation, available from IBM of New York, etc. 
     Client computers  120   n  can be any special or general purpose computer suitable for accessing a website over the Internet, such as any a Pentium-based computer, available from a variety of third parties, a Macintosh computer, available from Apple Computer, Inc. of Cupertino, Calif., etc. 
     Operating systems  220  and  250  are any suitable operating system for controlling client computers  120   n  and server computer  110  such as Windows98, Windows NT 4.0 or Windows2000, available from Microsoft Corp. of Redmond, Wash., MacOS 9, available from Apple Computer, Inc., any version of the Unix operating system, etc. 
       FIG. 3  is a flow diagram of an operation  300  for documenting a customer interaction. First, in stage  310  a customer interaction record is created. Then, in stage  320 , a user selects a type of the customer interaction. Based on the type of customer interaction selected in stage  320 , data necessary to document the specific type of customer interaction selected by the user is collected in stage  330 . Stage  340  then determines if all of the necessary data has been collected, in which case operation  300  terminates. Otherwise, stages  330  and  340  are repeated until all of the information necessary to document the customer interaction has been collected and added to the customer interaction record. The customer interaction record is then stored in database  270 . 
       FIG. 4  illustrates a hierarchical representation of the types of customer interaction records supported by computer system  100 , in accordance to an embodiment of the invention. As shown in  FIG. 4 , interaction records can be classified at four levels. At level  1 , an interaction record  410  is created for each individual client interaction. At level  2 , each interaction record is viewed as having a specific type: Referral: AdvisorSource  420 , Referral: Internal  422 , Recommendation  424 , Tool  426  or Education  428 . At level  3 , detailed information is stored depending on the specific type of advice interaction  410 . In particular, a Referral: AdvisorSource interaction  420  is classified as either Investment Manger  430 , Financial Planner  432 , CPA  434  or US Trust  436 . Similarly, a Referral: Internal interaction  420  is classified as either Fixed Income  440 , Options  442  or Other  444 . A Recommendation interaction  424 , in turn can be either a Recommendation Only interaction  450  or a Recommendation With Trade Placed  455 . A Tool interaction can be classified as Portfolio Checkup  460 , Personal Financial Planner  462 , Personal Profiler  465 , Tax Tool  467  or Stock Basket  469 . Finally, an Education interaction  428  can be classified as Asset Allocation  470 , Goal Planning  472 , Individual Guidance  474  or Core and Explore  476 . At level  4 , a client assessment sheet  480  or  482  is provided to complete the advice interaction record. It should be noted that only recommendation interactions  424  have a level  4  classification, which depends in turn on whether the Recommendation interaction is a Recommendation only  450  (CAS  480 ) or a Recommendation with Solicited Trade Placed  455  (CAS  482 ). Once completed, the CAS  480  or  482  is viewed as client suitability  484 . 
       FIG. 5  shows a hierarchical view of the information captured for Recommendation interaction records  424 . As shown in  FIG. 5 , Recommendation interaction  424  is either a Recommendation Only interaction  450  or a Recommendation With Solicited Trade Placed  455 . Recommendation Only interaction  450 , in turn, requires the user to complete a Client Assessment Screen  480  and a Client Suitability Screen  484 . Similarly, Recommendation With Solicited Trade Placed  455  requires the user to complete a Client Assessment Screen  482  and Client Suitability Screen  484 . Client Assessment Screen  480 , in turn, includes up to 12 Recommendation entries  510 , a Basis for Sell Recommendation entry  520  and an Other Material Information entry  530 . Similarly, Client Assessment Screen  482  includes up to 12 Recommendation entries  540 , a Basis for Sell Recommendation entry  520  and an Other Material Information entry  530 . 
     Recommendation entries  510 , in turn, include a Buy/Sell field  512  and a Ticker Symbol field  514 . Recommendation entries  540 , on the other end, contain a Buy/Sell field  542 , a Ticker Symbol field  544 , a Solicited Trade Placed filed  546  and an Account Number field  548 . 
       FIG. 6  is a block diagram of the hierarchical organization of client suitability information collected by Client Suitability Screen  484  ( FIGS. 4 and 5 ). Client suitability data  600  falls into one of three separate categories, Account Holder Client Suitability  610 , Prospect Suitability  650  or Organization Suitability (“Non-natural Person”)  660 , depending on the relationship of the broker with the client (e.g., account holder, prospect or organization). Account Holder Client Suitability  610  includes a Client Profile  620 , a Financial Profile  630  and Account Investment Objectives  640 . Prospect Suitability  650 , in turn, includes Client Profile  620  and Financial Profile  630 . Organization Suitability (“Non-natural Person”)  660  includes Client Profile  620 , Financial Profile  680  and Account Investment Objectives  640 . 
     Client Profile  620  includes client name field  622 , birth date field  624 , occupation field  626 , marital status field  628 , dependents field  629 , customer ID filed  623 , employment status field  625  and employer name/industry field  627 . Financial Profile  630  includes a federal tax rate field  631 , an annual income field  632 , a liquid net worth field  634 , a total net worth field  635 , an overall investment knowledge field  637 , an overall experience field  638  and a last update field  639 . Account Investment Objectives  640 , in turn, include multiple account fields  642   n  (where n=A, B, C . . . ). Client Profile  670  includes an organization name field  674 , an established date field  678  and a customer ID field  672 . 
       FIG. 7  is a flow diagram of an interaction data entering operation  700 , in accordance to some embodiments of the invention. First, stage  720  determines whether a MARS user  710  is logged on to an automated documentation system (ADS), in accordance to an embodiment of the present invention, in which case operation  700  proceeds to stage  740 . Otherwise, operation  700  proceeds to stage  730  in which a log on screen is presented to the user. Upon entering valid user information, a first new advice interaction screen is composed and presented to the user in stage  740 . The first new advice interaction screen contains different information depending on whether the client is a customer ( FIG. 9A ) or a prospect ( FIG. 12A ). In stage  750 , a second new advice interaction screen is presented to the user. The second new advice interaction screen is designed to collect Level # 4  information for CAS  480  or  482  ( FIG. 4 ) and contains different information depending on whether the advice interaction being documented is a Recommendation Only  450  ( FIG. 9B  or  12 B) or a Recommendation with Solicited Trade  455  ( FIG. 9C ). 
     Finally, a client suitability screen ( FIGS. 10A-10D  and  13 ) is presented to the user in stage  760 . The contents of the client suitability screen are dependent on the subject of the advice interaction and the broker representative engaged in the advice interaction. 
       FIGS. 8A and 8B  are a flow diagram of the operation  800  of an advice interaction system, in accordance to some embodiments of the present invention, for a customer. 
     First, customer advice interaction screen  900  ( FIG. 9A ) is presented to the user (stage  802 ). The user begins documenting the advice interaction by entering information of customer advice interaction screen  900  (stage  804 ). Stage  806  then determines whether the advice interaction is a Recommendation only interaction, in which case operation  800  proceeds to stage  808 . Otherwise, operation  800  proceeds to stage  812 . In stage  808 , the user selects a recommendation only interaction, causing customer advice interaction screen  900  (FIGS.  9 B 1  and  9 B 2 ) to be displayed. Customer advice interaction screen  900  includes a field indicating the name of the client representative for the advice interaction. In some embodiments, the client representative field is a list of all persons having trade authorization for any account held by the client. Alternatively, stage  812  determines whether the advice interaction is a Recommendation with Solicited Trade, in which case operation  800  proceeds to stage  814 . Otherwise, operation  800  proceeds to stage  818 . In stage  814 , customer advice interaction screen  900  (FIGS.  9 C 1  and  9 C 2 ) is presented again to the user. In stage  818 , customer advice interaction screen  900  is again presented to the user for editing. Using customer advice interaction screen  900 , the user can elect to save the advice interaction information (stage  820 ), close advice interaction screen  900  (stage  834 ), cancel the advice interaction (stage  850 ) or present client suitability screen  1000  ( FIGS. 10A-10D ) to the user (stage  864 ). 
     If the user elects to save the advice interaction data, stage  822  determines whether the information entered by the user meets a set of predefined data validation criteria, in which case operation  800  proceeds to stage  826 . Otherwise, operation  800  proceeds to stage  824 , where a data validation message is displayed to the user. In stage  826 , a message is displayed to the user to ask confirmation to save the entered data. Stage  828  then determines whether to continue with the save operation, in which case operation  800  proceeds to stage  830 . Otherwise, operation  800  proceeds to stage  818 . The data entered by the user and validated by the system is then saved (stage  830 ) and customer advice interaction screen  900  is redisplayed in read-only mode (stage  832 ). 
     If the user elects to close customer advice interaction screen  900 , stage  836  determines whether advice interaction data entered on customer advice interaction screen  900  has been saved, in which case operation  800  proceeds to stage  838  where customer advice interaction screen  900  is closed. Otherwise, operation  800  proceeds to stage  840 . A message asking the user whether to save entered information and close the screen is displayed to the user (stage  840 ) and stage  842  determines whether the user has elected to continue with the save operation, in which case operation  800  proceeds to stage  844 . Otherwise, operation  800  proceeds to stage  818 . Stage  844 , in turn, determines whether the data entered by the user meets validation criteria, in which case operation  800  proceeds to stage  846 , where the data is saved. The data saved by the user is used to update an authoritative database of client and advice interaction history information. This database is, in turn, used to document compliance with trading regulations. Otherwise, a message is displayed to alert the user that data validation has failed (stage  848 ) and operation  800  proceeds to stage  818 . 
     If the user elects to cancel the advice interaction, stage  852  determines whether advice interaction data was entered and not saved, in which case operation  800  proceeds to stage  854 . Otherwise, operation  800  proceeds to stage  838 . In stage  854 , a message is displayed to alert the user that data has been entered and not saved. Stage  856  then determines whether the user has elected to save any changes, in which case operation  800  proceeds to stage  859 . Otherwise, operation  800  proceeds to stage  838 . Stage  858  then determines whether the data entered by the user meets validation criteria, in which case operation  800  proceeds to stage  860 , where the data is saved. Otherwise, a message is displayed to notify the user that data validation has failed (stage  862 ) and operation  800  proceeds to stage  818 . 
     If the user has elected to enter/update client suitability data, stage  866  ( FIG. 8B ) determines whether the advice interaction data has been saved, in which case operation  800  proceeds to stage  868 . Otherwise, operation  800  proceeds to stage  872 . In stage  868 , client suitability screen  1000  ( FIGS. 10A-10D ) is presented to the user in read-only mode. The user, in turn, selects the advice interaction mode (stage  870 ) and operation  800  proceeds to stage  818 . In stage  872 , client suitability screen  1000  is presented to the user in edit mode. The user, in turn, edits the client suitability data entered on client suitability screen  1000  (stage  874 ).  FIGS. 10A-10D  illustrate possible layouts for client suitability screen  1000  depending on the subject of the advice interaction and the person engaging in the advice interaction. The user then elects to return to the advice interaction mode (stage  876 ), save the suitability data (stage  890 ) or cancel the suitability data entry (stage  805 ). 
     If the user selects the advice interaction mode, stage  878  determines whether any suitability data has been entered by the user on client suitability screen  1000 , in which case operation  800  proceeds to stage  880 . Otherwise, operation  800  proceeds to stage  818  ( FIG. 8A ). In stage  880 , a message is displayed to alert the user that suitability data has been entered but not saved. Stage  882  then determines whether the user has elected to continue with the save operation, in which case operation  800  proceeds to stage  884 . Otherwise, operation  800  proceeds to stage  818  ( FIG. 8A ). Stage  884  then determines whether the suitability data entered by the user meets data validation criteria, in which case the suitability data is saved (stage  886 ). Otherwise, a message is displayed to alert the user that a data validation error has occurred (stage  888 ) and operation  800  proceeds to stage  874 . 
     If the user selects save suitability data, stage  890  determines whether the suitability data has been edited by the user on client suitability screen  1000 , in which case operation  800  proceeds to stage  898 . Otherwise, operation  800  proceeds to stage  894 . In stage  894 , a message is displayed to alert the user that suitability data has been edited but not saved. Stage  896  then determines whether the user has elected to continue with the save operation, in which case operation  800  proceeds to stage  898 . Otherwise, operation  800  proceeds to stage  874 . Stage  898  then determines whether the suitability data entered by the user meets data validation criteria, in which case the suitability data is saved (stage  801 ). Otherwise, a message is displayed to alert the user that a data validation error has occurred (stage  803 ) and operation  800  proceeds to stage  874 . 
     If the user elects to cancel the suitability data operation, stage  807  determines if the suitability data on client suitability screen  1000  has been edited, in which case operation  800  proceeds to stage  809 . Otherwise, operation  800  proceeds to stage  818  ( FIG. 8A ). In stage  809 , a message is displayed to alert the user that the suitability data has been edited but not saved. Stage  811  then determines whether the user has elected to save or cancel the changes to the suitability data. If the user has elected to save the changes, operation  800  proceeds to stage  813 . Otherwise, operation  800  proceeds to stage  818  ( FIG. 8A ). Stage  813 , in turn, determines whether the suitability data entered by the user meets data validation criteria, in which case the data is saved (stage  815 ). Otherwise, a message is displayed to alert the user that a data validation error has occurred (stage  817 ) and operation  800  proceeds to stage  874 . 
       FIGS. 11A and 11B  are a flow diagram of the operation  1100  of an advice interaction system, in accordance to some embodiments of the present invention, for a prospect. 
     First, prospect advice interaction screen  1200  ( FIG. 12A ) is presented to the user (stage  1102 ). The user begins documenting the advice interaction by entering information on prospect advice interaction screen  1200  (stage  1104 ). Stage  1106  then determines whether the advice interaction is a Recommendation only interaction, in which case operation  1100  proceeds to stage  1108 . Otherwise, operation  1100  proceeds to stage  1112 . In stage  1108 , the user selects a recommendation only interaction, causing prospect advice interaction screen  1200  (FIGS.  12 B 1  and  12 B 2 ) to be displayed. In stage  1112 , prospect advice interaction screen  1200  is again presented to the user for editing. Using prospect advice interaction screen  1200 , the user can elect to save the advice interaction information (stage  1124 ), close prospect advice interaction screen  1200  (stage  1128 ), cancel the advice interaction (stage  1144 ) or present prospect suitability screen  1300  ( FIG. 13 ) to the user (stage  1158 ). 
     If the user elects to save the advice interaction data, stage  1116  determines whether the information entered by the user meets a set of predefined data validation criteria, in which case operation  1100  proceeds to stage  1120 . Otherwise, operation  1100  proceeds to stage  1118 , where a data validation message is displayed to the user. In stage  1120 , a message is displayed to the user to ask confirmation to save the entered data. Stage  1122  then determines whether to continue with the save operation, in which case operation  1100  proceeds to stage  1124 . Otherwise, operation  1100  proceeds to stage  1112 . The data entered by the user and validated by the system is then saved (stage  1124 ) and prospect advice interaction screen  1200  is redisplayed in read-only mode (stage  1126 ). 
     If the user elects to close prospect advice interaction screen  1200 , stage  1130  determines whether advice interaction data entered on prospect advice interaction screen  1200  has been saved, in which case operation  1100  proceeds to stage  1142  where prospect advice interaction screen  1200  is closed. Otherwise, operation  1100  proceeds to stage  1132 . A message asking the user whether to save entered information and close the screen is displayed to the user (stage  1132 ) and stage  1134  determines whether the user has elected to continue with the save operation, in which case operation  1100  proceeds to stage  1136 . Otherwise, operation  1100  proceeds to stage  1138 . Stage  1136 , in turn, determines whether the data entered by the user meets validation criteria, in which case operation  1100  proceeds to stage  1140 , where the data is saved. Otherwise, a message is displayed to alert the user that data validation has failed and operation  1100  proceeds to stage  1112 . 
     If the user elects to cancel the advice interaction, stage  1146  determines whether advice interaction data was entered and not saved, in which case operation  1100  proceeds to stage  1148 . Otherwise, operation  1100  proceeds to stage  1142 . In stage  1148 , a message is displayed to alert the user that data has been entered and not saved. Stage  1150  then determines whether the user has elected to save any changes, in which case operation  1100  proceeds to stage  1152 . Otherwise, operation  1100  proceeds to stage  1142 . Stage  1152  then determines whether the data entered by the user meets validation criteria, in which case operation  1100  proceeds to stage  1154 , where the data is saved. Otherwise, operation  1100  proceeds to stage  1156 , where a message is displayed to notify the user that data validation has failed. 
     If the user has elected to enter prospect suitability data, stage  1160  ( FIG. 11B ) determines whether the advice interaction data has been saved, in which case operation  1100  proceeds to stage  1162 . Otherwise, operation  1100  proceeds to stage  1166 . In stage  1162 , prospect suitability screen  1300  ( FIG. 13 ) is presented to the user in read-only mode. The user, in turn, selects the advice interaction mode (stage  1164 ) and operation  1100  proceeds to stage  1126  ( FIG. 11A ). In stage  1166 , prospect suitability screen  1300  is presented to the user in edit mode. The user, in turn, edits the prospect suitability data entered on prospect suitability screen  1300  (stage  1168 ). The user then elects to return to the advice interaction mode (stage  1170 ), save the suitability data (stage  1184 ) or cancel the suitability data entry (stage  1198 ). 
     If the user selects the advice interaction mode, stage  1172  determines whether any suitability data has been entered by the user on prospect suitability screen  1300 , in which case operation  1100  proceeds to stage  1174 . Otherwise, operation  1100  proceeds to stage  1112  ( FIG. 11A ). In stage  1174 , a message is displayed to alert the user that suitability data has been entered but not saved. Stage  1176  then determines whether the user has elected to continue with the save operation, in which case operation  1100  proceeds to stage  1178 . Otherwise, operation  1100  proceeds to stage  1112  ( FIG. 8A ). Stage  1178  then determines whether the suitability data entered by the user meets data validation criteria, in which case the suitability data is saved (stage  1180 ). Otherwise, a message is displayed to alert the user that a data validation error has occurred (stage  1182 ) and operation  1100  proceeds to stage  1168 . 
     If the user elects to save suitability data, stage  1186  determines whether the suitability data has been edited by the user on prospect suitability screen  1300 , in which case operation  1100  proceeds to stage  1192 . Otherwise, operation  1100  proceeds to stage  1188 . In stage  1188 , a message is displayed to alert the user that suitability data has been edited but not saved. Stage  1190  then determines whether the user has elected to continue with the save operation, in which case operation  1100  proceeds to stage  1192 . Otherwise, operation  1100  proceeds to stage  1168 . Stage  1192  then determines whether the suitability data entered by the user meets data validation criteria, in which case the suitability data is saved (stage  1194 ). Otherwise, a message is displayed to alert the user that a data validation error has occurred (stage  1196 ) and operation  1100  proceeds to stage  1168 . 
     If the user elects to cancel the suitability data operation, stage  1101  determines if the suitability data on prospect suitability screen  1300  has been edited, in which case operation  1100  proceeds to stage  1103 . Otherwise, operation  1100  proceeds to stage  1112  ( FIG. 11A ). In stage  1103 , a message is displayed to alert the user that the suitability data has been edited but not saved. Stage  1105  then determines whether the user has elected to save or cancel the changes to the suitability data. If the user has elected to save the changes, operation  1100  proceeds to stage  1107 . Otherwise, operation  1100  proceeds to stage  1112  ( FIG. 11A ). Stage  1107 , in turn, determines whether the suitability data entered by the user meets data validation criteria, in which case the data is saved (stage  1109 ). Otherwise, a message is displayed to alert the user that a data validation error has occurred (stage  1111 ) and operation  1100  proceeds to stage  1168 . 
       FIG. 14  is a user-level flow diagram of an advice interaction documentation operation, in accordance with some embodiments of the invention. First, a customer service representative accesses a client record stored on the advice interaction documentation system (stage  1402 ). The representative then begins to document a new advice interaction (stage  1404 ) with the client whose record has been retrieved in stage  1402 . Advice type options and corresponding activities are presented to the representative (stage  1406 ) and the representative, in turn, selects all advice activities that apply to the client interaction being documented (stage  1408 ). Depending on the type of advice interaction being documented, operation  1400  may proceed to any combination of stages  1410 ,  1415 ,  1420 ,  1442  and  1444  depending on the type of client interaction being documented. 
     If the advice interaction is a Referral: AdvisorSource, the representative selects all referral types that apply to the interaction from an advice interaction screen (stage  1410 ) and operation  1400  proceeds to stage  1428 . 
     If the advice interaction is a Referral: Internal, the representative selects all referral types that apply to the interaction from an advice interaction screen (stage  1415 ) and operation  1400  proceeds to stage  1428 . 
     If the advice interaction is a Recommendation, the representative selects a single recommendation activity (stage  1420 ) and operation  1400  proceeds to stages  1422  or  1438 , depending on whether the recommendation is a Recommendation Only or a Recommendation with Solicited Trade, respectively. In stage  1422 , the representative selects the Recommendation Only option. A client assessment sheet (CAS) for a Recommendation Only interaction is presented to the representative (stage  1424 ), the representative completes the CAS (stage  1426 ) and operation  1400  proceeds to stage  1428 . Alternatively, the representative may choose to retrieve suitability data stored in a customer database (stage  1430 ), in which case the suitability data is presented to the representative (stage  1432 ). The representative then updates the suitability data (stage  1434 ), if necessary, and operation  1400  proceeds to stage  1426 . In stage  1438 , the representative selects the Recommendation with Solicited Trade option. A CAS for Recommendation with Solicited Trade is then presented to the representative (stage  1440 ), the representative completes the CAS (stage  1436 ) and operation  1400  proceeds to stage  1428 . Alternatively, the representative may choose to retrieve the client suitability data from a customer database as described above with respect to stages  1430 - 1434 , after which operation  1400  proceeds to stage  1436 . 
     The representative may also select one or more tools (stage  1442 ) provided by advice interaction documentation system. Once the representative is done using the tools, operation  1400  proceeds to stage  1428 . If the advice interaction is an Education, the representative selects all education activities (stage  1444 ) and operation  1400  proceeds to stage  1428 . Finally, in stage  1428 , the representative completes and save the advice interaction data and operation  1400  terminates. 
       FIG. 15  is a system-level flow diagram of an advice interaction documentation operation  1500 , in accordance with some embodiments of the invention. First, in stage  1502 , a user of a desktop terminal/computer accesses the advice interaction documentation system through a link provided on MARS (??) application program. Client and user parameters are then entered by the user using MARS and transmitted to the advice interaction documentation system (stage  1504 ). The advice system application program is launched (stage  1506 ) and stage  1508  determines if the user is logged on to the advice system, in which case operation  1500  proceeds to stage  1514 . Otherwise, operation  1500  proceeds to stage  1510 . In stage  1510 , an logon screen is presented to the user and the user enters logon information. Stage  1512  then determines whether the logon information entered by the user is valid, in which case operation  1500  proceeds to stage  1514 . Otherwise, operation  1500  proceeds to stage  1516 , where an access denied message is displayed. Stage  1518  then determines if the user wants to attempt logging on again, in which case operation  1500  proceeds to stage  1510 . Otherwise, the advice system application program is closed (stage  1520 ) and operation  1500  terminates. In stage  1514 , a request to retrieve the client data and create new advice activity data is sent from the advice system application program executed on the user&#39;s desktop computer to the advice system server program executed on a remote computer. The advice system server program receives and processes the request (stage  1522 ) and returns the client data and a new advice interaction screen to the advice system application program (stage  1524 ). An advice documentation screen is presented to the user who, in turn, begins documenting the advice interaction (stage  1526 ). The user then selects advice activities (stage  1528 ) and stage  1530  determines whether the selected advice activity is a Recommendation with Solicited Trade, in which case operation  1500  proceeds to stage  1532 . Otherwise, operation  1500  proceeds to stage  1534 . In stage  1532 , the user is presented with a CAS screen populated with data fields corresponding to the type of advice interaction being documented. Next, if the user selects client suitability data, a request is sent to a suitability database to retrieve the client suitability data (stage  1538 ). A server storing the client suitability database receives and processes the request (stage  1540 ) and returns the client suitability data together with a suitability screen to the advice system application program (stage  1542 ). A client suitability screen is then presented to the user for editing (stage  1544 ). Stage  1546  then determines whether the user has edited the client suitability data, in which case operation  1500  proceeds to stage  1548 . Otherwise, operation  1500  proceeds to stage  1536 , where the advice documentation screen is again presented to the user. In stage  1548  the user submits edits to the client suitability data and stage  1550  determines whether the user edited client suitability data satisfies data validation criteria, in which case operation  1500  proceeds to stage  1554 , where the client suitability database is updated. Otherwise, operation  1500  proceeds to stage  1552 . In stage  1552 , a message is displayed to alert the user that the data validation operation has failed and operation  1500  proceeds to stage  1544 . 
     Once data is stored in the advice interaction system, advice interaction data can be later accessed to monitor compliance with securities regulations.  FIG. 16  is a flow diagram of a search and retrieval of advice interaction data operation  1600 , in accordance to some embodiments of the invention. 
     First, in stage  1602 , the user initiates a search of the advice interaction database. Stage  1604  then determines whether the user is requesting a regular or a customized search. If the user selects a regular search, the request is forwarded to the server storing the advice interaction database and the server returns a search screen to the user&#39;s computer (stage  1640 ). A search screen is displayed to the user for editing (stage  1642 ), the representative enters the appropriate search parameters (stage  1644 ) and the search criteria are sent to the database server (stage  1608 ). If the user selects a custom search, the search criteria specified by the user are sent directly to the database server (stage  1606 ) and operation  1600  proceeds to stage  1608 . Stage  1610  then determines whether more than one record satisfies the search criteria, in which case operation  1600  proceeds to stage  1612 . Otherwise, operation  1600  proceeds to stage  1630 . In stage  1612 , a list of results is generated by the database server and sent to the user&#39;s computer. A summary list of advice interaction data is thus displayed to the user (stage  1614 ). Stage  1616  then determines whether the user has elected to display an individual record, in which case a single record is selected (stage  1618 ) and the details of the advice interaction record are shown to the user (stage  1620 ). Otherwise, operation  1600  proceeds to stage  1626 . Stage  1626 , in turn, determines whether the user has requested another search, in which case operation  1600  proceeds to stage  1602 . Otherwise, operation  1600  terminates. 
     Stage  1630 , in turn, determines whether only one record meets the search criteria, in which case operation  1600  proceeds to stage  1632 . Otherwise, operation  1600  proceeds to stage  1634 . In stage  1632 , the record is sent to the user&#39;s computer and operation  1600  proceeds to stage  1620 . If stage  1634  is reached, no records have been found in the database that satisfy the search criteria and operation  1600  proceeds to stage  1636 . In stage  1636 , a no records found message is sent to the user&#39;s computer and a message is displayed to the user to alert the user that no records have been found (stage  1638 ). Stage  1624  then determines whether the user has elected to perform another search, in which case operation  1600  proceeds to stage  1602 . Otherwise, operation  1600  terminates. Finally, stage  1622  determines whether the user has elected to return to the summary list, in which case operation  1600  returns to stage  1614 . Otherwise, operation  1600  terminates. 
     Embodiments described above illustrate but do not limit the invention. As a result, the present invention is not limited to any specific order of the operations described in the flow diagrams. Numerous modifications and variations are possible in accordance to the principles of the present invention, as described by the following claims.