Income Lab Full Demo Video

0:12

video will walk you through a demo of

0:14

the incom lab platform and showcase how

0:16

the software is revolutionizing the way

0:19

advisers guide their clients to and

0:21

through

0:23

retirement income lab is a financial

0:25

planning tool that focuses on the three

0:27

most important questions that every

0:29

client has has what can I afford to

0:31

spend in retirement what could cause me

0:34

to adjust that spending what could those

0:37

adjustments look

0:39

like you will notice that we do not show

0:41

any scores or probabilities here because

0:44

clients don't fail in retirement they

0:47

adjust click view more to break down how

0:50

much of this income is from Social

0:52

Security other income sources like

0:54

pensions and annuities and how much is

0:56

withdrawals from the client's portfolio

0:59

down to the account l level we can see

1:01

here that about 45% of this client's

1:04

income is from safer or guaranteed

1:06

sources like Social Security annuities

1:09

and

1:11

pensions one of our most popular

1:13

features and a client favorite is our

1:15

retirement income guard

1:17

rails advisors can show clients how much

1:20

their portfolio would have to grow for

1:21

them to receive an increase in income

1:24

and how much of an increase they would

1:26

receive or in a downside scenario they

1:29

can see how much of their portfolio

1:31

would have to drop for them to receive a

1:33

decrease in income and the size of that

1:36

decrease of course there's no one size

1:38

fits-all when it comes to clients and

1:40

their retirement plans so we give you a

1:42

range of options that help you tailor

1:45

these guardrails to your client risk

1:47

preferences if your clients are a bit

1:49

more conservative and would like to see

1:51

their plan essentially run on autopilot

1:54

you can decrease their starting income

1:56

which in return gives them a very low

1:58

chance of ever hitting their lower

1:59

guardrail and needing to trim

2:02

spending or maybe you have clients who

2:04

are a bit more aggressive and would like

2:06

to live life to its fullest these

2:08

clients can spend more but the trade-off

2:11

would be a higher chance they'll hit

2:12

that lower guard R in the future and

2:14

need to tighten the belt the goal here

2:16

is to set up clear expectations from the

2:18

start in dollar terms so that clients

2:21

know what to expect if or when their

2:23

income may need to be adjusted in the

2:25

future but we don't stop at setting the

2:28

right expectations you can also set any

2:30

income lab plan to be tracked and

2:32

monitored each month we automatically

2:35

update all plan values from account

2:37

balances to ages inflation and Social

2:40

Security benefits and let you know if

2:43

any plans are off track and call for

2:45

adjustments that way you and your

2:47

clients know there's a process for

2:49

keeping them on

2:51

track with guardrails we know that plans

2:53

don't fail they adjust but what could a

2:56

lifetime of adjustments look like and

2:59

how do these plans fair in tough times

3:02

to answer these questions we can take

3:03

this plan and run it through some of the

3:05

worst economic time periods in history

3:08

like the Great Depression 1970 stack

3:11

flation the Doom bubble and most

3:14

recently the global financial crisis

3:17

this helps us see how this plan would

3:19

have navigated the returns and inflation

3:21

from these periods and when adjustments

3:23

would have been called for to keep the

3:24

plan on track for example during the

3:28

global financial crisis this plan would

3:30

have called for a $500 decrease in

3:32

income but by 2015 this relatively small

3:36

and temporary adjustment is over and

3:38

income would have increased from there

3:41

if advisers want to show more details to

3:43

their clients they can scroll down and

3:45

show how the balance and guardrails

3:47

would have performed through these

3:48

periods the green area is the upper

3:50

guardrail the red area is the lower

3:53

guardrail and the blue line in between

3:55

is the portfolio balance you can see

3:57

when the balance hit a guardrail and on

3:59

the graph above we can see what impact

4:02

it had on their income the stress test

4:04

is also a great place to compare

4:06

different planning options for example

4:09

here we can see the difference in income

4:11

experience between a plan with a

4:12

balanced portfolio and one with a heavy

4:15

stock allocation or in this example we

4:18

see the smoothing of the retirement

4:20

income experience that could come from

4:22

allocating some of a portfolio to an

4:25

annuity this is a great way to help

4:27

clients understand what adjustments

4:29

could look like and to make important

4:31

asset allocation and investment

4:35

choices once you have a plan for how

4:37

much to spend and how to adjust the next

4:40

question is how should I Source my

4:42

portfolio withdrawals and should I

4:43

consider Roth conversions to answer this

4:46

question let's move on over to the tax

4:48

lab the tax lab helps to optimize your

4:51

client's plan for taxmart distribution

4:53

planning it helps to give comprehensive

4:56

highquality advice on how to Source

4:58

portfolio withdrawals and optimize taxes

5:01

over the long term quickly compare the

5:03

tax performance of different strategies

5:06

to quantify how adopting a taxware

5:08

approach could help clients and dive

5:11

into a strategy to explore how taxes

5:13

evolve over time with no additional data

5:16

entry income lab will automatically show

5:19

the strategy with the highest projected

5:21

long-term net income or lowest total

5:24

taxes and compare it to the most

5:26

commonly given advice which is sourcing

5:29

your taxes from taxable tax deferred and

5:31

then taxfree accounts these results show

5:34

the impact of utilizing a more tax

5:36

efficient strategy over the life of the

5:39

plan if you click view strategies you

5:41

can quickly analyze all the different

5:43

strategies available in the software and

5:46

select the ones you want to compare the

5:48

tax lab helps advisers easily show their

5:51

clients how much they can reduce their

5:53

average tax rate how much they can save

5:55

in overall taxes the amount of net

5:58

income that means for them and how much

6:00

they could leave in their Legacy by

6:02

following a tax efficient distribution

6:04

strategy our total tax view shows

6:07

estimated annual taxes for each strategy

6:09

you're comparing the show table button

6:12

below will open the spreadsheet view of

6:13

the side by-side comparison another

6:16

important thing to consider is the break

6:18

even age of doing these conversions sure

6:20

clients could be saving hundreds of

6:22

thousands if not millions of dollars but

6:25

if they do not break even until they're

6:26

100 or even 105 does it really makes

6:30

sense maybe it does depending on their

6:32

legacy goals for their kids or heirs but

6:35

we will show you the cumulative taxes

6:36

for both strategies here and Mark where

6:39

the plan needs to make it out before you

6:41

start to reap the benefits of doing one

6:43

strategy over the other you can also see

6:46

that this is where your expertise as an

6:48

adviser comes into play we give you the

6:50

best foundation and analytics for you to

6:53

then interpret and make the best

6:55

decision for your clients rather than

6:57

comparing two different strategies in

6:59

the compare section we can also dive

7:01

into the explore section where we can

7:03

look at any taxmart distribution

7:05

strategy on a year-by-year basis here

7:08

you have a nice visual showing how the

7:10

ordinary income is filling up the tax

7:12

brackets you can also see how the

7:14

long-term capital gains income is

7:15

filling up its respective tax brackets

7:18

as well as the different Medicare Irma

7:20

brackets and if they are being triggered

7:22

on the right you have a legend that lays

7:24

out what the amounts may look like for

7:25

Roth conversions and all of your other

7:27

sources of income you can also see some

7:30

estimated actions for the year such as

7:32

making withdrawals from taxable accounts

7:34

withdrawals from your tax deferred

7:36

accounts and in this case additions back

7:38

into your taxfree accounts the show

7:41

table button below gives you access to a

7:43

detailed full plan view of this

7:45

information making it easier to

7:47

understand how the plan develops over

7:48

time just as important as income we will

7:51

calculate all taxes for you on a federal

7:54

state and local level depending on your

7:56

distribution strategy when you open up

7:59

the table view down below you'll notice

8:01

we also account for the extra Medicare

8:03

Irma premium that may be present in a

8:05

plan you can also see the client's

8:07

effective total tax rate throughout the

8:09

length of the plan as well all these

8:12

modules and tables are downloadable to

8:14

be put into reports we know a lot of

8:16

clients and advisers are trying to get

8:18

rid of the 50 60 page binders so we give

8:20

you the option to pick and choose how

8:22

in-depth or high level you want your

8:24

reports to

8:25

be I'll bring you to our last main

8:28

feature which is life hub life Hub is

8:30

your one-page financial picture where

8:32

you can easily lay out all the different

8:34

moving parts of a client's plan on one

8:37

screen typically we will see most of our

8:39

advisers start their conversations with

8:41

their clients here because you can

8:43

interactively move through all your

8:45

different sources of income expenses

8:48

assets and liabilities throughout any

8:51

year in the plan we've even had some

8:53

advisers reach out to us letting us know

8:55

that their clients rediscovered an old

8:57

401k or investment that they had at

9:00

their old employer due to this view

9:03

since life Hub is completely interactive

9:05

you can make changes on the fly with

9:06

your clients let's say they wanted to

9:09

explore taking social security at a

9:11

different date our social security tool

9:13

allows you to use this slider below and

9:16

see what the benefit amount and break

9:18

even age would be if they were to take

9:20

it anywhere between 62 to 70 you may

9:23

also see by changing Social Security how

9:26

this will affect portfolio withdrawals

9:28

and all the other moving Parts in the

9:29

plan or let's say you're building a plan

9:32

in life Hub you can quickly click to add

9:34

any input to the plan right on the life

9:36

Hub page for example let's quickly add a

9:39

pension this pension pays $1,500 a month

9:42

it doesn't have inflation adjustments

9:44

and it goes away Tim dice you can also

9:47

change the asset allocation on the Fly

9:50

select an investment account then use

9:52

the slider to quickly select a more

9:54

aggressive or conservative asset

9:55

allocation or select model allocations

9:58

to choose any of your pre-built custom

10:00

model

10:01

allocations life of also has a timeline

10:04

that illustrates all of the different

10:05

important Financial milestones in the

10:07

plan whether that be the first year of

10:10

retirement when Social Security kicks in

10:13

a house getting paid off special

10:16

trips or even when R&D start this

10:20

feature allows you to navigate to any

10:22

year in the plan and see how cash flows

10:24

may be changing as the plan evolves

10:26

throughout those golden

10:27

years in addition life Hub seamlessly

10:30

integrates with income lab's tax lab

10:33

making it straightforward for advisers

10:34

to share with their clients the process

10:36

of implementing a Roth conversion on the

10:39

life Hub page advisers and clients can

10:41

clearly see how much will be moved from

10:43

one account to another in each year life

10:46

Hub gives you so many options for

10:48

helping your client understand exactly

10:51

how their plan works and how all the

10:53

pieces fit together regardless of the

10:55

stage of Life they are in now to send

10:58

clients home with a printed version of

10:59

Life Hub select generate report from the

11:02

tool menu you can also create more

11:04

detailed life Hub reports inside the

11:06

report

11:08

Center in closing We Believe planning

11:11

should never be a PF conversation with

11:14

the help of an adviser as a guide

11:16

clients can navigate whatever comes

11:18

their way at income lab our mission is

11:20

to revolutionize how people navigate

11:23

their financial lives so that they can

11:25

live a confidence we hope you will join

11:27

us on carrying out that mission what do

11:29

you say ready to see how incom laab can

11:31

transform your business click the link

11:34

below or visit us at incom lab.

0:09
hi this is Malley with incom laab this
0:12
video will walk you through a demo of
0:14
the incom lab platform and showcase how
0:16
the software is revolutionizing the way
0:19
advisers guide their clients to and
0:21
through
0:23
retirement income lab is a financial
0:25
planning tool that focuses on the three
0:27
most important questions that every
0:29
client has has what can I afford to
0:31
spend in retirement what could cause me
0:34
to adjust that spending what could those
0:37
adjustments look
0:39
like you will notice that we do not show
0:41
any scores or probabilities here because
0:44
clients don't fail in retirement they
0:47
adjust click view more to break down how
0:50
much of this income is from Social
0:52
Security other income sources like
0:54
pensions and annuities and how much is
0:56
withdrawals from the client's portfolio
0:59
down to the account l level we can see
1:01
here that about 45% of this client's
1:04
income is from safer or guaranteed
1:06
sources like Social Security annuities
1:09
and
1:11
pensions one of our most popular
1:13
features and a client favorite is our
1:15
retirement income guard
1:17
rails advisors can show clients how much
1:20
their portfolio would have to grow for
1:21
them to receive an increase in income
1:24
and how much of an increase they would
1:26
receive or in a downside scenario they
1:29
can see how much of their portfolio
1:31
would have to drop for them to receive a
1:33
decrease in income and the size of that
1:36
decrease of course there's no one size
1:38
fits-all when it comes to clients and
1:40
their retirement plans so we give you a
1:42
range of options that help you tailor
1:45
these guardrails to your client risk
1:47
preferences if your clients are a bit
1:49
more conservative and would like to see
1:51
their plan essentially run on autopilot
1:54
you can decrease their starting income
1:56
which in return gives them a very low
1:58
chance of ever hitting their lower
1:59
guardrail and needing to trim
2:02
spending or maybe you have clients who
2:04
are a bit more aggressive and would like
2:06
to live life to its fullest these
2:08
clients can spend more but the trade-off
2:11
would be a higher chance they'll hit
2:12
that lower guard R in the future and
2:14
need to tighten the belt the goal here
2:16
is to set up clear expectations from the
2:18
start in dollar terms so that clients
2:21
know what to expect if or when their
2:23
income may need to be adjusted in the
2:25
future but we don't stop at setting the
2:28
right expectations you can also set any
2:30
income lab plan to be tracked and
2:32
monitored each month we automatically
2:35
update all plan values from account
2:37
balances to ages inflation and Social
2:40
Security benefits and let you know if
2:43
any plans are off track and call for
2:45
adjustments that way you and your
2:47
clients know there's a process for
2:49
keeping them on
2:51
track with guardrails we know that plans
2:53
don't fail they adjust but what could a
2:56
lifetime of adjustments look like and
2:59
how do these plans fair in tough times
3:02
to answer these questions we can take
3:03
this plan and run it through some of the
3:05
worst economic time periods in history
3:08
like the Great Depression 1970 stack
3:11
flation the Doom bubble and most
3:14
recently the global financial crisis
3:17
this helps us see how this plan would
3:19
have navigated the returns and inflation
3:21
from these periods and when adjustments
3:23
would have been called for to keep the
3:24
plan on track for example during the
3:28
global financial crisis this plan would
3:30
have called for a $500 decrease in
3:32
income but by 2015 this relatively small
3:36
and temporary adjustment is over and
3:38
income would have increased from there
3:41
if advisers want to show more details to
3:43
their clients they can scroll down and
3:45
show how the balance and guardrails
3:47
would have performed through these
3:48
periods the green area is the upper
3:50
guardrail the red area is the lower
3:53
guardrail and the blue line in between
3:55
is the portfolio balance you can see
3:57
when the balance hit a guardrail and on
3:59
the graph above we can see what impact
4:02
it had on their income the stress test
4:04
is also a great place to compare
4:06
different planning options for example
4:09
here we can see the difference in income
4:11
experience between a plan with a
4:12
balanced portfolio and one with a heavy
4:15
stock allocation or in this example we
4:18
see the smoothing of the retirement
4:20
income experience that could come from
4:22
allocating some of a portfolio to an
4:25
annuity this is a great way to help
4:27
clients understand what adjustments
4:29
could look like and to make important
4:31
asset allocation and investment
4:35
choices once you have a plan for how
4:37
much to spend and how to adjust the next
4:40
question is how should I Source my
4:42
portfolio withdrawals and should I
4:43
consider Roth conversions to answer this
4:46
question let's move on over to the tax
4:48
lab the tax lab helps to optimize your
4:51
client's plan for taxmart distribution
4:53
planning it helps to give comprehensive
4:56
highquality advice on how to Source
4:58
portfolio withdrawals and optimize taxes
5:01
over the long term quickly compare the
5:03
tax performance of different strategies
5:06
to quantify how adopting a taxware
5:08
approach could help clients and dive
5:11
into a strategy to explore how taxes
5:13
evolve over time with no additional data
5:16
entry income lab will automatically show
5:19
the strategy with the highest projected
5:21
long-term net income or lowest total
5:24
taxes and compare it to the most
5:26
commonly given advice which is sourcing
5:29
your taxes from taxable tax deferred and
5:31
then taxfree accounts these results show
5:34
the impact of utilizing a more tax
5:36
efficient strategy over the life of the
5:39
plan if you click view strategies you
5:41
can quickly analyze all the different
5:43
strategies available in the software and
5:46
select the ones you want to compare the
5:48
tax lab helps advisers easily show their
5:51
clients how much they can reduce their
5:53
average tax rate how much they can save
5:55
in overall taxes the amount of net
5:58
income that means for them and how much
6:00
they could leave in their Legacy by
6:02
following a tax efficient distribution
6:04
strategy our total tax view shows
6:07
estimated annual taxes for each strategy
6:09
you're comparing the show table button
6:12
below will open the spreadsheet view of
6:13
the side by-side comparison another
6:16
important thing to consider is the break
6:18
even age of doing these conversions sure
6:20
clients could be saving hundreds of
6:22
thousands if not millions of dollars but
6:25
if they do not break even until they're
6:26
100 or even 105 does it really makes
6:30
sense maybe it does depending on their
6:32
legacy goals for their kids or heirs but
6:35
we will show you the cumulative taxes
6:36
for both strategies here and Mark where
6:39
the plan needs to make it out before you
6:41
start to reap the benefits of doing one
6:43
strategy over the other you can also see
6:46
that this is where your expertise as an
6:48
adviser comes into play we give you the
6:50
best foundation and analytics for you to
6:53
then interpret and make the best
6:55
decision for your clients rather than
6:57
comparing two different strategies in
6:59
the compare section we can also dive
7:01
into the explore section where we can
7:03
look at any taxmart distribution
7:05
strategy on a year-by-year basis here
7:08
you have a nice visual showing how the
7:10
ordinary income is filling up the tax
7:12
brackets you can also see how the
7:14
long-term capital gains income is
7:15
filling up its respective tax brackets
7:18
as well as the different Medicare Irma
7:20
brackets and if they are being triggered
7:22
on the right you have a legend that lays
7:24
out what the amounts may look like for
7:25
Roth conversions and all of your other
7:27
sources of income you can also see some
7:30
estimated actions for the year such as
7:32
making withdrawals from taxable accounts
7:34
withdrawals from your tax deferred
7:36
accounts and in this case additions back
7:38
into your taxfree accounts the show
7:41
table button below gives you access to a
7:43
detailed full plan view of this
7:45
information making it easier to
7:47
understand how the plan develops over
7:48
time just as important as income we will
7:51
calculate all taxes for you on a federal
7:54
state and local level depending on your
7:56
distribution strategy when you open up
7:59
the table view down below you'll notice
8:01
we also account for the extra Medicare
8:03
Irma premium that may be present in a
8:05
plan you can also see the client's
8:07
effective total tax rate throughout the
8:09
length of the plan as well all these
8:12
modules and tables are downloadable to
8:14
be put into reports we know a lot of
8:16
clients and advisers are trying to get
8:18
rid of the 50 60 page binders so we give
8:20
you the option to pick and choose how
8:22
in-depth or high level you want your
8:24
reports to
8:25
be I'll bring you to our last main
8:28
feature which is life hub life Hub is
8:30
your one-page financial picture where
8:32
you can easily lay out all the different
8:34
moving parts of a client's plan on one
8:37
screen typically we will see most of our
8:39
advisers start their conversations with
8:41
their clients here because you can
8:43
interactively move through all your
8:45
different sources of income expenses
8:48
assets and liabilities throughout any
8:51
year in the plan we've even had some
8:53
advisers reach out to us letting us know
8:55
that their clients rediscovered an old
8:57
401k or investment that they had at
9:00
their old employer due to this view
9:03
since life Hub is completely interactive
9:05
you can make changes on the fly with
9:06
your clients let's say they wanted to
9:09
explore taking social security at a
9:11
different date our social security tool
9:13
allows you to use this slider below and
9:16
see what the benefit amount and break
9:18
even age would be if they were to take
9:20
it anywhere between 62 to 70 you may
9:23
also see by changing Social Security how
9:26
this will affect portfolio withdrawals
9:28
and all the other moving Parts in the
9:29
plan or let's say you're building a plan
9:32
in life Hub you can quickly click to add
9:34
any input to the plan right on the life
9:36
Hub page for example let's quickly add a
9:39
pension this pension pays $1,500 a month
9:42
it doesn't have inflation adjustments
9:44
and it goes away Tim dice you can also
9:47
change the asset allocation on the Fly
9:50
select an investment account then use
9:52
the slider to quickly select a more
9:54
aggressive or conservative asset
9:55
allocation or select model allocations
9:58
to choose any of your pre-built custom
10:00
model
10:01
allocations life of also has a timeline
10:04
that illustrates all of the different
10:05
important Financial milestones in the
10:07
plan whether that be the first year of
10:10
retirement when Social Security kicks in
10:13
a house getting paid off special
10:16
trips or even when R&D start this
10:20
feature allows you to navigate to any
10:22
year in the plan and see how cash flows
10:24
may be changing as the plan evolves
10:26
throughout those golden
10:27
years in addition life Hub seamlessly
10:30
integrates with income lab's tax lab
10:33
making it straightforward for advisers
10:34
to share with their clients the process
10:36
of implementing a Roth conversion on the
10:39
life Hub page advisers and clients can
10:41
clearly see how much will be moved from
10:43
one account to another in each year life
10:46
Hub gives you so many options for
10:48
helping your client understand exactly
10:51
how their plan works and how all the
10:53
pieces fit together regardless of the
10:55
stage of Life they are in now to send
10:58
clients home with a printed version of
10:59
Life Hub select generate report from the
11:02
tool menu you can also create more
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detailed life Hub reports inside the
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report
11:08
Center in closing We Believe planning
11:11
should never be a PF conversation with
11:14
the help of an adviser as a guide
11:16
clients can navigate whatever comes
11:18
their way at income lab our mission is
11:20
to revolutionize how people navigate
11:23
their financial lives so that they can
11:25
live a confidence we hope you will join
11:27
us on carrying out that mission what do
11:29
you say ready to see how incom laab can
11:31
transform your business click the link
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below or visit us at incom lab.