Life Hub Launch Webinar

okay all righty good morning everyone we will

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kick off the webinar in a few minutes just giving some folks some time to join

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and get set up i think i see folks coming in right now

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looks like still got a few more people coming in give it another

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10 seconds or so

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got some more coming in okay perfect i think we're good we will kick

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it off um welcome everyone thank you so much for joining our income lab webinar today we

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are so excited we got a special one for everyone today with our two co-founders on as well um we're excited to really

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talk about the launch of life hub how that really relates to the work we've been doing at income lab and

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really for people who are new to income lab in general really give you a chance to hear from our co-founders on

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why we do what we do and why we're so excited about life hub and what that means our advisors and the clients that

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they service to kick it off you will see in our webinar after the presentation we will

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have a q a section so go ahead jot down your questions in the q a so everyone else can see and then afterwards uh we

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will walk through uh each question for our co-founders to answer and give some pointers and feedback as well

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we'll also have the chat where you can use the chat to chat with other folks in the webinar or just share additional

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comments or things like that as well so feel free to use the chat um if you have any questions throughout um that aren't

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related and just more directly towards me you can directly uh chat me as well outside of that i will go ahead i see

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justin you already got the screen filled up so i'll go ahead and hand it off to you and we'll get this going

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great thank you malcoly and thanks everybody for uh for joining us today um really excited about the launch of uh of

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lifehub um i'm gonna start by kind of providing an an introduction to

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to income lab more broadly and then outline kind of you know why life hub

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was necessary and kind of the vision for what it can do for your practice so um you know income lab

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is already known for providing the best in dynamic income planning for

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retirement and along with that tax smart distribution planning and in developing

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that technology we've we've always sought to provide kind of clean understandable user interfaces and tools

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that can really kind of enhance uh your clients experiences and and your experiences as

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well as advisors um and and so i want to just go over the

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the baseline of kind of what's in life sorry what's in income lab already and then we'll be able to um connect that to

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to what life hub is is doing for you um so here's kind of the the the main dashboard for a dynamic income pla

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plan on income lab so this is an example household with a you know a complicated set of circumstances like most

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households right different um different longevity assumptions and investment accounts

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and social security cash flows maybe rental properties

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earned income in pre-retirement period and so on but that's all boiled down

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in this screen to uh kind of the the main numbers that someone would see

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if they're focused on retirement income and they'd want to see on a regular cadence so their their proposed income

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level from which they can understand their their spending possibilities and then also the income adjustment plan so

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what would it take um for this plan to suggest a change because on

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income lab we're very focused on being reality based and in reality people don't um you know run out of money at

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least not when they have advisors instead they adjust just like in in their working years

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people make adjustments as their circumstances change and so income lab income plans are very focused on

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facilitating a discussion about adjustments that is really clear dollar based and so on

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so this is at a really nice level of abstraction it focuses clients on on some some key numbers

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you can also go into the tax center and ask and answer really important

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questions about okay given that this is my income level um you know a certain amount of that is

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going to be in withdrawals from my portfolio how exactly am i going to

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to source those withdrawals in a way that makes sense for my tax situation and so in the tax center you can explore

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you know all sorts of things about how the income is made up how it lines

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up in the uh in tax brackets uh maybe there are roth conversions all sorts of

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of uh kind of uh you know deep uh exploration of of the plan from a tax

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perspective the vision for life hub

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is is really tied into providing more visibility and clarity

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into the client situation so um lifehub is it's a one-page

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dynamic visualization of a household's financial life so um it's really meant

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to drive understanding and clarity of a client's situation and a plan and crucially like other things in income

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lab it's built so that there's no extra work needed by you or by a client in

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order to use it so the vision is that we'd have one place where advisors and clients can see their whole financial

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life their whole retirement plan if it's a retirement plan just in one place at any level of detail

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at any point in time with no added data entry so the issue was you know we saw different levels of

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abstraction different ways of presenting crucial ideas like income adjustments or tax smart

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distribution planning but there was no one place to kind of understand the entire plan um

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you kind of would have had to click to lots of different places and so on and this is not you know a um

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a problem uh you know just faced by income lab it's any any complex software has has this issue

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but we've found through working with advisors and clients that having a way to kind of distill the

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entire situation into one um into one screen

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where you can highlight particular areas you can do you know edits and additions on the fly um was incredibly powerful um

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for the client engagement for the planning process um even just for business processes being able to kind of

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uh get a literally a a view of a client's situation very quickly

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and so that's really the the vision behind this this newest part of of income lab

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the the team the engineering team the product team everybody's been working hard on this we had over 200 advisors

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beta testing income lab um and we really built this for all parts

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of of your business so whether it's prospects you know existing clients or like i said for for you for

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understanding clients um that's what it's for it's it's built to be integrated into the dynamic income

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planning and tax smart distribution planning sections of income lab so again those everything is connected these are

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not separate um and so uh it's a way to

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um you know minimize duplicate data entry and things like that uh so so for any household that you have you'll

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already have a life hub view of their main household plan so now i want to turn it over to uh

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johnny paulson to to give us a deeper dive into some examples and kind of how to

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use this in your practice thank you very much justin and again

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want to second him in saying thank you very much for joining us on this tuesday morning we are super excited about

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launching income lab and really the launch of income lab was all about us trying to improve both the

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advisor as well as the consumer experience and in doing so what we try to do at

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income lab is we we work with our users our advisors to sort of get their feedback to create

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a platform that is built by advisors for advisors so in the process

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we had more than 200 beta users helping us out really trying to dial it in for

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the best possible use to fit your services and

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in doing so we really got a lot of sort of best use cases shared with us

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and there's one specific comment by one of our users who is a very successful advisor that just stood out to me he

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said lifehack does two things for me it helps me be a better advisor

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and it makes my life easier and i i gotta admit i had a big smile on my face when i heard that and i think if

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we could simply accomplish that lifehub has been a big winner but that said let me share my screen with you as well

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so again we we got a lot of feedback in sort of you know what is the best use case for

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lifehub and for the purpose of today's conversation and wanted to to share sort of three of them

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one is how lifehack can improve the experience around client onboarding and also help

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increase the conversion rates when talking to new prospects the second piece is how it improves uh

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the user experience when you do planning as an ongoing service so you know

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clearly when you build the first plan whether that's for a client and or a prospect you probably want to get into

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all the details justin was just talking about the dynamic plan the specifics and so on

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but what we hear from our advisors is that once planning turns into planning as an ongoing service you may be several

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years into this planning relationship you no longer want to go into every single detail of it and live hub is

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really a good place to sort of facilitate the planning as an ongoing service process

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and last but not least i want to talk about how we believe life hub is is a much improved experience for

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pre-retirees so people that may be 5 10 or even further out of retirement

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so let's talk about using live hub as an onboarding experience what we hear from

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our advisors is they like to have this particular view up when potential prospects come in

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and it allows them to really start a good conversation going something like this mr mrs clients thank you very much

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for joining me today as you can see i've already introduced data into the program here but i want to make sure that i got

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all the data correct would you please take some time to make sure we got it all right

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and i actually had the pleasure of sitting in on a advisor's clan meeting just last week

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one of the first things the the prospect said was well i guess i forgot to tell you i have a child swab account as well

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and as you can see it's very easy to do data entry as well directly from life of going it's an investment account we can

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go to any account name the account balance tax type cost basis and you can change the asset

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accounts as well so very easy to sort of facilitate that conversation

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and once you want to take the conversation a little deeper you will also see that we can go i'm a

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little far out retirement here but we can go into early retirement both beth and matt are not taking social

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security yet they haven't filed which is why you have the dotted line but you can click here and you'll go directly to our

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social security model you can choose all the common ways to sort of estimate your social security

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once you've chosen a map that you can go down you will see it's very easy to use and probably even more importantly very

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easy to explain so we have beth she's currently 62 years old if she were to file today she would

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get 22 30. if she waits to full retirement which for her is 66 and 10 month old she will

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get 31.49 for that to be a good decision her life expectancy would have to be at least 78

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and 10 months you can move it to any point in retirement and you can see what it'll do to her estimated income as well

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as break-even point and you can literally go through the planning process and make sure everything is correct you can see we

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have a long-term care policy here or actually where self insurance i should say we're projecting an expense of five

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thousand dollars in today's dollars we can see it's estimated to begin in august of 2052. so it's very easy to

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facilitate the conversation then going in to have the dynamic planning conversation tax smart conversation and

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circle a full circle back into life hub when you finish the conversation

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taking it into planning is an ongoing service as i said typically what we see is yes when you build a plan in italy

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clients absolutely want to go into great deal details around what the plan means

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but when they come in for their regular checkup whatever your cadence may be every 6 12 months and so on we find this

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to be a very powerful place to start the conversation thank you come on mr mrs clients

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you know want to make sure that our plan is still reflecting your reality and again to justin's point you can go

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into any level of detail you can see again we haven't started social security yet we still have some debt

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in here you can see the projected taxes for this particular year but clearly that could change going into the future

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so we're going to say well what do we project this to look like say 10 years from now well 10 years from now you can

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see now both beth and matt are taking social security you can see the estimated amounts here we still have our

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rental property but we're no longer working you can see we're taking some income from our fidelity account it's

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also important to understand here that if you have a tax sourcing strategy deployed in the tax center so it could

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be a strategy including roth conversions all of that will be reflected in lifehack so not only can you see where

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you're going to take your income from if you're doing rough conversions it'll tell you what accounts to use for the

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roth conversions you can even go down and see we have detailed tax projection for every single year in the future and

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in this particular case we do have a roth conversion strategy which is why we're projecting very low taxation in

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the future you can see that we're almost done paying off our debt matter of fact in june of 2032 we expect

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to be completely done paying off our mortgages you can also see on our timeline you can see this is when we

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predict the mortgage will be paid off we have milestones and so on so what it allows you to do as an advisor

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to justin's point when we see planning as an ongoing service we may not remember exactly entered at every single

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field in five six seven years ago it allows you have one click to go in and explore anything or adjust anything you

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may maybe the rental income here has gone up to twenty six hundred dollars a month you can go in and change that right from

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life up not only will it be reflected in lifehack will then be reflected in the tax center as well as in the dynamic

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planning center as well so very powerful for sort of facilitate

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planning as an ongoing service last but not least one of the also great

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use cases we've seen is facilitating a conversation around retirement when

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retirement is not right now and it's not in the near future you may be 10 15 years out of retirement

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and sort of the current retirement platforms may not be very meaningful to you in particular a probability of

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success for a plan that's not going to come due for another 15 years may not be

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particularly helpful for clients and that's where we see the milestones that you can build in here are very helpful

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you know maybe if you're younger your retirement age is all way out here you can have such stuff as we're going to

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pay off our kids college education we're going to maybe save up for the 529 plans

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we are going to have a wedding in the future all of that can be facilitated you can sort of help clients walk

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through younger clients that is walk through their lives and help them you know hit their milestones also what

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we've found is for pre-retirees having again a one-page complete picture

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of the financial situation and having the ability to share with them how we project that to change at any point in

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the future so if they're planning to retire maybe in 2038 they can see exactly what we expect their complete

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retirement picture to look like in 2038 now markley i think i'm going to stop

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here it looks like we already have a lot of questions there and i know you have a little bit of an announcement to make so

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maybe you will check it from here i will thanks guys um and yeah as you all can tell we are super excited for the launch

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of lifehub and because of that we do have a special going on through july for

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new users to get started for 20 a month for your first three months so really a

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great opportunity to get your hands into life up get and see more of income lab as well um at a really discounted price

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to take advantage really reach out to um our team either through our website or just email us at info income laboratory

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dot com and one of our uh sales team will reach out and help you get started

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on that special deal but yes johnny i see the questions coming in so for anyone who hasn't seen

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the q a section please take a look at that now drop your questions in there and you can also uh like other people's

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questions to move them up in the queue but other than that we will get started um

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and let me just make sure i get them pulled up all right

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so first question guys is um which plan does the life hub display uh if the data

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is modified in life hub which plan gets changed suppose a household has a base plan and two scenario while one of the

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snares is the implemented plan uh which is life hub displaying and modifying

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yeah so so currently what you see when you click on lifehub is the household plan um

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we have already had people uh request that this view be available for uh plan

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scenarios for a b testing and so on um so that is that is something we'll be working on um as well as for for

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implemented plans so uh stay tuned for for some tweaks there but uh but the view will be the same

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perfect and uh next question is is it possible to show the client's asset allocation

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in the life hub view at either the account or the portfolio level

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yeah so we can certainly do it at the account level right here so you can click on any

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account you'll be able to see you know what tax qualification you have you can change that if you made a mistake of course you can look at the

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cost basis you can look at the asset allocation and you can change the asset location from here as well

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so at the account level you have the ability to see everything you know sort of

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as it pertains to that particular account awesome and then uh is there going to be an

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additional charge for lifehub this is included in the in the um

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in the total package um you know but maybe in the future if there's demand for different packages at

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different price points that that could happen but at the moment it's uh it's this is part of the part of the

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whole income web package and i wanted to answer i want to make sure that when marketing spoke about the

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special we have it's not just for lifo that is for access to the entire income lab platform

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including dynamic planning tax march sourcing as well as life up

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uh next question here is uh will the pills i think we call the individual

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sections on life hub will they be updated automatically each month so the client can go in and view what the

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monthly changes are so when when this view is available for implemented plans um then that that

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would definitely be done automatically for the the current system where it's the household plan all you have to do is

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go in and click update values and you would have you know up to usually it would be last night's

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values perfect um next question here it says uh

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lifehub seems to show social security income starting now rather than running for the full calendar year

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the underlying plan has social security starting in 2020. um

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not sure if that's a comment just on this plan or a question but

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yeah it should uh so if if it starts mid-year you're it's showing year totals for

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for income flows things like that for balances it's showing beginning of year or you know current if we're in the middle

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of the year but for future years it's showing projected beginning uh of the year values um so i mean if

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there's a if there's a plan in particular where you're seeing something

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that you have questions on definitely reach out um you know via our service portal or or

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just directly and i i think uh even to notice uh for

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example like with this one where it's starting later you know with cash flow starting later you will see that the box will be dotted

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to kind of help you signify that hey it's zero in this year but sometime in the future that's

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that there's gonna be something in there in that box yeah if there's something that is um

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you know always zero uh so for example in the tax section uh you'll only see

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pills for taxes that are relevant at some point in the plan so you know if there's no local tax or no state tax um

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in in this plan you won't even see the the pill for ones that say zero and are dotted it's saying well it's zero this

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year but there is a point in the future when you'll um when this will be relevant

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um next question here is sounds like uh this advises with ask the map and they

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are asking uh are you trying to replace e-money or money guy pro

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i know sorry i was going to say income lab is is um

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really focused on being kind of specialized income planning software um

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so no that's not our that's not our strategic vision and in practice that hasn't been um what our advisors have

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done so a lot of advisors who use income lab also use some holistic financial planning software for

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other uses as well so we exist alongside other planning software very easily yeah i'll take that

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one step further when we look at our user base the vast majority of them are

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using a different sort of holistic financial planning platform right the you know e-money or money guard

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approaches stuff that we have no interest in right we don't facilitate estate planning and that sort of thing

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so we see ourselves as living next to e-money next to money guard pro

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next to right capital and really once you want to get serious around the retirement

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piece of it that's when you start using income lab

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perfect next question it says with the 200 advisors in the demo group how are they

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using income lab are they only adding clients in who are retired and have income needs clients five years from

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retirement etc yeah that's a good question clearly when you have 200 beta testers or more you

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have a lot of different use cases and they don't all agree on how to use it in the best possible way

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we have folks that only use us once it's sort of getting close to or in the accumulation

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so really when when the conversation around retirement planning becomes more

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serious then just save as much as you can we have others that love to use the

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milestone for pre-retirees right so i would definitely say we have very few that don't use this in

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the decrimination phase clearly you know holistic based guardrails and the dynamic planning piece and tax sourcing

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is really important once you get close to at or in retirement so but i would say um

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it really depends on the user some uses us for the entire sort of spectrum and

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others are only using us with decumulation

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and uh next question here is will advisors have to manually enter assets liabilities income into lifehub or is

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there integrations with black diamond or e-money that they can take advantage of

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so there are integrations and um in particular for um for asset balances that's going to be a

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a a really useful way to make sure that life up is up to date um you know integrations are the name of

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the game in uh this kind of technology so we are continuing to add more and more

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integrations our engineering team is working on more as we speak um and we'll

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announce those when they become available but yeah black diamond for example we already have an integration there and you can check our

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integration site uh for for more information on that um

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there are things that that you do have to enter you know

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maybe a house value or you know particular liabilities and so on but as we expand our integrations

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more and more of that should be available um with less data entry let me add to that

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again we're definitely trying to make our integrations more robust and so you're going to see that in the upcoming

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months but it's also important to understand that you only have to do data entry in one piece so if you build an income lab

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plan sort of the regular way it was prior to lifehop this will be pre-populated so you don't

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have to do extra data entry for lifehub if you choose to do the data and trim we do hear a lot about beta users liking

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the data entry piece of lifehop because it's very easy to sort of talk your way through with clients you will not have

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to do data intrigue anywhere else and so you know you either do data entry here

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or in our household staffer and again to add to that for our tax smart

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distribution strategy there is zero data entry so again you're only doing data entry for all three components in one

27:53

place [Music] and then um this next one is from our

27:59

beta user and i think i understand this question but it's a non-retirement investment accounts

28:05

aren't showing up under assets and i think it's because of the renaming from the um

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so that section of stockholm nation accounts with justin yeah that was a little unclear to some people so we renamed them as banking

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accounts um so that's things like you know cds and and savings and so on

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you might be talking about uh some investment accounts marked not to be used in the plan for income

28:31

that is also something that we're kind of working on making clear which of those are um are there

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and then next question here is have you thought about making a notes section in the individual

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fact areas questions to ask clients details etc yeah i mean this is uh this is our

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launch of lifehub that does not mean this is the final version of lifehub so there is already a planned uh i guess

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you could call it you know 2.0 with with a bunch of improvements

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so building on what we have right now including things like more specifics on

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particular items notes beneficiaries um the ability to have some other

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visualizations of little parts of the of the plan so for example uh you know on a mouse over seeing

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a graph of when social security starts and and what those amounts are so there are some um some enhancements

29:28

already planned including those and actually to add to that you should very expect to soon have the

29:36

ability to see a sort of next beta version of something which is going to be a sand key diagram that's sort of

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going to be part of life hub but also show so that the cash flows expenses that sort of thing

29:48

right and then um i think it's kind of come back to the integrations specifically

29:54

for the constituents just uh any completion date available for importing client assets from various custodians

30:01

we do have that access available right now maybe just talk about which custodians do we currently offer

30:06

integrations with yeah so um here i can actually johnny if

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you want to let me share i can

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so if you go to our uh website which is a great place to find videos and information and things about income lab

30:34

on the integrations page you'll see a list of currently available uh integrations so

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for custodians we have uh td ameritrade fidelity purging uh

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charles schwab um ssg internet interactive brokers other

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you know there's there's uh crms like redtail um you know reporting systems like uh black diamond blue leaf

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um you know riskalyze and we are adding adding more to these

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and uh next question here is um back to iphone uh how is the social

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security breakeven calculated compared to age 62 can we modify the assumptions example 65

31:21

versus 67 yeah so the breakeven calculations are

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are done compared to if you filed as soon as possible so if you're not yet 62 then it

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would be compared to 62 but if you're already 65 or something it would be compared to

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that and it's really just saying how long would you have to live um to make up for

31:46

um the the income that you didn't take by um

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by by deferring um and so you know that's

31:56

that's the that's the basic calculation here perfect

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and then um is there a way to see the monthly proposed income for any year on the

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timeline yeah so really any year on the timeline this income number

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will show the total income now if you have a

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roth conversion strategy or something it's going to show the roth conversions here you'll see some of those being i'm

32:25

in a different environment than johnny so you'll see some some designs we're working on just some some tweaks but you

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would see those you know moving over to other accounts in the savings and transfers

32:38

section but this number right here total income will will be the the income for the year

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and and you know that there are a lot of uh functionalities that we haven't shown on the demo

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including you can you can change what level you're looking at so maybe you know for for clients coming in

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you know you would just have these open right and look at those first in order to avoid kind of a

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you know too much information on the screen you can click you know immediately to to different levels of

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views you can you know maybe maybe only tom is in is in the office

33:13

today we can just focus on on his assets for example um so there's a lot of this is all very

33:18

very interactive and dynamic and that kind of follow-up question to this specific one as well is um in the

33:25

this example you're showing you know why would you be taking portfolio withdrawals to make an income surplus of

33:31

102 000 that's a really good question so the the surplus is really just comparing the

33:38

the budget you've built to the income plan so the income plan for for this particular income plan

33:45

which is built in kind of the default way is answering the question how much can i have

33:51

so it's you know we've kind of uh put in everything that we know about the client situation including things

33:58

like risk tolerances and so on and and this is what the plan is saying that this household

34:04

can afford now they may want to spend more or less than that and

34:10

so that's where you see the in the surplus or you know if it were the other way around you would see

34:15

a shortfall so that that's a good way to kind of say okay is the you know what can i have how

34:22

well does that match the what do i want um and in some cases people you know

34:27

we found in talking with some uh some clients that you know if you ask well you know how much do you want they would just say

34:33

well how much can i have so that that's kind of where this came from so you don't you don't have to do

34:39

um in-depth budgeting um but if you if you want to if that's part of your process

34:44

then you'll see here that comparison right so for example um now this is just a

34:52

an example that i that i built um and you know they they are not able to to hit their their

34:59

complete uh complete budget so that would be a time to either talk about pulling back on expenses or talk about

35:05

other possibilities for for building the income plan

35:11

and the next question here is are any levels of life hub and reports to be client facing offline um i think

35:18

it's more about you know if an advisor wanted to give a client a report of life hub kind of is it available and how

35:25

would they do so johnny do you have uh one available to

35:30

to show there i do um

35:37

so there is sort of two ways of of doing a report here in life i gotta move you

35:44

guys i can see my screen here this is actually problematic in here

35:50

so you can see there's this little arrow up here with sort of a box you can click that to

35:56

create a pdf think of this more of a camera it's literally creating a snapshot of

36:03

whatever you're looking at so in this particular case you just create a pdf here you can pull it up and you will see

36:08

the pdf here yeah so if you wanted it to be you

36:14

know a different level of zoom right maybe you only want it to the you know assets liabilities income

36:21

expenses uh maybe you want it to just expand a certain portion maybe you want

36:26

it to be in a different year that's what we mean by a snapshot or a camera so whatever is on the screen it

36:33

will be turned into a pdf so it's up to you what kind of detail you'd want for this particular version

36:39

of the of the report there's also additionally i don't have a

36:44

pdf created here it will take a little time but we do have a report center as well we can create a live report

36:52

it's a little different format maybe a little easier to read a little prettier that sort of thing and the reporting

36:57

capabilities are something we are also working on you know we're always working on proving

37:03

everything including the reporting capabilities so to justin's point you will see pretty

37:08

much upgrades to life hop every you know cadences every two weeks or so because that's how our engineering team works we

37:15

have two week sprints and so typically every two weeks we'll have new releases so expect to see upgrades to the

37:21

capabilities and if you have any sort of use case suggestions as to how we can

37:26

improve live hop we would very much like to hear that from you

37:32

and um next one and john you kind of covered this but kind of a follow-up um i want to see so uh can you add asset

37:39

allocations at the portfolio level so actually going back to kind of that easy edits um

37:45

if you want to just kind of show users again if you're adding a new account how would they put in the asset allocation um at that portfolio level

37:52

justin can you please do that i'm having a little issue remind you

37:58

yeah so the um the asset allocation for the for the

38:03

total portfolio uh all of the investment accounts is a combination of

38:08

of what's um what's in each account so um depending on whether you're using you

38:14

know there are five kind of risk-based defaults that are just you know kind of very plain vanilla

38:20

um [Music] asset allocations or you know if i had

38:26

model allocations that i can build and use everywhere or you know i can i can do it custom meaning i can type into

38:32

these that's that's how you would uh would make the adjustments if i make an

38:37

adjustment and save it i'll see a little red

38:43

which shows that that's that's the thing that i've changed and then um once i've made all the changes that i

38:50

uh want to make i can uh i can hit refresh and

38:55

and now i see a different uh it'll it'll have affected the income um

39:01

in this case if it was the uh you know the balance for example

39:06

um then you would see it affect the balance

39:12

um and uh next question here is um going back to the integrations and

39:18

how accounts get uh values get updated um can you please comment again on how these values get updated are these links

39:24

that the clients need to kind of drive and verify or are they updated at the advisor custodian level

39:31

via like a fidelity data feed yeah so whichever you can set up as many

39:37

um integrations as you as you want and then um so this is a you

39:43

know um just a demo account so i don't have any uh i don't have any integrations um and

39:50

it's actually not even in the production environment so you would see more of these uh of these pills in your version

39:57

i can set up as many as these as i want i'll have a list here and then when i'm in a

40:03

household um

40:10

and in the assets section when i'm building it or i could do this in life hub i would hit add linked accounts um and

40:17

then i can choose from which integration i want to pull those in so could be that i have some linked

40:23

accounts coming from one place some from another and different integrations have have

40:29

slightly different um have slightly different interfaces but typically i'll be searching for a particular household so

40:36

usually there's kind of groupings of of accounts depending on the the integration partner and so i'll find

40:43

that house told and and you know link the accounts that i want and then

40:48

anytime i want i can hit update linked accounts you know typically we we would have um

40:55

amounts are only updated once a day so um you know clicking this once a day would would get

41:00

you um to where you need to be you talk about the yoderly game as well

41:07

right so there's also so these are um advisor credentialed integrations so integrations with um

41:14

with other systems that you use in your practice whether that's a custodian or or something else we do also have

41:22

an aggregator we use investnet yodlee where you can do client credentialed

41:27

integration so kind of you know accounts that are held away or for whatever reason not already available through

41:36

through one of the other links that you have so that in the client portal clients can manage

41:41

those integrations so they would typically say you know add a linked account they'll they'll get

41:47

a pop-up choose um choose some institution put in their credentials and

41:54

choose which accounts to include and then again hitting add linked accounts

42:00

those client credentialed integrations will be available those aggregated values will be available um as well to

42:06

the advisor and the next question here is um is the

42:12

account being used for roth conversions highlighted in lifehub so ie not being used for spending being used for

42:18

conversions etc um it's not specifically highlighted in a

42:25

particular way although that that could be a design change but it is it is shown

42:30

um at the uh

42:36

and i don't recall here which i think i had this as taxable tax deferred tax free um

42:42

and so initially all my withdrawals are are from taxable but if i change this to

42:49

um to a uh to a roth conversion strategy um

42:55

you'll see a change

43:04

maybe i'll do 22 percent bracket just to

43:10

make sure we're actually doing some roth conversions

43:22

and so you know again maybe i just want to focus on this you can see we're doing

43:28

um you know all of these withdrawals from my ira are actually roth conversions

43:36

um whereas i have some other um

43:41

withdrawals from my brokerage account that i'm using to to live on

43:48

and then um next question here is uh from a current user um just any updates

43:53

on the integration timing with orion and i could probably quickly answer that

43:59

one i'm going to kind of work it on this yeah yeah we're super excited orion is

44:04

our next upcoming integration um our team is currently uh hard at work in the build right now

44:10

we will go through quality assurance in a testing phase so that puts us about two three weeks or so out um still but

44:16

um yeah we are excited that orion is on the road map and it is going to be our next upcoming integration for our users

44:25

and then uh this next one it says this is a little off topic but the last time

44:31

i was entering a plan um i acknowledge it's been a while so this

44:36

may have changed i couldn't see a way to tell the plan about charitable giving as a deductible expense whether before age

44:42

70 and a half or after um when qualified charitable distributions make every

44:48

dollar given from an ira effectively a tax-free withdrawal i guess can you touch on on kind of that

44:55

as well yeah qcds and um and uh and itemized deductions are are

45:02

are on our product roadmap it's it's a common request and so it's high on the roadmap but they're not currently

45:07

available perfect and then um

45:12

kind of quick question on the integration one as well so if uh has a schwab as custodian and also used as

45:18

black's diamond is one integration preferred over the other

45:24

that's really kind of a i think there are arguments um in in both directions on whether to you know

45:31

connect every part of your tech stack to you know directly to custodians or to kind of daisy chain um integrations

45:39

together um i i probably uh the advisors on this call would have uh have some uh

45:46

opinions on that uh that are that are more well informed than than mine um

45:52

so i might be might be something to uh to put out to the community um johnny i don't know if you've seen kind of

45:58

a trend in that um i i do often see you know parts of the tech stack things

46:04

like crms and portfolio reporting tend to have more modern api interfaces so those can be a little bit more um

46:11

dependable yeah i mean it's really on a case-by-case basis i

46:17

mean i i probably personally would do the sort of daisy chain version because clearly the custodians

46:24

are much more difficult to deal with when it comes to integrations right typically it'll take a week or so

46:29

whereas if you go to say a black diamond orion that's that's more instant and a

46:35

lot easier to do but i guess at the end of the day the custodians are sort of the the source of truth as well so you can

46:42

make an argument for that as well so i think it's really you know

46:47

a preference sort of thing and then um next question here is um

46:54

one of our beta users here uh so if they um question is if i input a cash account

47:00

under investments i'd like to be able to reclassify under the description in life hub but the banking account option isn't

47:06

available essentially um they have to delete under investments and re-enter in their banking accounts is there an

47:11

easier way for kind of users to handle maybe if they unintentionally put a cash account under an investment

47:18

that's a you know it's the first time i've heard that use case it really makes a lot of sense to me so no there's not right now you'd have to delete and then

47:24

and enter a new one but um i like the idea yeah let me write that down

47:31

uh next one here is um love the milestones can you make custom milestones

47:38

currently you cannot now that said anything that has a start date and an end date will

47:46

show up as a milestone it is on our product roadmap to

47:51

have customizable milestones as well so in the not too distant future you will

47:56

see that capability as well so if there's if there's something that's financial with a that's in the

48:02

plan with the start or end it you'll you will see a milestone um but yeah if there were kind of

48:08

life events just you know um nice little things that that's where we'll have a little you know a plus to

48:15

add some uh add some of these pins

48:22

and the next question here is um what percentage of users are importing client account data if you had to guess

48:32

i don't know if i have a well-informed guest can you repeat the question please

48:37

they're wondering what percentage of users are importing client account data

48:44

that's a fair question and i don't have an answer to it um [Music]

48:50

that would probably be something we should look into but i i don't have a good feeling for that

48:55

yeah i i'd say you know i think from the just from the onboarding team and what i've heard it seems like the majority of

49:01

users will at least have one integration um now whether that's a yosli or tier point

49:06

riskalyzer black diamond versus the custodian i'm not not sure but this thing the majority of users will at least have kind of one integration set

49:12

up so far as what we've seen um next question is uh will the pdf

49:17

allow for the advisor's logo in place of income labs logo

49:23

in the report center we already have white labeling of that sort so you need to make sure that you know at the the

49:29

firm admin level there's a place to upload your logo and that goes into the report um

49:35

i think currently the the report that's available through the download here does not include the white labeling but

49:41

that's definitely one that will be uh will be done you would see a lot of operates when it

49:47

comes to sort of the pdf creations and any suggestions you may have for

49:53

for better use purposes we are definitely open to to suggestions there

50:00

perfect all right guys that was the last question here we'll kind of open it up

50:06

if there's any last questions that that um users want to ask please drop those in as well i did see we had something come

50:13

through the chat so let me just get caught up there real quick

50:19

[Music] question here in the chat is uh is it

50:26

possible to show income generated from the portfolio as well as from dividends and it

50:31

and interest as well as portfolio withdrawals um

50:37

we don't currently have kind of so for the the brokerage account or i suppose it could even be interesting for um for

50:43

text deferred and text free accounts we don't sort of expose those uh in life hub

50:50

there are assumptions built in there that you can edit um and uh and so

50:56

uh as we expand kind of the details available when you click on these pills um those would be you know clear clear

51:03

places that that we can add some um add some uh extra color you know to to

51:11

to continue kind of uh making life of this this place where you can get that clarity and visibility all the way down

51:19

and looking for those um uh i'm not logged in as a firm admin but

51:24

if i were you would see it under the settings um section here

51:30

and then um we did have a follow question to the proposed interim question um justin so kind of the

51:35

follow-up question here is um for this user wouldn't i have to take the annual income less expenses and taxes divided

51:42

by 12 to back into the monthly proposed income for any year exclusive of any special expenses um the regular

51:49

recurring monthly proposed income for any year in that year in the future yeah i mean because uh life hub is built

51:56

to be annual um i mean we could have built it monthly um but this is kind of a a way

52:02

to um minimize confusion um so in the first year

52:08

uh of retirement you could see some you know some some variation maybe there's a bunch of wages and some uh some

52:16

retirement period you know in future years if there are some big planned outflows things might be like you say

52:21

not kind of that recurring income level you would see though for example you

52:27

know the other variable expenses you might see for example

52:33

i don't know when the grandkids college oh i guess okay grandkids college is uh through

52:39

2032 for 26. so you know i would see okay i'm

52:44

planning to put a bunch of money to my grandkids college that's not a recurring ongoing expense forever um and so

52:51

that's that's one way to kind of do the math um there are other places you know life

52:57

hub is is built to be annual if you want to see things in a more monthly view that's that's still

53:03

available on the income plan uh so for example in the cash flows view um you

53:08

would see income sourcing um there is a a table that's annual down here but uh

53:16

these are monthly monthly views as you can say as you can see here you know june

53:21

2029 that there's more portfolio withdrawals because of that you know funding some some college um and you can

53:28

kind of see more of the ongoing expense levels or ongoing income levels

53:36

um and let me see one more question just a follow-up comment we did get some

53:43

a few other comments from just users who are using it um and uh one person said very impressive income

53:50

lab team well done uh and another person said this is a powerful tool thank you um

53:57

and someone said thank you all can't wait to use this new tool so um we love the feedback

54:03

love to hear how our advisors are using income uh using income lab but also specifically now using life up um and you know as

54:10

johnny mentioned we've already gotten some really great client experiences so please keep sharing that with us that always makes our day and it makes us

54:17

happy here um outside of that you know for all of our new um

54:22

potential users please reach out to us about the special deal as well um we'd love to get you started um and you can

54:29

reach out to our onboarding team as well to also get get help uh through the onboarding stage outside of that johnny

54:35

justin we don't do this often so that thanks for both coming together this has been a

54:40

good one uh you know we'll look forward to um putting some more webinars on for next month um but outside that for all

54:46

of our users thanks so much for joining thank you for all of our beta users who took the time to help us build life up

54:53

um progressively as justin mentioned this is the launch but we are still got some cool things lined up so please stay

54:59

in tune and please keep the feedback coming and we will uh send out the recording as

55:04

well tomorrow so um for folks who can watch the whole thing uh as well thanks everyone and we will see you all

55:10

on the next one

55:38

you