Financial domain

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A financial domain is a specific area of consumer finance that can be isolated, researched, developed, analyzed, and modeled independently of other domains, a process known as encapsulation or functional decomposition.

A possible schema includes the following primary financial domains (headings) and subdivisions (rows):

Investment Real Estate Debt Taxes Client Insurances Defined Benefits
Non-retirement Residential Mortgage Federal Income Life Social Security
401K Vacation Credit Card State specific Essential Expenses Health Private pensions
SEP Rental Property Education - Discretionary Exp Disability -
IRA - - - - Long Term Care -
403b - - - - - -
Roth - - - - - -

Domains can be formally characterized using class (computer science) representation. Each domain is codified by its unique set of attributes and stochastic or deterministic behaviors. A financial domain thus described becomes a component that can be modeled.

Assisted by the use of Unified Modeling Language, creation of the independent domain classes and sub-classes (i.e., modeled components) is an important underpinning of a financial decision support architecture.

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