Holistiplan + Income Lab (Part 1 of 2)

thank you all for joining our webinar today we have a joint webinar with alista plan and income lab so uh we'll

0:15

give everybody just a little bit of time to get uh entered into the webinar I see

0:20

you all rolling in so we're looking forward to this three-part series with holista plan and income lab partnered um

0:28

as a educational series series for you all so I'll just give everybody just a

0:33

few more seconds and we'll get rolling um this is a 45 minute webinar

0:41

so we will have uh a couple demos and some uh from each side of the house and

0:47

then a collaboration conversation and then we'll have Q&A at the end um with that when you add your questions to the

0:54

Q&A on in Zoom here if you want to hear the question uh answered please like the

1:02

question because we will be limited on time so the ones with the most up votes will be addressed live um we will also

1:08

address remaining questions outside of the webinar um on top of that this is a

1:14

three-part Series so we will be having a second uh webinar in Q2 of 2024 and then

1:20

the third one we will let you know as well so just keep your eyes and ears peeled for the the second part of this

1:28

webinar series so with that I will pass it over to Justin and he will get

1:34

started hello everybody I'm Justin Fitzpatrick from income lab I run our research and development um so uh very

1:43

involved on the on on the product side and I'm really happy to be joined by

1:49

Tori hoppy from halista plan um on this

1:54

first uh this point first joint webinar hello Tori thanks for being here hi yeah thanks for having me I'm excited to get

2:00

this um series started definitely so I think uh in talking with um the advisers

2:07

and firms that use income lab I'm not sure there is another piece of software that comes up more often than holista

2:14

plan um and I know a lot of advisers are really interested in how advisers who

2:21

use both applications how they use them how they use them together um what kind

2:26

of the the workflows and the inter interaction between those pieces are and maybe there there's a actually decent

2:33

number of people who either just use income lab or just use holista plan who might be curious about well you know why

2:39

are we even doing a a joint webinar together in the first place what is it that each application sort of adds to

2:46

the toolbox the advisor toolbox um and how they can work well together so um I

2:52

know you have a lot of thoughts on that I do too and that's what we're going to be um covering today but before we get

2:57

into that I think it might make sense there since there are shockingly still

3:02

um advisers who do not use holistic plan or do not use income lab doing just a quick um kind of demo overview of what

3:10

these applications are about just to set the groundwork so um why don't I turn it over to you to um walk us through a

3:17

little bit about holista plan yeah so holista plan is a tax planning solution

3:22

for financial advisors to use with their clients uh we're not here to uh replace

3:28

your overall financial planning to we're more of like a bolt-on service to that so think of us as a tactical tool in

3:34

that toolbx um that you have of technology in your book of business so

3:40

what we do is allow the adviser to take the client's return upload it into our system and then um we do a great

3:47

analysis of that so I'm going to as I'm chatting that through I'll start sharing my screen

3:53

here and so we should be able to see my dashboard um if you don't see that just

3:58

type in the quick into the Q&A but I think my screen's green so should be good to go um so what we do here is you

4:06

go into the household screen you have two options um you have the ability to add a

4:12

household uh so you would create a name down here or just go straight to the upload so maybe this is a brand new

4:17

client you're just really wanting to quickly upload that return you can click that button I've already created a

4:23

household so I'm going to scroll down um to this client um the Joneses I know

4:29

very origin in their naming but you know got to keep it simple uh so we've created the household here I've uploaded

4:36

their return but if I hadn't you'd hit this upload return button you can choose the tax year that that return is from so

4:42

you can go up to five years so this box will quickly change come to uh January 1

4:48

uh because we'll boot out um 2018 and slide everything over to the left here so can go up to five years I don't

4:56

recommend you really needing to upload or collect five years of returns if you're just starting out but if you do

5:02

have that information and you feel like entering it in for your client you have the ability to do that so you'd click

5:08

the year that the return you have you would um drag and drop or click upload

5:14

um and then you hit the upload button in about 45 seconds you're going to have an uploaded return and it's going to create

5:20

this tax report for you so this is where the tax um conversation tax planning

5:25

conversation really starts so this is what the client's return did for them the previous year I really love this key

5:32

figures box because if you go nothing further than this you at least have a great conversation starter with your

5:37

clients so this is just the nuts and bolts of what their return was their

5:43

total income the deductions that they had their total total taxable

5:48

income their filing status all of that just basic data that you have on that

5:55

return um is up here for the for you to go over and if you want to keep drilling down that's where the rest of this

6:01

report comes in right so this return is going to a report is going to show you the marginal tax bracket information

6:08

modified adjusted growth income tiers it's going to tell you if the client is over or under all these planning

6:14

opportunities and you could just H hover over them to see um if it's red buy how much if it's green buy how much um it's

6:22

going to highlight for you the the brackets that your client falls into and tells you exactly their dollar value of

6:27

where they're Landing you can see that these boxes um you can kind of change

6:33

the layout here so you can move them you can click the ey to hide them if you didn't want to go over that specific box

6:40

with them we we uh tackle Medicare Part b& D premiums for you so you're going to

6:45

see um the Magi threshold and where they land how much um their adjustments are

6:51

going to be that kind of thing there Schedule D cap gains and losses are going to be listed here for you the

6:56

right hand side I really love this schedule B income Source box because it kind of shows you some

7:03

random accounts that the client may have you may not have known that they had a Fidelity account with $10,000 the client

7:11

may not have known that they had a Fidelity account with $10,000 this could have been a really old for a 1K rollover

7:16

that got stuck somewhere I know when I plugged in my um return um into the system when I first

7:23

started out at holista plan um we found two 401ks that I didn't roll over so

7:30

they were just sitting there doing nothing um so it was really kind of a cool like treasure hunt of finding things um not just for myself but for

7:37

your clients as well and then as you get down to the bottom of this this is where the tax planning kind of piece of the

7:44

software starts so these are these observations that are going to come up for your clients each one of these

7:50

observations is going to be different so mine are going to be different than Justin's and everyone else on this call

7:56

right because all of our returns look different so these observations are going to come up you have the option to

8:01

hide them if you didn't want to talk about it with your client you have the option to hit this pencil and write some notes about this observation you know

8:08

you went over with the client we have this great integration with FP Pathfinder so it gives you related

8:14

sources and extra material in case you don't feel confident in that observation

8:19

what can I learn about you know dive deeper in um so as you're going through

8:25

these again this is really where that tax planning piece starts right you're going to start opening up that

8:30

conversation with the client so you're going to go through these with them and if they live in a state like California

8:37

that has state income taxes um we are able to pull some state tax hints for

8:42

you now we only upload individual Federal returns currently so

8:49

this is just based off their federal return we do not upload the state return but based off the federal we can pull

8:55

some information for you so they do live in a state that has state income tax is you will have this box um but if you

9:01

live in a non income state tax state don't think that the system is broken because there is no state tax hints for

9:08

you to go over and at the bottom here you're able to uh write in just general

9:14

observation notes so say one of these observations for your client was uh a Roth conversion

9:22

may be an option for the client to go over where you would start the tax planning option or showing them the

9:28

different tax planning needs that the client has is in our scenario analysis tool our scenario analysis tool is like

9:35

a big giant calculator right this is where you're going to be able to start planning out different tax planning

9:41

solutions for your client so think about this as your financial plan piece when

9:47

you're in a financial planning tool um and you're building out different model portfolios for the client to go over

9:53

that's exactly what this is doing but based off their tax planning needs so scenario one one is always going to be

10:00

the tax um data from the tax year that you've uploaded and here I've built out

10:05

the scenario 2 so what how you do that is you click the button uh right here says add scenario

10:12

you can create from a blank one load up a new tax return or copy from a scenario

10:17

your best bet here is to copy from a scenario because nobody probably wants to input all this data I mean maybe if

10:24

you like to sit there and type you'd want to enter in all this data alone but um I would highly suggest hitting the

10:30

copy from Scenario so what it's going to do is copy paste it into the the next um

10:37

column here and then you're off to the races one button I love to uh show is

10:42

this Sol for Max button um I want to make sure that I have deleted out my Roth conversion that I was working

10:48

through so I'm going to take out this model conversion so you guys can see the full effect of that Sol for Max button

10:54

so what this is going to do is quickly identify how much the client has left in

11:00

their next um in the tax record that they're in until they bump to the new one so as you can see this client has

11:07

$109,000 in change um to be to stay in their current tax bracket now you're

11:14

probably thinking why is that important well there could be different tax options that if the client bumps into

11:20

the next tax bracket it actually helps them because it gives them a bigger tax window um it also allows you to

11:26

understand how much more the client can go in this particular tax bracket before

11:32

they flip over into the new bracket and you know potentially have a higher um

11:38

tax payment that they're going to have to make so when you're taking that down

11:43

into consideration and for this Roth conversion we have these cool uh worksheets again there's all different

11:49

worksheets in here I just chose a Roth conversion because it's a big topic of conversation with a lot of advisers

11:55

these days so going to hit that little pen and pencil you're going to say I want to convert um 885,000 I again I

12:03

know these numbers aren't um huge but it'll get the point of crossed here so

12:09

you're going to see it's going to tell you um the used income is 880,000 the cost of that Roth conversion is about

12:16

$20,000 um and change we also have these great Roth explainers I think if I bump

12:21

this out it may not show it but it breaks down um the ability to tell the

12:27

adviser and client exact how much that Roth conversion is going to cost and why it costs that much so the

12:35

explainers are great to understand the cost behind the Roth conversion so once

12:40

we have that Roth conversion plugged in you're going to hit close and then you can come back up for the Su for Max

12:47

button and now you can see um the effective rate is now $24,000 um and

12:53

change one last thing I want to show you before I kind of pass the Baton over is at the bottom of this now this client

13:00

lives in California right so they've got state income taxes that they need to take advantage to to take into

13:07

consideration we have state tax options so you're able to model out um different

13:14

states for the client so again this client lives in California but what if they were making a move uh what if they

13:20

were moving from California to Florida and how does that affect their tax

13:25

bracket well Florida we all know is a non-income state so so that client could potentially be getting back a percentage

13:32

um or a large percentage of their total income um or um you

13:39

know you may be working with clients that aren't in the state that you live in so this also helps you align with

13:45

their clients um so you can understand better you know their state tax

13:50

needs um so again you can build out several hundred scenarios per client we

13:56

don't necessarily cap that number um just so you can you know model out you know again maybe the WTH conversion

14:03

makes sense maybe this is a younger couple and they got married and they're having a baby and you know all of those

14:10

different like different life things that are going to come up you can model that out for the client um we also offer

14:17

these scenario analys uh scenario recipe cards so it's all of the most frequently

14:23

asked how do I model questions so in this case I clicked on donor advice fund and gives you the step-by-step

14:29

instructions here on the right hand side to build out that scenario for the client so once this piece is kind of

14:35

done you're going to take this data you're able to kind of print these out for them so you can print out the

14:41

scenario analysis for your client you're able to print out the tax report for the client the client then is going to take

14:46

that data and information back to their tax preparer and say hey look this is what my my adviser and I have gone over

14:54

for my tax planning needs for 2024 and so now you kind of have this great relationship with their tax

15:00

preparer as well and now you the adviser also can take this information into their financial plan so they are going

15:07

to do this Roth conversion and you can now plan for that in their financial plan and model

15:13

portfolios and that kind of stuff so um I'm going to kick it back over to the income lab team to kind of show you the

15:18

second half of um the demos before we do that we just had one quick question pop

15:23

up fig quickly answer if M multiple year tax returns are uploaded is there an

15:29

additional year-over-year analysis that is done there is not it just basically

15:34

pulls into the household section here and you'll be able to see the the year-over-year tax reports um built out

15:42

so you'll see this one's 2022 they'll just be built out different reports down here but there's not like a layout of

15:49

2018 2019 2020 it would just be each report under that um tax return section

15:55

great question okay Justin thank you yeah that was that was really

16:01

great um and I think you'll see um kind of the the theme that'll come out in our

16:07

conversation about how to use these two tools together is really how both income lab and holista plan do some really

16:15

fantastic tax analysis but we're sort of hitting different ends of the of the

16:21

planning um I guess time scale would be a way to look at it so you just saw the

16:27

incredible detail that alistic plan goes into in terms of you know near-term

16:32

tactical um planning um income lab on the other hand is a much more of a

16:41

long-term retirement income uh management platform so this is

16:47

about um uh uh helping clients understand how much they can spend how

16:54

they're going to fund that spending and what could lead to change changes in that spending over time and doing tax

17:02

analysis um with that long strategic vision in mind to to try to get a feel

17:08

for what um the the the best strategies most optimal strategies could be for a

17:13

client and and um and present the client with some idea of what the value of

17:19

certain planning decisions could be um so I'll I'll give you an overview of of what we do at income lab and then we'll

17:26

we'll return to this this idea of you know how the tax planning done with each piece of software um kind of complements

17:33

each other so as I mentioned income lab is is very retirement

17:39

focused um and you'll see that we approach the question of you know how

17:46

much I can spend and how I'm going to fund that in retirement fairly differently from what you would see in kind of a generalized planning platform

17:53

so you won't see probabilities of success and failure here um the way way I like to describe that is once you're

18:01

once you're in retirement it's sort of like you're in a car on a road trip or something um you you want to know turn

18:07

BYT directions at that point so you know if I if I ask you know how do I get to to tor's house to my you know Google

18:14

Maps and it said 80% probability you'll get there in time that's not answering the question I asked I I asked how do I

18:20

get there um and so that's what income lab is all about so here's a here's a household just an example household

18:27

where we've already entered all of the resources that they're going to use to fund their retirement uh we can see

18:35

those resources the most important one to to most people is their balance but they have other resources um for example

18:41

they have um some rental income which is already underway they have social

18:47

security for Jack that's starting very soon and then Mary in in uh in 2028 I can also see all of these

18:54

resources and all of the interacting pieces of their plan in what we call

19:00

Life Hub so this is a way for a client to see their entire Financial life all

19:07

in one place at any level of detail so this is obviously the the highest level detail this is 30,000 feet you know I

19:14

can get into some some further categories see where my assets are see

19:20

in each year of the plan how much of my spending I'm funding from different income sources and I can even get down

19:26

all the way to the very you know final items I can see how much of Jack Social Security is coming this year I can see

19:33

when Mary starts and so on and like I said this is a long-term strategic Vision so I it's not just about this

19:39

year or next year it's about uh years into the future and all of the interactions of rmds and Social Security

19:46

Taxation and so on um so this is a this is a a view that I know a lot of people

19:52

really uh enjoy going over with their clients and that clients really love um

19:58

um advisers also tell us it's a great way to do Discovery with clients because you're kind of automatically uh

20:04

incentivized to to fill this out as as much as possible people want to see the tree with a lot of leaves on it and

20:10

these numbers uh being accurate um we'll get to this later but if you did have a

20:16

Roth conversion plan you would also see those Roth conversions here um in the

20:24

app it loads sometimes it oh yeah

20:32

back to yeah there we go for some reason sometimes when Zoom is sharing it uh it

20:38

takes a second um okay so for example I can see my Roth conversions here all the way down to the account

20:45

level this goes a long way to helping clients really understand okay I'm gonna

20:51

I'm G to be able to spend this much in retirement but how exactly are we going to do that you where's the money going to come from where are the you know the

20:57

funds is going to move from one place to another and then we can actually see that how it changes you know over

21:04

time um getting back to the main plan dashboard as I said we are a retirement

21:13

income planning and management platform and so not only do we help you help

21:19

clients figure out how much they can spend but we also helped them figure out

21:24

what what a good fit for clients would be for that spending level because you

21:29

know in our working years we we kind of know how much we can spend we just spend less than you make um but if you're in

21:36

retirement that's it's not so obvious and there's not a single answer for what you know every set of resources can

21:42

actually it it can fund a little bit of a range of spending so we help you

21:48

explore with clients a reasonable range of spending maybe these clients have more than

21:53

enough resources and they don't spend that much compared to their resources

21:59

so they can afford to Target a lower spending level and have a nice big uh

22:04

buffer before they would have to consider tightening their belt right so we'll have them spend 167 or they may

22:11

you know want to spend more now when they're young and healthy maybe they have a little bit higher risk tolerance

22:16

so they can they can imagine pulling back from that level if they really have to okay we we could spend more and if we

22:24

lose 22% in our portfolio that at that point would have to uh make an adjustment whereas again if I spent less

22:31

it'd be closer to a a 30% buffer so this is about helping clients understand what

22:37

is sort of obviously a tradeoff yeah you can spend more but you'll be taking on higher risk that that'll be too much and

22:43

you'll have to pull back just one more piece to demonstrate what I'm talking

22:49

about in terms of of adjustments to to income so you can take a given plan and

22:58

run it through an actual historical scenario whether that's Global financial crisis the dot bubble stagflation and

23:05

see how this plan would adjust if it encountered those returns and inflation

23:12

um and you can see here for example that in stagflation which is one of the worst times in history to have retired um you

23:21

you got a a slight pay increase early on and then by

23:26

1982 uh after a whole lot of inflation and sideways markets uh you finally got

23:31

a pay cut and um had to spend a little bit below the level you had hope to

23:36

spend in this case $300 less per month um you can see how those guard rails

23:42

develop over time so let's go back to the global financial crisis since we all remember that pretty well this plan

23:49

never quite got a pay cut in 2008 2009 but a lot of plans would if they were a

23:54

little bit more aggressive but this helps clients understand hey as time goes on we're going to learn about the

24:01

world you're living through your plan is going to change at the very least it's getting shorter right but you're

24:06

starting Social Security your portfolio withdrawals are changing and so on so your guard rails are changing over time

24:13

and I'm going to let you know as your guide through retirement when it would be prudent to make an adjustment so this

24:20

is not you know set it and forget it um success failure planning it's about on

24:27

ongoing guidance now part of that guidance is tax guidance so I think Tori you've said

24:33

before that uh you know tax planning is a is a year-long sport um we believe the

24:40

same thing and not just year-long but actually lifelong um and so One Thing

24:45

Once you have a plan where you know the guard rails make sense for clients the spending level makes sense for clients

24:51

and so on the next step people typically uh take is to take a plan take it to our

24:58

tax Center and ask how should I Source withdrawals from this plan and should I

25:04

consider Roth conversions the software will automatically take that entire plan so

25:10

this plan was you know 25 30 years long um and estimate in each year given the

25:17

actual cash flows that we're expecting in those years Social Security and so on and it will run a variety of different

25:24

ways of sourcing withdrawals and then give you a high Lev planl long analysis

25:30

of the value of of pursuing one or another um approaches that could be Pata

25:38

which is just a you know proportional withdrawals it could be taxable tax deferred taxfree um or it could even be

25:44

a Roth conversions up to a particular federal tax bracket for example here it's telling me that it looks like the

25:51

24% tax bracket could be a good Focus for me because it provides the highest

25:57

total net income of these approaches if you're more interested in net Legacy or

26:02

something else you can certainly use those statistics to guide you here um there's also some art to this so

26:08

sometimes people just don't have a the stomach for a really big broth conversion so maybe you bump it down to

26:13

22 or 12 um but let's look at the 24% bracket so it's looking like we can

26:19

save over the life of the plan you know over $600,000 cut our tax rate from 13.6

26:26

to 6.5 effective rate over time um but what we're doing there is you know we're

26:32

ripping the Band-Aid off we're spending a lot in taxes early on uh in exchange for long-term control of Taxation and

26:41

that's going to require that we live for a certain amount of time for there to be a break even um for the uh the the the

26:49

current clients now if they are focused on Legacy and their heirs are in a high

26:56

tax bracket the break even for the airs may be earlier than this but this gives you a good way to show hey there's no

27:02

free lunch um but for you you know living in this case 18 plus years um

27:07

could provide um a lot of good a lot of good value here and I think too with our

27:13

Roth explainers overlaying that with that piece of this of your software is really great for the client right

27:19

because our Roth explainer is going to show them dollar for dooll like the breakdown of what that's going to cost

27:24

them for the next tax year where this is like you know showing them over the course of many years um but if they were

27:33

to implement it how much would that cost them the next year um so it's kind of a great like zoom in zoom out um yeah

27:41

piece of information for the client that's right yeah and I've heard it described that way um as kind of a again

27:48

like you'll use income lab to look at the entire plan that in includes things like timing of certain cash flows and so

27:56

on and then you might say well 24 looks really good we've done our analysis you really there is sort of a

28:02

Last Mile piece here which is yeah we we'll give you estimates on you know how

28:07

everything Stacks up inside of brackets and so on but I know from talking with advisers they will typically then go to

28:15

holista plan and say yeah okay but income lab is making some assumptions on

28:20

you know dividend levels and so on let's let's really dive in and and make sure

28:25

that we've captured every little piece you know I mean including all of those you know credits and and uh and

28:31

deductions and and and things like that um so so yeah maybe this would be a good

28:38

time to sort of um dive in before we take some some questions on how we have

28:44

heard clients or or advisers use both uh both pieces pieces together

28:51

um and uh yeah I I was uh really

28:56

intrigued by some of the pieces that you have that could like you said kind of help you zoom in um also the explainers

29:05

and things right so maybe you have you want to you've decided Well that that the math tells me 24% how do I really

29:12

you know take this to a client so you might use the explainers and like I said you might also take these highlevel

29:19

strategic um estimates and and dial it into something that you'd want to you know kind of take take to the the tax

29:26

Planner yeah I think too it's important um to show again we can talk in

29:31

percentages all day long I think too like showing the client like dollar for dooll what it costs them is really

29:38

important because you know 24% or whatever may not sound like a huge

29:43

drastic thing but when you actually Break It Out by like what that ultimately like dollar value is going to

29:50

cost them is really important and more impactful so like saying 20% or

29:56

$27,000 like 24% doesn't sound super scary but when you say

30:01

$27,000 to a client their eyes make it really really big right so being able to

30:06

not only show them the you know the zoomed out effect overall arching plan

30:13

but to be able to hone in and say hey look like this is actually you know this is what it will cost you if you were to

30:21

do this in 2024 is that something you're able to stomach is this something that is within

30:28

your reach for the next 12 months um yes we have the bigger picture you know blown out and you can see the graph that

30:36

you're going to make it and um you know your break even point is 18 years from now but zoning in for 2024 is that

30:44

something that feels you know comfortable for you yeah I think that's a really good

30:50

point that I mean it is super valuable to do long-term strategic

30:55

planning but all of our actions are done right now and sometimes like you said

31:01

does it feel comfortable that is actually a consideration um because you know people may have particular ideas

31:08

about maybe where you know tax rates might go and so on and of course they don't know the future but but they might

31:13

have strong opinions about it or like I said I mean maybe doing a in this case

31:19

$360,000 Roth conversion is just it's just beyond their their appetite and um

31:24

being able to you know look at okay is that is that a whole lot worse income lab will give you a

31:31

long-term view of that and holistic plan can help you understand okay you know what exactly am I looking at here in

31:37

terms of my additional taxes this year yeah and you could almost like say okay your ultimate goal is a

31:45

$250,000 WTH conversion how do we break that up to make it more appeasing for

31:51

you year after year right so you guys can show the overall hey this is you know you could do this

31:58

big thing and we're here to say you know that's great how do we get you there how

32:03

do we get you there with what you have currently today um and being able to kind of use our scenario analysis tool

32:10

use that Ma solve for Max button showing them okay you know you're you're not

32:15

going to change your tax bracket you're not going to up until x amount of dollars your Roth explainer is going to

32:22

show you how much it's going to cost the breakdown of that cost um you know is

32:27

that more appeasing to you to break it up you know in smaller values than you

32:33

know one lump sum at a time right so how I maybe we should look at sort of

32:42

how advisors use each piece of software kind of over over time so I kind of I

32:48

just went through the sort of okay you're designing long-term plans as you can see or you can do scenario analysis

32:54

where you know maybe you're uh retiring earlier or later or Social Security earlier or later Roth convergence or

33:01

that right so you've done all that you've chosen a plan you've done the the Roth conversion analysis in income lab

33:08

typically then you'll set the plan up to be kind of automatically updated each month and in January or really anytime

33:15

thereafter that's sort of the time at which you'd re-evaluate your long-term tax strategy yeah for holistic plan what

33:22

how do advisers typically you know what sort of the the the I don't the life cycle of

33:30

a yeah so typically you know we we are rolling into what we can consider like

33:35

tax planning season right so your clients are going to quickly start getting their W2s um by the end of January by the end

33:43

of January everyone is starting to file their taxes and most you know some clients who are are are early bird gets

33:50

the worm and gets those suckers in like super fast they're going to already have their returns back to them February

33:56

March but we know that the drop dead deadline is about April 15th 16th depending on you know the way the the

34:03

date falls on the weekend right so we all know tax day is about April 15th so

34:09

anytime after that all of your clients should have their tax returns in hand so

34:15

many advisors basically create April and May as like their tax planning months

34:21

when they think about like how am I going to have conversations with my clients what what emails am I going to

34:26

send out what data points do I need to be collecting from my clients so they kind of set it up where I'm going to ask

34:33

for those returns in April and May for my clients um and then they kind of do

34:39

the do the return so then they're ready for their their midyear review right so

34:45

you're probably going to do midyear reviews May June July is depending on like your calendar um so then you've got

34:51

that return you've got that data and you're able to build out their tax planning need needs then on the other

34:58

flip of the coin if you've got clients that deferred till October you you're going to be able to um kind of catch

35:05

those people at the end of October November December and then you're able to go back to your clients that you did

35:12

the midye review in June and say hey have there been any huge new

35:17

changes yes or no um so that when you're doing the end of the year plan for them

35:22

you kind of know okay we can kind of plan on 2024

35:28

you you know talk to your company you're getting a giant raise how are we going to take that into effect oh you are

35:34

having a baby in 2024 congratulations what does that look like for you oh you did decide to get married great you know

35:41

are you going to file jointly or or still file separately you know have those conversations at the end of the

35:46

year so that's how we've been seeing client seeing advisers really start to implement um tax planning and it makes

35:53

it really simple because we all know tax planning season is is you know April is

36:00

up till April and then the end of the year so it really helps the adviser kind of stay in line and then you know if

36:07

they start you know really building upon that they kind of take it throughout the whole

36:12

year that makes sense so so yeah these actually work really well together because like I said maybe you have a

36:18

plan you've implemented on income lab starting in January you're going to see a new tax analysis already created for

36:24

you because like I said we we'll just update the plan beginning of every month we we bring in new data from

36:30

Integrations or we'll project how your portfolios have developed we we know what's happened with inflation and so on

36:36

we know new tax rates and thresholds and so on right so that's a good time and then any time after that now you know

36:42

like okay again does 24 still look good does it 22 and then as soon as you get the tax return now you can take that

36:50

tactical step of okay gonna do 22 this year and if so what right and then go

36:55

through that whole discussion again so they really you know kind of work well

37:01

together in that way the workflows um Taylor I know we're down to eight minutes left here and we've got a

37:07

few questions so maybe we could take some of those yeah I know there's going to be a burning question that is how

37:14

does income lab integrate with holista plan um So currently there is not a true

37:21

like defined integration right we don't have a connection between the two platforms not saying that that's never

37:28

going to come but currently it's not there um but what we wanted to show today is how you use them as essentially

37:35

like Legos connecting them together and bridge that Gap So currently there is not like a true defined integration but

37:43

today I hope we kind of showed you how you can use both platforms um as a Lego Lego bricks stacked on top of each

37:50

other um the other three were back to Justin's demo so Justin I don't know if

37:56

you want to cover these afterwards or cover them in in this session um you

38:02

have access to them do you want to just take a peek at them yeah I mean these are these are pretty straightforward so

38:08

um I know there was one comment in here I think about the how exactly do I do

38:14

this piece um which I think was referring to to this kind of the down to the

38:20

account level um and like I said even with you know with Roth conversions being able to show people all the way

38:27

down um I guess I could share there there's another view of this as a couple other views of this as well um for

38:32

example you know showing all the flows into the income side and then back out of the expense side um some of you might

38:41

be it can be a little confusing for some people to see the Surplus it's basically saying well you could spend 33,000 or

38:46

you you sort of haven't decided how you're spending this 33,000 yet um and you can also see just the the cash flows

38:53

themselves here um so that's a that's a good way to do it um the other question

38:58

was on um the returns because you know we're projecting out there's a lot of

39:05

meat on that question you can certainly set your own return assumptions Capital Market assumptions and so on um you know

39:12

for example here we're we're using kind of a 6040 portfolio which using these

39:18

assumptions is at 5.8% net of inflation so those do are all

39:23

adjustable um and then the last one was about r DS if you

39:29

explore a a plan you know it's it was automatically

39:37

showing me here that Roth conversion strategy which eliminates rmds but if I switch it to taxable tax deferred then

39:45

taxfree I'm definitely going to get some rmds not early on because I haven't hit them yet but um you know they begin in

39:53

2031 for these folks and so so this can actually be really useful as well kind of along what what Tori was saying um

40:00

for looking at for this year here's you know one thing we could do another thing we could do I like that scenario analysis this is more like strategy

40:08

analysis and comparison okay why might the 24% bracket Roth conversion strategy

40:14

help well one is without it I have rmds which could get quite High over time

40:20

another piece is taxability of social security so um we can see here that

40:27

those numbers are you know relatively High more like in the 85% range um

40:32

because of the rmds but if I shift it to you know back to a a Roth conversion

40:42

strategy now my taxable Social Security is much lower and a lot of it is is

40:48

taxfree um so you're able to kind of answer the question well where's this value coming from in this case it's it's

40:55

coming from those two things rmd is not kicking me into higher tax brackets and

41:01

um and the the taxability of Social Security staying

41:06

low there are a couple questions about Integrations um the first one I believe it doesn't say whether it's holista plan

41:13

or income lab but maybe we can just talk about that in general um they are wanting to know about Integrations with

41:19

e- money money good Pro or right Capital Tor I don't know if you want to go first yeah so currently helis the plan is

41:26

integrated with crm's um red tail and wealthbox so we've started there and um

41:31

we'll quickly be adding to that list in 2024 but currently it's just crm's um red tail wealth box and I will throw out

41:38

that we have Salesforce but um it's more of a beta user um so if you do have

41:44

Salesforce and you wanted to try it out just know that um you would be part of the beta group for that

41:50

one yeah Integrations are definitely the name of the game over here as well um so

41:57

we have focused historically more on custodians and portfolio reporting tools

42:04

as well as we do have red tail um and uh you know nitrogen and some some others

42:13

um because we want to allow people to to take advantage of those automated updates and the best way to get data is

42:20

to get actual live data you know overnight data um so someone asked do we have to put these things in manually if

42:26

you have Integrations you don't um and month by month we're going to project even the ones that don't come in from

42:33

Integrations will project how they've gone based on your target allocation and then you can just reconcile those values

42:39

when you get to you know a time when you need to meet with a client or something um and we are working on some new

42:46

Integrations that are coming out in um in January for example with um precise

42:52

FP which will help you pull in some data um you know that you you've gathered in other ways I think that'll be really

42:59

really nice and um and so there there's a variety of ways you can kind of run your data

43:04

strategy uh with income lab to get to get the data in there and for both of us

43:10

I believe so Tori the our Integrations that we do have available are listed on our website so if you want to look at

43:16

more details on both of those we did just also integrate with alist so um

43:21

that's another one we just added this month um or maybe November they're blending

43:27

together um we are we have about two minutes left any last words from Justin

43:33

or Tor we do have one more question Justin on income Labs uh data or age

43:38

assumptions um we can answer that afterwards or now yeah I mean you can set a there's a lot of great ways to set

43:44

plan lengths you can you know um use we have mortality tables that guide you

43:50

toward correct you know reasonable plan lengths or you can set you know extraordinary dates of death if somebody

43:56

has a you know chronic illness things like that so that's all that's all handleable um no in closing I would just

44:02

say I think for for Q2 we're hoping to have some advisers who use both software

44:09

on to really give you some test some some real cases of how they do this and

44:15

I'll just repeat what I've heard from so many advisers which is um these two pieces of software work really well

44:21

together there are not currently Integrations as Tori said but that actually does not seem to stop anyone

44:26

um from using the two together yeah I appreciate you guys having me on I again I love what income

44:32

Labs is building over there and I think you know advisers have been singing praises for both softwares and how to

44:38

use them together so I'm really excited to keep going with this webinar series like Justin mentioned if you are

44:44

currently a user of both please reach out um my DMs on Twitter or LinkedIn are

44:50

open and we would love to talk to you um for our next um kind of Breakout that

44:56

we're going to be doing together also there is a survey at the end so if you are interested in signing

45:01

up with holista plan or income lab you know we can guide that as well so

45:08

yeah thank you Thank you see you all soon bye bye