AI Features in Income Lab

Welcome. This video will walk you

0:02

through a tutorial of our tech preview

0:04

feature, the AI plan builder. The AI

0:07

plan builder will change how you build a

0:09

plan in Income Lab by allowing you to

0:11

upload any document or copy and paste

0:14

any information, have the AI read that

0:16

information, and then create a household

0:18

for you. To begin, from your main

0:21

dashboard, click the add household

0:23

button, and then the AI plan builder.

0:27

From here, you'll see the window where

0:29

you can quickly drag and drop any

0:31

document or documents you'd like or copy

0:34

and paste any information for your

0:36

clients. So, for here, I will take a

0:38

document that I have and just simply

0:40

drop that in there. And then I can add

0:42

any additional information. Let's say

0:44

here we add that they also have a rental

0:46

property worth $600,000.

0:49

Once you're ready, click start

0:50

processing. From here, the AI will start

0:53

reading and building your household in

0:54

the background. You'll see that this

0:56

could take a few minutes and we will

0:58

notify you in the notification bell when

0:59

it's ready. So now click got it to

1:01

understand. While the household is

1:03

processing, you'll see the status here

1:05

and you'll see the bar indicating that

1:07

it's currently loading up this household

1:09

for you. Once the AI has finished

1:11

processing the information, you'll see

1:13

that this household will now be in a

1:15

ready to review status. The other place

1:17

you'll get a notification is from the

1:19

notification bell. You'll see a notice

1:22

that says your uploaded file is ready to

1:24

review. From there, we can click review.

1:28

From the review page, what you'll see

1:30

here is that the AI will essentially

1:32

give you a great view of all the data

1:33

that it was able to find and put into

1:35

this household for you. You can quickly

1:37

scroll down the scan and make sure the

1:39

data is accurate or make any changes

1:41

from here. You'll notice some of the

1:43

field are highlighted in yellow. This

1:45

may be areas where the AI didn't find

1:47

that information and inserted some

1:48

sample data or just want you to confirm

1:50

that the information is accurate. For

1:52

example, I have some other income in

1:54

here. I did not I may not have specified

1:56

what type of other income. So, I can

1:58

just click the section here to confirm

2:01

and have it go to green. At the top,

2:03

you'll also see all the fields that were

2:05

undetected by AI. And then you can just

2:07

click skip to fields and quickly go one

2:10

by one through each of these yellow

2:11

fields to confirm the information. As

2:14

you scroll down, you'll see that the AI

2:16

not only grabbed the client information,

2:18

portfolio information, other income,

2:21

liabilities, other assets, social

2:24

security, insurance data, expenses, and

2:27

even any savings. Once you're done, you

2:29

can click create plan and you'll get to

2:31

the dashboard of your fully built plan

2:33

by income lab. That's it. Thank you for

2:36

viewing this video. Please reach out to

2:38

our team if you have any questions or

2:40

any feedback you'd like to share on our

2:42

AI plan build feature.

0:02
Welcome. This video will walk you
0:04
through our latest tech preview, the AI
0:06
interviewer. The AI interviewer is a
0:09
great way to engage prospects or new
0:12
clients in a seamless and efficient
0:14
manner. It will allow you to send them a
0:16
link and then the AI will take them
0:18
through an interview where they will
0:19
enter their information and then it'll
0:21
take that information, put it into
0:23
Income Lab and automatically build a
0:26
household for you. To get started, from
0:28
your main dashboard, find the add
0:30
household button and then click the AI
0:33
interviewer button. From there, give
0:35
your household a name and then enter the
0:38
email address for your clients.
0:46
Once you've entered the email, you'll
0:47
see the button on the bottom right to
0:49
create and send the link.
0:54
You can quickly click send email or if
0:56
you'd like to make it a little bit more
0:58
personable, you can copy the link and
1:00
then paste it in an email directly from
1:02
your email to the client. You'll see a
1:04
notice that the interview link has been
1:06
sent has been successfully sent to your
1:08
clients. And then from there, you'll see
1:10
the household will be in a pending
1:12
status noting that it's waiting for the
1:14
clients to fill out this household. Once
1:16
your client opens the link, they'll get
1:18
to the income lab landing page here
1:20
where they can start the interview
1:21
process. The first three steps are just
1:23
giving them a general overview,
1:25
confirming that everything they share
1:26
will be private and secure, and then
1:29
from there, we can click start
1:30
interview.
1:32
Now, your client can put as much
1:33
information as they'd like. The
1:35
interviewer will take them through a
1:36
stepbystep process to enter that
1:38
information. It's important to note that
1:40
they do have to complete this full
1:42
process in one sitting. They are unable
1:44
to start and then come back to the
1:47
interview if they do not finish it all
1:49
the way through. I will take you through
1:51
just some quick steps here just so you
1:52
can see some of the functionality and
1:55
interaction that the clients will have.
1:56
This first page for example is asking
1:59
them to start with the basics like their
2:01
first and last name. So here I can just
2:03
say
2:09
from there it'll ask them their month
2:11
and year. So I can just say
2:19
from there we'll put our email address.
2:40
For example, if the let's say the client
2:42
gets ahead of the interview process, it
2:44
will remind them one step at a time to
2:45
say confirm yes here before it then asks
2:48
for the spouse's information for
2:50
example.
2:53
Now I can put in Mary's name
2:56
and her birthday.
3:05
Once the client enters their basic
3:07
information for them and their spouse,
3:09
here's where they can then choose what
3:10
types of additional information they'd
3:12
like to include in the interview. So
3:13
here, for example, just to keep it
3:15
simple, I can include assets, social
3:17
security, and other income. And then hit
3:19
continue. And then it'll take us through
3:21
the process of entering that type of
3:23
information. I won't go through this
3:25
whole thing, but here you'll just see me
3:27
ask uh enter a few more responses just
3:29
so you get the idea of these next
3:30
general sections.
3:59
And so here I'm just entering some
4:01
social security information
4:11
just so you don't have to see me go
4:12
through every single question.
4:14
Hopefully, you get the idea that the
4:15
client will essentially go through a
4:17
step-by-step process to enter as much
4:18
information as they'd like. At any point
4:21
at the top here, they can click skip
4:22
this question if they want to skip the
4:24
question. And then, let's say they've
4:26
entered just as much information at a
4:28
high level. They can then click finish
4:29
interview. It's important to note,
4:31
similar to any income lab plan, we at
4:33
least need one investment account on
4:35
file um to be able to actually create
4:37
the household and get you to the
4:39
dashboard. So, as long as they put in
4:41
that basic information, you should be
4:43
ready to go with a household in the
4:45
software. From there, let's say the
4:46
client says, "Hey, I'm this is as much
4:48
information as I have now." They can
4:50
then click finish interview and then
4:52
they'll have the option to either don't
4:54
exit to go back and continue doing some
4:56
more or exit and submit the response.
4:58
Then they'll get this quick feedback
5:00
survey here just so we can get some
5:02
quick responses for the client on their
5:04
experience going through the AI
5:05
interview.
5:08
From there the client is done. This is
5:10
essentially all they have to do inside
5:12
the AI interviewer. We will then go back
5:14
to the advisor side inside income lab.
5:16
So you can see how it looks from the
5:18
advisor side when an interview has been
5:20
completed.
5:22
Now from the advisor side income lab,
5:24
our client has completed their
5:25
interview. So we will see that the
5:27
Walters household here with the AI icon
5:30
to note that it was an AI household has
5:33
the ready for review. We can then click
5:35
review to see the information the client
5:37
has added. This will allow you to
5:40
quickly make any edits. Let's say if
5:41
there's some missing information. For
5:43
example, in here, my client said they
5:44
wanted to add some other income but
5:46
failed to do so. So, I can just quickly
5:48
remove that. Here, we'll see that they
5:50
had entered their primary insurance
5:51
amount. So, we can just confirm that
5:53
that is the information we want to use
5:55
for calculating their social security.
5:57
This just gives you a great overview to
5:59
make sure that all the data here is good
6:01
to go. And at the top here, you'll see
6:04
that it will note any fields that were
6:06
undetected by the AI. And then you can
6:08
quickly skip to those fields to make the
6:10
inputs.
6:12
After you've reviewed the information,
6:13
you can simply click create household
6:16
and plan. Then you'll see the software
6:18
will take you right to their dashboard
6:20
where you can easily see a fully built
6:22
plan based off your client's interview
6:24
data. That's it. Thank you for viewing
6:27
this video. Please reach out to our team
6:29
if you have any questions or any
6:31
feedback. We're really excited to hear
6:33
how you and your clients experience the
6:35
AI interviewer and how we can continue
6:38
improving this experience for you and
6:39
your clients.

0:00

Welcome. This video will walk you through a tutorial of the AI plan updater. The AI plan updater helps you keep every client plan up to date

0:09

automatically by simply uploading updated documents, pasting a transcript from your most recent meeting, or just pasting any additional documents or

0:17

information the clients may have sent your way. All it takes is one easy click. This now helps you address any

0:24

compliance issues with having plans be out ofd because now it's more efficient and easier than ever to use the AI plan

0:32

builder to make sure all your plans are up to date and within compliance. To get started from your main dashboard, you can find the household with the plans

0:41

you'd like to update. Click the more options button here. Then find the AI plan updator button that says modify

0:49

with AI. As you hover, you can either select it right from this dashboard or click into your plan and from any of the

0:57

feature pages inside your plan. So, for example, here I'm on the dashboard. You can click the modify with AI button here in the top right of your screen. Then

1:05

click AI plan updater. Similar to the AI plan builder, you can upload multiple files by simply dragging and dropping them into this section.

1:17

or you can copy and paste any additional information. This could be from a meeting transcript or just from some additional information the client sent

1:25

over to you. Once you're ready, click process updates.

1:33

When the AI plan updator has finished processing your plan, you'll see a new notification in the top right of your screen on that bell button here. Then

1:40

open the dropown, select the plan you just updated, and then click review.

1:45

From the review page, you'll see the number of updates detected by the AI.

1:49

You can click skip to items to go right to those initial items that the AI detected. And as you hover, you'll see

1:56

two options. So, if this is a new item that we want added to the plan, we can simply click add as new item. Or if we

2:03

are replacing an existing input, we can click replace existing input,

2:09

select the input we want to replace, and then we can just click replace.

2:15

In this case, we're adding this Roth IRA, so I will just select add as new item.

2:22

Once you've made your changes, click update plan.

2:27

In situations where you have multiple scenarios for a household, the AI updator can also update all the other scenarios in the household as well. All

2:36

you have to do is click update another scenario. From the drop down here, we can select the next scenario we want to

2:43

update. Then we can click review plan and then follow the same process here to either replace an existing item or add

2:50

it as a new item. And then when we're done, we can click update plan.

2:58

And you'll see that depending on how many scenarios you have, you'll always have the option to update another scenario or just go ahead delete the AI import and finish.

3:09

And that's it. In a matter of minutes,

3:11

we've simply taken some additional information, uploaded it into Income Lab, used the AI plan updater to update our plan or as many scenarios as we

3:20

need. And this is now the easiest way to stay in compliance and make sure all your Income Lab plans are up to date. Thank you for watching this video.

3:28

Please reach out to our team if you have any questions.

0:00
Welcome. This video will walk you
0:02
through how to set up the AIC scribe
0:04
inside income lab. The AIC Scribe is our
0:07
newest AI tool that will make it easier
0:10
than ever to have a natural conversation
0:12
with a client over Zoom. Have the AI
0:15
take notes during that meeting and then
0:17
after your meeting, take all the
0:19
pertinent information relating to their
0:21
income life plan and build that plan for
0:24
you after the meeting. It's going to be
0:27
seamless, allowing you to just have that
0:28
natural conversation. And then
0:30
afterwards, you'll see the AI do all the
0:32
work for you inside Income Lab. To
0:35
begin, find the add a household button,
0:38
then click AIC.
0:40
Then click launch Zoom. If this is your
0:43
first time, you'll have to set up the
0:44
AIC Zoom app, and I'll show you those
0:47
steps next. So, after I click launch
0:49
Zoom, I'll go to another web page here,
0:51
and I can click open Zoom meetings. From
0:54
there, I'll see the AIC Scribe open up
0:57
and then I can just click add. Next,
1:00
you'll be prompted to enter your Income
1:02
Lab email and password. It's important
1:04
to note this is your Income Lab
1:06
credentials that you use to log into
1:07
your Income Lab account and not your
1:09
Zoom credentials. So, here I'm going to
1:12
enter my Income Lab information, then
1:14
click sign in. Once you enter your
1:17
income lab credentials, you'll then be
1:19
taken to this page where you just need
1:21
to allow the app to use the shared
1:22
access permissions and then click allow.
1:26
From there, click open Zoom meetings
1:28
again. And there you have it. You've now
1:31
set up and activated the income lab
1:33
scribe. Now, to use the AIC, all you
1:35
have to do is set up a Zoom meeting like
1:37
we have here. Inside the Zoom meeting,
1:39
at the bottom, you'll see your toolbar
1:41
where you can then select apps.
1:44
From there, select the income lab AIC
1:46
app. Zoom will start loading the AIC
1:50
scribe.
1:52
You will then see the income lab AIC
1:55
join the meeting and you and the meeting
1:57
participants will get a notice saying
1:58
that the meeting is being recorded. You
2:01
can accept it. To confirm it's working
2:04
properly, you'll see the AI scribe show
2:06
the income lab icon here. And then on
2:09
the right, you'll see options to either
2:11
have it create a household and give you
2:13
the meeting summary or to just send you
2:16
the meeting summary only. For the
2:18
purpose of this tutorial video, we will
2:20
choose the option to create household
2:21
and summary. So that way at the end you
2:23
can see how the AI scribe will not only
2:25
take the notes but then give you a
2:27
household inside income lab after the
2:28
meeting.
2:31
And then from there we can hit continue.
2:34
You can name the household. So here
2:35
we'll call this the AI scribe
2:40
Murray household just for the tutorial
2:42
purposes
2:44
and then hit continue. And once the AI
2:46
scribe shows that it's detecting the
2:48
plan items, you can then essentially
2:50
start having that conversation with the
2:52
clients. So here, just to give you some
2:54
examples, we can say we're meeting with
2:56
Jim Murray, who was 65, lives in
2:59
Colorado, um, plans on retiring in
3:02
January of 2027. Jim has a 401k with
3:07
$500,000 in it. He has social security
3:11
starting at full retirement age of about
3:12
$1600, a pension with $1,200 a month.
3:18
They have about $5,000 a month of
3:20
monthly expenses
3:23
and Jim is currently saving about $1,000
3:26
a month into his 401k. And while this is
3:29
just a few examples, you can see that
3:31
you can really mention any of these
3:33
inputs available. And as you're having
3:36
that conversation, the AIC Scribe is
3:38
naturally picking up all of that
3:40
information. And it will even put a
3:42
number here to tell you how many pieces
3:43
of information it's picked up. for
3:45
example, for the plan info, for the
3:47
income, and any of these inputs. And
3:49
what's neat here is that on this right
3:51
side, I can also see all the information
3:53
it's picked up just to even double check
3:55
that we've had everything accurate or if
3:57
we need to kind of edit it naturally in
3:59
the conversation. So, here you can see
4:00
it's already picked up all the
4:02
information about Jim, where they live,
4:04
when they want to retire, the social
4:05
security, the 401k, the expenses, all of
4:08
that is actively showing up here on the
4:10
fly. What's nice here, too, is that this
4:12
also allows you to have a quick
4:14
reminder. So, if we haven't had any
4:16
liabilities, this gives you a time to
4:18
say, "Well, Jim, maybe tell me about
4:19
your mortgage. How much do you have in
4:21
your mortgage?" And that maybe gives the
4:22
client a chance to say, "Hey, you know,
4:24
I have about $100,000 left in my
4:26
mortgage. I'm making about $1,200 a
4:28
month in mortgage payments on that." And
4:31
have the AI pick that up as well. Same
4:34
thing with the insurance. So, not only
4:35
is it going to pick it up, but with
4:37
these pills, it also will serve as that
4:39
reminder to make sure that you're able
4:40
to bring up any information that you
4:43
want that is needed to really build out
4:45
this household and complete the full
4:46
plan for the clients.
4:50
And that's it. Once you're done, you can
4:52
either close out this meeting or click
4:54
end session to wrap up the AI scribe and
4:57
have it start working on that household
4:59
for you inside income lab. So after we
5:02
close the meeting, we can come back to
5:04
income lab and see that the AIC scribe
5:06
Mary household that we just met with and
5:08
had a conversation about their plan is
5:10
ready for review inside income lab. All
5:12
we need to do then is click review. From
5:15
the review page here, you can quickly
5:16
scroll down to see all the inputs
5:18
captured by the AI scribe. If there are
5:20
any fields that were undetected by the
5:22
AI, you can click skip to fields and
5:24
quickly just vet those to make sure,
5:26
hey, you know, did we get the correct
5:27
end date here from that mortgage? maybe
5:30
that didn't come up in the conversation
5:32
or do we have the correct target account
5:34
for those savings going into that 401k.
5:37
Once you quickly make any of those
5:38
edits, you can click create plan and get
5:41
right to your household. And that's the
5:43
beauty of the AIC Scribe is that it
5:44
really allows you to have that natural
5:46
conversation within that Zoom meeting.
5:48
Had the AI Scribe grab all those inputs,
5:51
quickly build a household for you, and
5:53
all you get to do is simply review the
5:54
inputs and get right to a fully built
5:56
household based off that conversation.
5:59
Thank you for viewing this video. We're
6:01
looking forward to hearing your
6:02
feedback. Please reach out to our team
6:04
if you have any questions.

0:01
Welcome. This video will walk walk you
0:04
through the latest support feature
0:05
inside income lab. The income lab AI
0:08
assistant. Think of the AI assistant as
0:10
another financial adviser in the room
0:13
with you who knows income lab inside and
0:15
out and is available 24/7. The AI
0:18
assistant can help you from
0:19
understanding inputs, learning about the
0:22
different features, or even learning how
0:24
to present different parts of the
0:25
software to a client. To begin, to
0:28
access the AI assistant, find the help
0:30
and resource button at the top right of
0:33
your screen. From there, select AI
0:36
assistant, which will be the first
0:37
option at the top. You'll see the chat
0:40
module open on the bottom left of your
0:42
screen where you can start asking
0:44
questions.
0:46
For this video, we'll walk through some
0:48
best practices and simple questions that
0:50
the AI system can help you with. So
0:52
whether you're a new user or you're just
0:54
trying to set up an integration, you can
0:56
simply ask the AI. Let's say for
0:58
example, how do I set up the Schwab
1:01
integration?
1:04
Then the AI will search our knowledge
1:05
base, all of our available resources,
1:08
even our webinars and our master classes
1:10
done by other advisers to give you
1:13
in-app support and answers right away.
1:15
And for something like setting up the
1:17
Schwab integration, you'll even see
1:19
screenshots to help direct you along
1:21
your way. And as you scroll down, you'll
1:23
see all of the information needed, for
1:25
example, to set up that integration.
1:27
Next, whether you need some help just
1:29
adding a simple input. You can even ask
1:31
the AI that type of information. So, for
1:33
example, here we can ask the AI, how do
1:36
I add a salary?
1:41
And then you'll see the AI again pull
1:43
from all those resources and answer your
1:46
question. So, here it'll tell us we need
1:48
to navigate to the income tab in our
1:49
household. Select the option to add a
1:51
new income source.
1:54
Give it a name. Enter the amount, the
1:57
tax treatment, adjust any settings, set
2:00
the start and end date, and then save
2:01
the input. What we're really excited
2:03
about and what we get asked a lot from
2:04
our users is different things on Income
2:07
Lab that they need help understanding
2:09
and then need help understanding how to
2:10
present to a client. One of our most
2:12
popular ones, for example, is help me
2:15
understand guardrails.
2:20
And again, what's neat here is we've
2:22
taken this great knowledge from our
2:24
experts, other advisers here, and we're
2:26
surfacing this to you in real time. So
2:28
here for guardrail, we can have a simple
2:30
understanding that guard rules in the
2:32
context of retirement planning are
2:33
essential tools to help manage the risks
2:35
associated with overspending and
2:37
underspending throughout the retirement
2:38
plan. From there, it'll give you a great
2:41
understanding of the purpose of
2:42
guardrails like risk management and
2:44
dynamic adjustments. It'll explain how
2:46
guardrails work. For example, how we
2:49
calculate the spending capacity behind
2:50
the guardrails, the monthly
2:52
reconfiguration of guardrails,
2:54
especially when you're tracking and
2:55
monitoring, and it'll even talk about
2:57
the types of guardrails like the upper
2:58
guardrail and the lower guardrail. And
3:01
it'll even help talk about the
3:03
importance of guardrails, especially
3:05
when it comes to client communication
3:06
and holistic risk management. Now, you
3:09
can take it a step further and even ask
3:11
it, how do I explain guardrails to a
3:14
client?
3:18
And this is really where the AI
3:20
assistant can help you shine, especially
3:22
when you're prepping for a client
3:23
meeting or you're speaking live to a
3:25
client, they have a question and you
3:27
want a nice simple understanding and a
3:30
simple explanation to the client. So
3:31
here it'll coach you so that when
3:33
explaining guardrails to a client, it's
3:35
important to communicate their purpose
3:37
and functionality in a clear and
3:39
relatable manner. And here's how you can
3:40
do that. First explaining what are the
3:42
guardrails, then going back to the
3:44
purpose of those guardrails, then
3:46
helping the clients understand how the
3:47
guardrails work,
3:50
and then going back to communicating and
3:52
discussing the guardrails with clients.
3:54
And we'll do one more here. And this can
3:56
even be something simple as
3:57
understanding what is Medicare Irma. As
4:00
you're doing the tax planning and Roth
4:01
conversions, this might be a question
4:03
that clients ask. And for some of our
4:05
adviserss, we know that you'll go to our
4:06
help center and try and pull our
4:08
information on Medicare Irma. So, this
4:10
is a great way to again have the AI
4:12
assistant give you that information and
4:14
really help you provide your clients in
4:16
real time with information about any
4:19
topic on the software and even topics
4:21
that maybe don't come up as often like
4:23
understanding Medicare Irma. So here we
4:25
can even talk about the key points like
4:26
the income based premiums, review the
4:29
2024 premium schedule, look at your
4:31
2-year look back, re-evaluating those
4:34
requests, and just understanding the
4:35
financial impact Irma can have,
4:37
especially when you're looking at Roth
4:39
conversions. Essentially, the things you
4:41
can ask the AI assistant are endless as
4:44
it relates to income lab. All this
4:46
information again is all closed
4:47
information only from our knowledge
4:49
base, our webinars, and our personal
4:52
resources. So you don't have to worry
4:53
about the AI hallucinating or giving you
4:56
an answer that just isn't available in
4:58
the software. We're really excited to
5:00
have you try this out. We know this will
5:01
help you learn Income Lab and present
5:04
Income Lab to your clients in a much
5:06
easier and efficient manner. Thank you
5:08
for viewing this video. Please reach out
5:10
to our team with any questions and we
5:12
look forward to hearing your feedback.