Unlock Planning Potential: How To Leverage Income Lab and fpPathfinder For Better Client Conversations

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I'm gonna just do like a All right.

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Welcome everybody. Welcome to our webinar here.

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Uh, we're gonna get started in just a minute.

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We're gonna let some people come on in over here

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and take their seats, I guess.

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Uh, uh, so as people are coming in here, uh, I'd love

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to hear from you to just drop into the chat.

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Uh, let's say, where are you dialing in from,

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and which tools are you using?

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Are you an FP Pathfinder user,

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an income lab user, or using both.

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Okay. We've got our first person here. Some using both.

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FP Pathfinder? Both. Okay.

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We're gonna have a lot of both over here,

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so this is, this is great.

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Yeah.

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All right. We're gonna get started here

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in just one more minute here.

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Yeah. Kicking the tires. Nice. That was the term I used.

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Mm-hmm. All right, so we got people.

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It seems, Randy, Justin, it looks like there's a lot

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of people that are either using FP Pathfinder,

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and they're looking to learn a little bit more about

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how Income Lab works,

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but there's also a lot of people here

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that are already using both our tools,

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and so now's the time.

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We can be talking about how Randy's

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been using these tools together.

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Uh, so let's see.

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I gotta go through some introductions here.

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Uh, I'm Mike Lacore. I'm the co-founder of FP Pathfinder.

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I'm joined by Randy Depel of

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Randy. A little bit about yourself.

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Yeah, sure. Milestone Money is the name of my firm.

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I'm a independent registered investment advisor here in

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Chicago, um, big fan of financial technology,

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and a user of, of both of, uh, fp Pathfinder and Income Lab.

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Cool. And Justin from Income Lab.

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Uh, do you need to do an introduction? No.

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Yeah, I can do a little introduction.

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Uh, one of the co-founders of Income Lab

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and, um, yeah, we've just really loved working with, uh,

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Randy and Mike and the team at FP Pathfinder.

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So, um, excited to, uh, to kind of go through how

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this integration works

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and hear from Randy about some, uh, best practices.

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Yeah, yeah, exactly. Uh, so, uh, we are recording this.

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We will send it out, uh, depending on

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where the conversation goes.

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Sometimes if we get some links

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or there's some things that we reference, we'll try

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to drop them into the chat, uh,

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or we'll send them out afterwards.

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Uh, when we send out the, the recording, uh, you know,

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that'll come up a couple more times.

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Uh, so look, I'm really excited to have Randy here.

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Uh, one thing that Justin

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and I do when we are here,

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like working in a FinTech company, is we're trying to talk

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to advisors and trying to learn a lot more about

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how they're using the tools

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and getting ideas about how we can work together

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with other tech companies.

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And, uh, and Randy was, was very instrumental in

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what you're about to see here.

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He had really sketched out

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and done a lot of the hard work about what,

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what could something look like over here?

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And the light bulb went on for me right away,

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and it, uh, it, it was pretty cool to be able to partner

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with Justin over here and put something together.

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Uh, so, uh, just,

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just very quickly from Epi Pathfinder standpoint,

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I just wanna tell you a little bit about what we're doing.

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We, we make checklists and flow charts

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and summary guides, uh, for financial advisors

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to help them educate their clients.

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And that shows up in a couple of different ways.

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We are seeing advisors, they're using them in meetings

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to try to uncover more planning opportunities, trying to go

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beyond just talking about investment accounts.

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Uh, we're also seeing advisors take our guides

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and email them to the clients to help answer the questions

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that clients are asking of their financial advisor.

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And in some advisors, they're using us

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as the touch points in their client service calendar.

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You know, they're reaching out to clients on a regular

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basis, and they need to have the content, they need

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to have something to be talking with their clients about

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what are those right questions to ask?

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What are those right topics to be covered?

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Uh, I'm not gonna share anything else over here

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because Randy's got a lot

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of cool things he's gonna be pulling up here,

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and so I'll just pause at different times to, you know,

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interject other things.

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But Justin, there's a lot of people here

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that are probably really trying

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to learn a lot more about Income Lab.

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It's like, you guys are doing some

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amazing things over there.

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Yeah. Happy to do, you know, give give you kind of a,

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a brief, uh, overview of what we're up to.

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As you said, Randy's gonna dive into both

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of the software programs a lot,

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so we can make comments along the way.

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But, you know, income Lab is, um,

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retirement income planning software,

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and increasingly actually kind

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of broader based financial planning software,

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although always focused on retirement.

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So kind of throughout the, the retirement life cycle.

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And, um, it, it's just been an, an amazing ride

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as people really try to, to kind of move from, you know,

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just, uh, holistic financial planning to really providing,

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um, clients with answers

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to just basic questions that they have.

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Like, what can I spend in my retirement?

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I mean, that's kind of the, the key to it.

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And then the other thing about Income Lab

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that's very noticeable is that you'll never kind of see, uh,

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probability of success and failure.

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It's all about, okay, how does an advisor like Randy

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guide me through my life in retirement,

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helping me adjust when I need to?

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So, uh, helping you have very clear guardrails

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and adjust plans for adjustment.

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Also, helping advisors actually automate a lot of that so

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that plans are always up to date so

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that they know when there's an adjustment

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to be made, um, and so on.

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So, lots of stuff to do.

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We'll see, we'll see a lot of it as Randy goes through here.

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I think the other really notable thing about Income Lab is

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that there's a, a lot of very deep tax planning, um, related

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to distribution.

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So not so much about, you know, tax loss,

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harvesting more about, should I do Roth conversions,

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where should I take money from?

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And so on. And, um, yeah, it's, it's been really fun to work

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with Mike and his team because I think we are, we're kind

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of all pointed in the same direction, which is, you know,

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how can we help advisors give clients better advice,

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better experiences, and,

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and, um, you know, really kind of elevate, um, the, the,

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the experience that a a, a client can have. So,

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Yeah. That's awesome.

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Well, thanks Justin. Uh, so Randy Yeah.

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People are excited. I think they wanna just jump in

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and start seeing what you're doing Yeah.

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Uh, the tools that you've got over here and mm-hmm.

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Uh, best practices.

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Sure. Sure. Well, uh, let me, uh, just kind

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of share my screen here really quickly

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and, uh, we'll, we'll get into it.

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So, um, what you're looking at here, by the way,

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this is the, um, I'm gonna move that bar outta the way.

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Uh, this is the dark version of, uh, of Income Lab.

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You, you don't, you have a choice. You can do this.

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I, I kind of like it. I see,

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I see it a little bit more clearly this way myself.

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So, um, but at a, at a very fundamental level,

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what we're looking at here is kind of a timeline of, of,

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of client activity,

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and then how their balance sheet might change over time

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in different periods, right?

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So if you're not a, an income lab user, th this is one

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of the, the tools you can use.

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And these little things up here kind

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of help you see when things happen,

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like the mortgage gets paid off,

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or here's where RMDs kick in,

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or, um, this is when the term insurance policy, you know,

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ends, um, all very important things you wanna

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be talking to your clients about.

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But for me, uh, where the integration really starts

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to take off is when we look through these various boxes

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inside of, of a client's situation.

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And, oh, boy, now what

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did they really log me out? I can't believe.

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All right. So, so while

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You, I'll continue to talk while I, I get loaded back in.

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So, so when, when you're doing this here, is

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that a screen you'll typically start sh sharing

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early on with a client? So,

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Yeah, That's right. You're meeting

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virtually with a client

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and you're pulling up that,

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and that's showing their assets,

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like I saw the four quadrants over there.

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Mm-hmm. And then, yep.

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Not only is it the four quadrants,

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but you also have a timeline going up up top.

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Yeah, that's right. And I'll be able to, um,

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get back in here real quick.

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This is just, we wanted to prove

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to everybody this is not prerecorded.

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That's right. Exactly. Right.

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So now, now we're, now we're back. So, so, yeah.

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So when we were looking here at a, a retired household,

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and this is all demo information, obviously,

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but, um, when we're looking at kind of like their income

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and like, where is this gonna come from in retirement,

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we would say, oh, well, hey, social Security's coming here

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and your portfolio withdrawals are, are gonna be that.

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But we also might notice that, hey, John isn't retired.

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John isn't taking Social Security.

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And maybe one of the questions you run into in the

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conversation while you're on the, the call

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with the client is, well, when should I do that?

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And one of the things you can do with the integration here,

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and you get your integrated little fp Pathfinder, uh,

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tab is all of a sudden all of the different tools,

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all the different checklists that

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FP Pathfinder has are pretty much loaded up in here.

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So you can go ahead and say, what, well,

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what things should I consider?

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And it's gonna take a second

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or two to load up that guide from FP Pathfinder

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because we're all on the internet.

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Um, but when you get there, one of the things I'd like

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to do is you can just kind of click on and, and,

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and you can see the basic information.

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You can kind of ask some of these questions with your client

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on the call, just like this to get some of those answers.

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Or you could, you could launch an interactive checklist,

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and you could either complete it yourself

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or you can send it to your clients

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and say, all right, when we're done with the conversation,

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let's talk about that some more.

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At a high level, here's what I think,

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but if we want to get more specifics, you can actually click

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and send that, that information.

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Um, where I also find a ton of value is not just here,

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but when you also kind of go through and,

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and look at, um, uh, when you come back to, uh,

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where I wanna go, um, inside the household plan,

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if we wanna look at that spending capacity

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and ask some specific questions about that, um,

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we wanna look maybe at the cash flows,

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and you would see that over, I like to look at, personally,

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I like to look at like five years at a time.

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I think looking beyond that is, is, uh, you know,

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fortuitous, but also just kind of like, who knows?

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Um, but being able to look in the, over the next five years

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and say, here's where we think, you know, based upon

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what you have and what we understand, this is

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where we think you should be drawing

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these different funds from.

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And some of em might say, well, what,

252
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Uh, so let's, can we just pause there just for people

253
00:10:38.335 --> 00:10:39.495
that are not familiar?

254
00:10:39.525 --> 00:10:40.895
Like, walk me through these different

255
00:10:40.895 --> 00:10:42.055
colors here very quickly.

256
00:10:42.055 --> 00:10:44.975
Yes. Sorry. So, right. So in this case, we have, uh, all

257
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of our little color tabs here.

258
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So they have a rental property,

259
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there's Social security from Mary, there's a pension.

260
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John's social security kicks in his purple.

261
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And the, the darker color here is the portfolio withdrawals

262
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that we're trying to, to illustrate

263
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how they can manufacture their paychecks in retirement.

264
00:11:02.055 --> 00:11:03.135
Right? Right. So, right. Okay.

265
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Where, what is the thoughtful process

266
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and how do we not over tip the government when we're trying

267
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to pull together from all of our different sources

268
00:11:10.595 --> 00:11:11.695
of income and assets?

269
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And that's, I'm kind of an income

270
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is the outcome type of guy.

271
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We really believe. It's like you spend all this time

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saving for all these different things.

273
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Then when you get to retirement, what's the plan

274
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to distribute all that on the most tax efficient basis?

275
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And that's where income lab really shines.

276
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And so what we're looking at here is like,

277
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if we're looking at one, you know,

278
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through the next five years,

279
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where are these different sources of cash gonna come from?

280
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And that's what these different lines illustrate.

281
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And from that, they might say, well, that,

282
00:11:39.055 --> 00:11:41.815
that all looks good, but what am I gonna pay in taxes?

283
00:11:42.325 --> 00:11:44.935
Well, before it'd be, well, I have, let me go look, I have

284
00:11:44.935 --> 00:11:48.615
to go to the Google tax IRS forms and download that,

285
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or have some other thing available.

286
00:11:50.435 --> 00:11:51.695
FP Pathfinder came along

287
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and said, Hey, you know, we, we've got a, a couple

288
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of nice slides that we can say,

289
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what are our important numbers, uh, for the year?

290
00:11:59.105 --> 00:12:01.125
And so we can say we're, we're gonna look

291
00:12:01.125 --> 00:12:03.485
to do maybe a hundred thousand dollars Roth conversion.

292
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What's that gonna do for me, um, from a tax standpoint,

293
00:12:06.985 --> 00:12:08.125
and this is the preview version,

294
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but I'll show you kind of my, I, I keep a version up here

295
00:12:11.385 --> 00:12:14.565
and it's, uh, you know, branded to my, to my, this is

296
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what the branded version looks like for me, right?

297
00:12:17.305 --> 00:12:19.325
So I could go through and say, Hey, if we do, you know,

298
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here's your income today.

299
00:12:20.705 --> 00:12:22.765
If we do that a hundred thousand dollars conversion,

300
00:12:22.765 --> 00:12:24.725
you're gonna get pushed up into the next bracket here.

301
00:12:24.995 --> 00:12:27.565
What, while that's important, what else is important?

302
00:12:27.675 --> 00:12:30.685
Well, now we can also see is that gonna impact, you know,

303
00:12:30.785 --> 00:12:33.125
any of my Medicare surcharges, are we gonna,

304
00:12:33.125 --> 00:12:34.405
we have to deal with Irma this year.

305
00:12:34.565 --> 00:12:36.565
I don't wanna deal with Irma. She's a pain in the neck.

306
00:12:36.985 --> 00:12:39.965
Um, and then also, what, what about capital gains?

307
00:12:39.965 --> 00:12:42.725
What if we're, what if we're looking at selling something,

308
00:12:43.225 --> 00:12:45.085
uh, to help with our cash flow?

309
00:12:45.085 --> 00:12:48.085
Some about, if you remember from the, uh, the,

310
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the income lab here, it says, Hey, we have

311
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to take all these portfolio distributions.

312
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How do we thoughtfully go through,

313
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it's not just about tax lost harvesting,

314
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it's really about if we have to sell something

315
00:12:58.065 --> 00:13:01.565
to fill up our bucket of income, what is, what's the,

316
00:13:01.565 --> 00:13:04.445
what's gonna be the, uh, the amount that we need to take?

317
00:13:04.445 --> 00:13:06.205
And what bracket are we gonna be in?

318
00:13:06.225 --> 00:13:09.365
Are we also gonna trip over, you know, $250,000

319
00:13:09.385 --> 00:13:11.885
and have to deal with the knit, right.

320
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The net investment income, right?

321
00:13:13.585 --> 00:13:16.685
So all of these things together, this, this is about, as far

322
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as I'm concerned, your client experience being not only, uh,

323
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proactive and thinking about all the different components

324
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that go into it, but also having those tools available

325
00:13:26.945 --> 00:13:28.805
on the spot to be able to give

326
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that client comfort in the process

327
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and comfort in the decision making, uh,

328
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that you're talking to them about.

329
00:13:35.065 --> 00:13:37.285
So that's where, that's where I think having these guys

330
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built into your platform makes a really big

331
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difference. Another,

332
00:13:43.615 --> 00:13:45.435
So, so, uh,

333
00:13:47.395 --> 00:13:50.175
so when some you're meeting with the client, in this case,

334
00:13:50.175 --> 00:13:51.455
you're asking about numbers, you,

335
00:13:51.515 --> 00:13:53.215
you touched upon Social Security.

336
00:13:53.475 --> 00:13:57.935
Mm-hmm. Are, are you pulling up the checklist live,

337
00:13:57.965 --> 00:14:01.335
like it is this screen up with them typically

338
00:14:02.005 --> 00:14:04.395
with from income lab, like you're walking

339
00:14:04.555 --> 00:14:05.875
through this or Yes.

340
00:14:06.025 --> 00:14:07.795
Some of the stuff you're doing behind the scenes,

341
00:14:07.815 --> 00:14:09.715
and then you're, you're talking with them about it,

342
00:14:09.715 --> 00:14:11.115
or you're pulling the numbers together.

343
00:14:11.915 --> 00:14:13.285
Yeah. And I think that, that, that's a,

344
00:14:13.285 --> 00:14:14.445
that's a really great question.

345
00:14:14.505 --> 00:14:16.565
So this, this would be kind of a client experience.

346
00:14:16.565 --> 00:14:17.765
Now we're gonna review and talk about

347
00:14:17.765 --> 00:14:18.925
your cash flows for this year.

348
00:14:18.985 --> 00:14:20.805
So I might even bring it down to something

349
00:14:20.805 --> 00:14:23.085
that's a lot more granular right here.

350
00:14:23.085 --> 00:14:26.925
Here's, here's our, our 2025 and 2026 outcomes

351
00:14:27.185 --> 00:14:28.565
and what we're expecting, right?

352
00:14:28.945 --> 00:14:30.445
And so we could say like, Hey, you know,

353
00:14:30.445 --> 00:14:32.525
that pension's gonna kick in here, is

354
00:14:32.525 --> 00:14:34.005
that gonna do anything to our taxes?

355
00:14:34.705 --> 00:14:35.765
And, you know, there's a lot

356
00:14:35.765 --> 00:14:36.845
of different ways you can do that.

357
00:14:36.945 --> 00:14:38.765
I'm a big fan of, of financial

358
00:14:38.765 --> 00:14:40.045
technology, and I'd like to use tools.

359
00:14:40.045 --> 00:14:41.645
But the important thing is,

360
00:14:41.705 --> 00:14:44.125
if you're making the investment in these tools,

361
00:14:44.225 --> 00:14:45.365
you have to know how to use them.

362
00:14:45.585 --> 00:14:48.245
And you have to be able to wield them with certainty.

363
00:14:48.355 --> 00:14:49.565
It's not, you know, be able

364
00:14:49.565 --> 00:14:51.285
to swing it like a hammer, not like a tooth thick.

365
00:14:51.665 --> 00:14:54.485
Um, and so when, when, when you're able to

366
00:14:56.035 --> 00:14:57.765
talk about this and someone, you know,

367
00:14:57.845 --> 00:15:01.045
a client asks you a question specifically about, well,

368
00:15:01.045 --> 00:15:02.125
what are my tax outcomes?

369
00:15:02.145 --> 00:15:03.925
Or what, what other things about this

370
00:15:04.245 --> 00:15:05.525
distribution plan should I be concerned with?

371
00:15:06.085 --> 00:15:07.725
I can go over here and,

372
00:15:07.725 --> 00:15:10.205
and reference any of these guides immediately

373
00:15:10.705 --> 00:15:12.405
and maybe even walk them through and,

374
00:15:12.405 --> 00:15:14.445
and have them fill it out online

375
00:15:14.545 --> 00:15:16.645
so I could open up another one of these windows here

376
00:15:17.065 --> 00:15:19.365
and help the client kind of complete this checklist.

377
00:15:20.265 --> 00:15:21.645
So you can, you can go through

378
00:15:21.665 --> 00:15:23.765
and like, here's, here's all the questions that are on

379
00:15:23.765 --> 00:15:25.205
that checklist now.

380
00:15:25.265 --> 00:15:27.085
Yes, no, no, yes, no, no.

381
00:15:27.265 --> 00:15:29.045
And then you put, you put it in there.

382
00:15:29.045 --> 00:15:31.205
And the best part is you can send the client

383
00:15:31.585 --> 00:15:32.925
the, the outcomes of this.

384
00:15:33.265 --> 00:15:35.125
And if you're integrated, I use Wealthbox.

385
00:15:35.345 --> 00:15:38.285
But if you're integrated with the CRM, it will also push all

386
00:15:38.285 --> 00:15:40.365
that data directly into your CRM.

387
00:15:40.625 --> 00:15:42.005
That's a huge time saver.

388
00:15:42.025 --> 00:15:43.805
Now, I don't have to like, download the checklist

389
00:15:43.865 --> 00:15:46.285
and read through it and summarize it, cut and paste,

390
00:15:46.285 --> 00:15:47.885
and do all that other fun stuff, right?

391
00:15:47.885 --> 00:15:50.205
So, uh, so that is a big time saver

392
00:15:50.205 --> 00:15:52.045
and a big value add for both you

393
00:15:52.105 --> 00:15:53.525
as an advisor and for the client.

394
00:15:54.445 --> 00:15:56.585
And just, I mean, it's probably clear from these two

395
00:15:56.585 --> 00:15:58.425
examples 'cause you were showing the social security

396
00:15:58.525 --> 00:16:00.185
and now the, uh, the income.

397
00:16:00.185 --> 00:16:01.265
But for people on the call,

398
00:16:01.785 --> 00:16:04.145
I know I saw several boats in there, right?

399
00:16:04.285 --> 00:16:07.945
So right when you turn on this integration, you'll,

400
00:16:07.945 --> 00:16:11.905
that's when you'll see this little, uh, icon in

401
00:16:12.805 --> 00:16:14.945
almost all of the places within Income Lab.

402
00:16:14.945 --> 00:16:17.545
It'll be in the upper right, always, uh, in Life Hub,

403
00:16:17.545 --> 00:16:19.865
it'll be on that, you know, that little side drawer

404
00:16:19.865 --> 00:16:23.225
that opens up and we've made a, you know, an,

405
00:16:23.225 --> 00:16:24.665
an effort we'll be adding even more.

406
00:16:24.725 --> 00:16:28.185
But, um, it's only the relevant guides

407
00:16:28.185 --> 00:16:29.225
to whatever you're looking at.

408
00:16:29.285 --> 00:16:31.425
So, you know, Randy's in Social Security,

409
00:16:31.685 --> 00:16:33.305
so we're talking Social security guides, right?

410
00:16:33.305 --> 00:16:35.985
You're not gonna see, uh, you know, an,

411
00:16:36.405 --> 00:16:37.585
an Irma guide here, right?

412
00:16:37.585 --> 00:16:40.265
It it, so that's what we're saying, like,

413
00:16:40.265 --> 00:16:43.185
let's just always put there at your fingertips

414
00:16:44.065 --> 00:16:45.665
whatever the most relevant guides are.

415
00:16:47.265 --> 00:16:49.195
Yeah. So, you know, one of the things I like about,

416
00:16:49.195 --> 00:16:50.955
even on the insurance side here, you know,

417
00:16:50.955 --> 00:16:52.715
what issue should I consider when reviewing my

418
00:16:52.955 --> 00:16:54.035
existing life insurance policies?

419
00:16:54.205 --> 00:16:56.555
Maybe you're doing this once every two years with clients,

420
00:16:56.575 --> 00:16:57.595
or three years maybe.

421
00:16:57.895 --> 00:17:00.515
Um, but the fact that you've got this built in guide

422
00:17:00.515 --> 00:17:03.035
to help walk and talk a client through

423
00:17:03.035 --> 00:17:04.995
that process is a big value add that

424
00:17:04.995 --> 00:17:06.715
that's gonna separate you, uh,

425
00:17:06.715 --> 00:17:09.555
in the way you do your business versus the next advisor.

426
00:17:09.815 --> 00:17:11.075
So I think it's a, it's a win.

427
00:17:12.435 --> 00:17:15.055
And then, you know, as well, you know, some, some

428
00:17:15.055 --> 00:17:17.575
of the other parts too, even inside of the, the tax lab,

429
00:17:17.595 --> 00:17:19.855
you might say, Hey, we, we've run the strategies.

430
00:17:19.855 --> 00:17:22.735
And, and for those of you who don't use Income Lab, um,

431
00:17:22.765 --> 00:17:25.775
this is basically looking at what are our distribution plans

432
00:17:26.395 --> 00:17:27.895
for all of your retirement assets?

433
00:17:27.995 --> 00:17:30.255
And maybe the traditional strategy might say, Hey,

434
00:17:30.345 --> 00:17:32.335
we're gonna liquidate all our taxable assets first

435
00:17:32.335 --> 00:17:34.615
and our tax deferred assets and our tax free assets.

436
00:17:35.035 --> 00:17:36.975
But now with this, with Income Lab, you can actually

437
00:17:37.495 --> 00:17:38.495
optimize, um,

438
00:17:38.495 --> 00:17:40.375
and figure out what the average tax rates will

439
00:17:40.375 --> 00:17:41.455
be for different strategies.

440
00:17:42.075 --> 00:17:44.735
Um, but inside of this, this, this provides you,

441
00:17:44.735 --> 00:17:48.015
and also kind of be thoughtful about coming back in here

442
00:17:48.015 --> 00:17:50.005
and say, well, what, what kind

443
00:17:50.005 --> 00:17:51.565
of taxes am I gonna have to deal with?

444
00:17:52.105 --> 00:17:55.485
Um, what are, are these all taxed? Are they not taxed?

445
00:17:55.705 --> 00:17:58.285
And this is, you know, for, for most clients out there,

446
00:17:58.335 --> 00:18:00.085
there are plenty of clients that are tax savvy,

447
00:18:00.105 --> 00:18:02.765
but most people don't spend a lot of time thinking the way

448
00:18:02.765 --> 00:18:03.845
that we do about taxes.

449
00:18:04.705 --> 00:18:06.805
And, and so you can walk, you can walk through

450
00:18:06.825 --> 00:18:08.485
and talk through, Hey, you know,

451
00:18:08.515 --> 00:18:10.085
your qualified dividends here,

452
00:18:10.085 --> 00:18:11.365
here's the things that are gonna happen.

453
00:18:11.505 --> 00:18:14.965
You could be potentially hit with a, a 3.8% knit tax,

454
00:18:15.105 --> 00:18:17.165
or are we gonna have early withdrawal penalty?

455
00:18:17.385 --> 00:18:21.045
So having guides like this at your disposal just gives you

456
00:18:21.045 --> 00:18:22.845
more firepower to have a more meaningful

457
00:18:22.845 --> 00:18:24.605
conversation with your client.

458
00:18:24.735 --> 00:18:26.245
Randy, that's a, that's a good point.

459
00:18:26.245 --> 00:18:28.285
Would, would you mind downloading that one?

460
00:18:28.345 --> 00:18:30.325
So, and then making it a little bit larger just

461
00:18:30.325 --> 00:18:34.245
so people can see, because I, I think that, like,

462
00:18:34.915 --> 00:18:38.125
that guide there, I think is, is a powerful way

463
00:18:38.185 --> 00:18:42.205
to have a conversation about why

464
00:18:43.105 --> 00:18:46.125
income planning is can be very complicated.

465
00:18:46.145 --> 00:18:47.325
And there's a lot of moving parts

466
00:18:47.345 --> 00:18:51.325
and the role that Income Lab is helping to solve it.

467
00:18:51.995 --> 00:18:54.425
It's like, I don't know if we can get it. Yeah.

468
00:18:54.425 --> 00:18:57.345
Hopefully people can read this one over here, but,

469
00:18:57.445 --> 00:19:01.775
but the idea is like, what, when I take a distribution

470
00:19:01.775 --> 00:19:03.575
or when the client takes a distribution, where,

471
00:19:04.355 --> 00:19:05.455
how are they getting taxed?

472
00:19:05.875 --> 00:19:08.975
Mm-hmm. And like for speaking for myself as an advisor,

473
00:19:09.085 --> 00:19:11.215
like I, I would forget some of these things.

474
00:19:11.515 --> 00:19:16.295
And so, uh, it's like the different columns

475
00:19:17.135 --> 00:19:19.985
with the, the pluses are all of the, all

476
00:19:19.985 --> 00:19:23.025
of the different kinds of taxes that you're gonna be hit

477
00:19:23.025 --> 00:19:25.785
by when you take out the various distributions

478
00:19:26.255 --> 00:19:28.465
that are listed in the far left column.

479
00:19:28.885 --> 00:19:32.305
Mm-hmm. Yeah. And so this one here, this is great for a,

480
00:19:32.325 --> 00:19:34.305
the talking point to explain like why

481
00:19:34.305 --> 00:19:35.585
there's so much complexity.

482
00:19:36.005 --> 00:19:37.665
And then that pairs, I think great with

483
00:19:37.665 --> 00:19:39.385
what you were just showing Randy about

484
00:19:40.095 --> 00:19:43.505
what Income Lab is doing, where it's helping to calculate,

485
00:19:43.535 --> 00:19:47.505
well, based on your unique situation, we should actually

486
00:19:48.915 --> 00:19:50.645
take money from this, this account

487
00:19:50.645 --> 00:19:53.685
and this account, but not this account. And this,

488
00:19:53.985 --> 00:19:56.845
If you go, Randy, if you go to the, to the tax lab

489
00:19:56.845 --> 00:19:59.005
and click on explore, like,

490
00:19:59.005 --> 00:20:00.365
I don't know if you use the Explorer,

491
00:20:01.025 --> 00:20:02.645
so in the upper left, right?

492
00:20:03.185 --> 00:20:04.725
If, if you use this with a client,

493
00:20:04.945 --> 00:20:08.365
but if you do, uh, you'll see exactly these types

494
00:20:08.365 --> 00:20:09.405
of categories in here.

495
00:20:09.405 --> 00:20:11.405
And I can definitely imagine, um,

496
00:20:11.765 --> 00:20:13.445
a client sort of saying, well, hang on.

497
00:20:13.795 --> 00:20:16.885
Okay, long-term cap gains income, all right.

498
00:20:16.885 --> 00:20:18.965
And why is that floating over there? I don't get that.

499
00:20:19.145 --> 00:20:21.405
Or, or Wait, what's Irma? I've never even heard of Irma.

500
00:20:21.405 --> 00:20:25.325
What is that? Um, you know, so like, these are great charts

501
00:20:25.325 --> 00:20:27.205
and they show you, well, here's how it all stacks up

502
00:20:27.225 --> 00:20:29.045
and here's why we would do, I mean,

503
00:20:29.045 --> 00:20:30.845
this is a very aggressive Roth conversions, right?

504
00:20:30.845 --> 00:20:32.885
But even if you had it set, why are we doing four 80?

505
00:20:33.615 --> 00:20:35.985
There's all these questions that come up

506
00:20:36.805 --> 00:20:40.225
and having the integration allows you to get to, you know,

507
00:20:40.535 --> 00:20:43.625
like some help helpful additional content.

508
00:20:43.885 --> 00:20:47.285
So it, it just, I mean, part of this both Income Lab

509
00:20:47.285 --> 00:20:48.405
and fp pathfinders, like,

510
00:20:48.405 --> 00:20:49.605
we wanna make you look good, right?

511
00:20:49.725 --> 00:20:50.925
I mean, this is like, right,

512
00:20:51.285 --> 00:20:54.925
you're doing some hardcore analysis, um, let's make sure

513
00:20:54.925 --> 00:20:56.205
that, you know, we don't stumble.

514
00:20:58.015 --> 00:21:00.145
Yeah. And it's, it's, it is, it's easy.

515
00:21:00.525 --> 00:21:04.305
Um, we, we deal in, in the world of graphs and percentages

516
00:21:04.365 --> 00:21:06.825
and in that type of thing all day, every day.

517
00:21:06.925 --> 00:21:08.425
But I don't think, you know, most

518
00:21:08.425 --> 00:21:10.345
of your clients probably don't.

519
00:21:10.805 --> 00:21:13.345
Um, and, and so for, to, to show them this,

520
00:21:13.375 --> 00:21:15.985
this is meaningful and they can understand, you know,

521
00:21:15.985 --> 00:21:17.905
a pie chart or, or a bar graph or whatever,

522
00:21:17.905 --> 00:21:20.105
but to be able to kinda walk and talk them through it

523
00:21:20.125 --> 00:21:23.585
and have other tools, uh, like this, that you can say, well,

524
00:21:23.585 --> 00:21:26.665
here's the, this is why we don't wanna do this this year,

525
00:21:27.325 --> 00:21:30.065
or we're gonna, we're gonna do it up to a certain threshold

526
00:21:30.065 --> 00:21:32.585
because when we get over there all of a sudden, you know,

527
00:21:32.585 --> 00:21:35.705
it increases your amount of taxes from a hundred thousand

528
00:21:35.705 --> 00:21:36.745
to 120,000

529
00:21:36.765 --> 00:21:38.425
and let's not give the government more money

530
00:21:38.425 --> 00:21:39.585
than we have to in any given year.

531
00:21:40.005 --> 00:21:42.825
So that's really the, I think the, the real beauty

532
00:21:43.045 --> 00:21:46.265
of having the integration is, is being able to, to toggle

533
00:21:46.265 --> 00:21:47.425
between the technologies and,

534
00:21:47.425 --> 00:21:48.745
and like I was saying earlier though,

535
00:21:48.765 --> 00:21:51.625
but the hard part is you, you do have to spend the time

536
00:21:52.165 --> 00:21:54.705
to figure out where everything lives

537
00:21:55.205 --> 00:21:58.265
so you can seamlessly kind of access it in your meeting.

538
00:21:58.805 --> 00:22:01.745
Um, and that's the benefit of integration for sure, um,

539
00:22:01.845 --> 00:22:04.465
is being able to, to know, uh, where

540
00:22:04.485 --> 00:22:06.985
to find the thing when you need it, um,

541
00:22:07.005 --> 00:22:08.505
so you can illustrate it to the client

542
00:22:08.565 --> 00:22:10.105
and have them get that great visual

543
00:22:10.565 --> 00:22:11.665
and feel good about their money.

544
00:22:13.825 --> 00:22:14.835
Yeah, that's, I said

545
00:22:15.195 --> 00:22:16.675
A couple of quick questions in the q

546
00:22:16.675 --> 00:22:17.915
and a that we could just jump quick.

547
00:22:17.975 --> 00:22:22.915
So, um, the, you should see that the little, um,

548
00:22:23.865 --> 00:22:28.355
icon in the upper right on most, uh, screens in Income Lab,

549
00:22:28.355 --> 00:22:30.195
there are a couple where it's not yet there

550
00:22:30.195 --> 00:22:32.915
where we will be adding them in Life Hub,

551
00:22:32.915 --> 00:22:34.995
you would only see it if you click on an actual item.

552
00:22:35.535 --> 00:22:37.635
Um, so if you go to Life Hub, you won't, you won't see it.

553
00:22:37.635 --> 00:22:41.075
There's already, you know, seven little squares there.

554
00:22:41.175 --> 00:22:43.435
So, um, maybe we'll add it at some point,

555
00:22:43.455 --> 00:22:46.955
but this also helps us kind of, uh, yeah.

556
00:22:46.955 --> 00:22:48.915
So it's only when you open one that you'll see it.

557
00:22:48.915 --> 00:22:50.755
And that also helps us find the ones

558
00:22:50.755 --> 00:22:52.475
that are most relevant to whatever you're working on.

559
00:22:52.535 --> 00:22:54.515
So I know Joanne, you were asking, yeah,

560
00:22:54.515 --> 00:22:55.795
I've got it turned on, but I'm not seeing it.

561
00:22:55.795 --> 00:22:59.475
That is probably, probably why.

562
00:23:00.575 --> 00:23:03.475
Um, let's see if there's any other, um,

563
00:23:05.285 --> 00:23:08.595
there was a question about LPL and approval and things.

564
00:23:08.675 --> 00:23:12.955
I don't know, Mike, what your right, um, relationship is

565
00:23:12.955 --> 00:23:14.355
with LPL for, for Income Lab?

566
00:23:14.735 --> 00:23:15.915
Um, we are available

567
00:23:15.975 --> 00:23:19.395
for use if you are a hybrid advisor at LPL.

568
00:23:19.615 --> 00:23:22.755
Um, so we are not available for use

569
00:23:22.755 --> 00:23:24.355
for just the, the Pure broker dealer.

570
00:23:25.575 --> 00:23:28.675
Got it. Um, yeah, we, we are, um,

571
00:23:30.825 --> 00:23:34.845
we have lots of advisors use from LPL using our guides.

572
00:23:35.385 --> 00:23:38.085
Uh, I think there's, there might be some,

573
00:23:39.195 --> 00:23:41.685
some questions about usage,

574
00:23:41.905 --> 00:23:45.845
but we have a really large disclosure that we worked

575
00:23:45.845 --> 00:23:49.445
with LPL on to, to put on the back page of those guides

576
00:23:49.905 --> 00:23:52.485
to make them, um, to get them through compliance.

577
00:23:53.095 --> 00:23:55.885
Right. Uh, there, there are some things in chat that, let's,

578
00:23:55.895 --> 00:23:57.245
let's just try to go through that.

579
00:23:57.665 --> 00:24:01.205
Um, this, how do you differentiate

580
00:24:01.205 --> 00:24:05.645
between portfolio withdrawals and portfolio income?

581
00:24:07.685 --> 00:24:09.305
I'm assuming that that's more of like just

582
00:24:09.305 --> 00:24:11.305
How yeah's a it's really good question.

583
00:24:11.575 --> 00:24:14.145
Yeah. So, so what you'll see actually, like Randy,

584
00:24:14.145 --> 00:24:16.825
if you open up the income quadrant here,

585
00:24:17.405 --> 00:24:19.745
you'll see the portfolio withdrawals broken out

586
00:24:19.765 --> 00:24:22.185
and even, you know, depending on the strategy that you have

587
00:24:22.185 --> 00:24:25.185
for the plan, this one I think is pro rata,

588
00:24:25.185 --> 00:24:27.105
so it's hitting all the categories at once,

589
00:24:27.405 --> 00:24:30.305
but if you had one that were Roth conversions

590
00:24:30.365 --> 00:24:33.305
or, uh, you know, phasing it, first taxable,

591
00:24:33.305 --> 00:24:35.545
then tax deferred, then then tax-free for example,

592
00:24:35.965 --> 00:24:38.425
you would see down to the account level

593
00:24:38.425 --> 00:24:40.225
where you're taking the withdrawals from.

594
00:24:41.085 --> 00:24:43.025
But I think the point of the question was probably, yeah,

595
00:24:43.025 --> 00:24:44.385
but you can also have some other like,

596
00:24:44.385 --> 00:24:45.945
portfolio related income.

597
00:24:46.275 --> 00:24:48.065
Maybe it's, you know, dividends or,

598
00:24:48.085 --> 00:24:52.545
or things that's all handled in the tax calculations.

599
00:24:52.925 --> 00:24:56.375
But what we're trying to do for clients here is kind

600
00:24:56.375 --> 00:24:58.295
of like Randy was talking about at the beginning about the

601
00:24:58.295 --> 00:25:01.455
zooming in and just answering that question of like, wait,

602
00:25:01.455 --> 00:25:02.535
how are we gonna do this?

603
00:25:02.925 --> 00:25:05.535
Like, what, how are we gonna fund our lifestyle?

604
00:25:06.075 --> 00:25:08.615
Um, you know, dividends, turnover, things like that.

605
00:25:08.625 --> 00:25:11.295
Super important for tax calculations.

606
00:25:11.555 --> 00:25:13.175
But to a client, that's just kind

607
00:25:13.175 --> 00:25:14.735
of like stuff happening in the background, right?

608
00:25:14.735 --> 00:25:17.455
They wanna know how am I gonna spend my money?

609
00:25:17.515 --> 00:25:19.295
And that's, so that's, that's what this is.

610
00:25:19.295 --> 00:25:21.895
So for Income Lab, the only place you see

611
00:25:22.435 --> 00:25:24.415
non withdrawal portfolio income

612
00:25:24.415 --> 00:25:26.695
that is in the tax stuff, right?

613
00:25:26.695 --> 00:25:28.535
So you'll see it in tax lab,

614
00:25:29.035 --> 00:25:30.695
you'll see it in the tax estimates,

615
00:25:30.695 --> 00:25:33.215
but you won't see, you know, another item here that says,

616
00:25:33.215 --> 00:25:36.515
and oh, you had, you know, $10,000 in cap gains

617
00:25:36.515 --> 00:25:38.315
because you, there's some turnover.

618
00:25:38.375 --> 00:25:41.595
It, it is important, but we wanna just focus clients on the,

619
00:25:42.135 --> 00:25:43.955
on the moving parts that matter most to them.

620
00:25:48.195 --> 00:25:51.295
Uh, next up, does income lab compare all options

621
00:25:51.315 --> 00:25:53.935
to generate income and tell you which investment vehicle

622
00:25:53.935 --> 00:25:57.365
provides the most income bonds, dividends, annuities,

623
00:25:57.535 --> 00:25:58.725
systematic withdrawals?

624
00:25:59.425 --> 00:26:03.685
So there's definitely, you can, you can income labs built

625
00:26:03.785 --> 00:26:05.685
for scenario planning as well.

626
00:26:05.685 --> 00:26:07.125
We haven't really focused on that here,

627
00:26:07.385 --> 00:26:09.405
and in fact we have some new features coming out

628
00:26:09.425 --> 00:26:10.565
on exactly that soon.

629
00:26:10.625 --> 00:26:12.885
But you can build multiple plans that vary

630
00:26:12.985 --> 00:26:16.445
how you're investing or, you know, using different products

631
00:26:16.465 --> 00:26:21.085
and things and, and compare, um, them in terms of

632
00:26:21.905 --> 00:26:24.765
do they generate different amounts of income, right?

633
00:26:24.845 --> 00:26:28.325
I said that we often focus on how much can I spend, well,

634
00:26:28.325 --> 00:26:30.925
different plans, we'll have different spending capacity, um,

635
00:26:31.585 --> 00:26:34.965
and it's not always trying to find with the one

636
00:26:34.965 --> 00:26:36.365
with the most spending capacity,

637
00:26:36.525 --> 00:26:38.845
because usually there's a trade off, right?

638
00:26:38.905 --> 00:26:40.525
So, uh, maybe you can spend more,

639
00:26:40.545 --> 00:26:41.965
but also it's more volatile.

640
00:26:42.025 --> 00:26:44.365
You might have to take more pay cuts if things get bad.

641
00:26:44.865 --> 00:26:48.925
Um, so it's, it's kind of a, um, yeah, like

642
00:26:48.945 --> 00:26:51.765
so many things in financial planning, it's, it's a, a matter

643
00:26:51.765 --> 00:26:53.445
of the advisor having the, the conversation

644
00:26:53.505 --> 00:26:55.285
and figuring out what is most comfortable

645
00:26:55.945 --> 00:26:57.445
to the client while still hitting their goals.

646
00:26:58.165 --> 00:26:59.925
I dunno. Randy, do you have any, any comments on that?

647
00:27:01.295 --> 00:27:03.755
No, and I, I mean, uh, you know, no surprise,

648
00:27:03.805 --> 00:27:05.555
these are not the only technologies that I use,

649
00:27:05.555 --> 00:27:07.595
but when it comes down to doing like that,

650
00:27:07.595 --> 00:27:09.915
that fine calculation, I think where you, you,

651
00:27:09.915 --> 00:27:12.195
there's other technologies that might be able

652
00:27:12.195 --> 00:27:13.235
to help you drop in.

653
00:27:13.235 --> 00:27:15.275
Like, okay, well here's our qualified dividends

654
00:27:15.275 --> 00:27:16.395
and know, here's our, you know,

655
00:27:16.455 --> 00:27:20.115
our Roth conversion dollar amounts and see how the taxes

656
00:27:20.495 --> 00:27:22.595
and what the calculation might be from that.

657
00:27:23.015 --> 00:27:25.555
Um, and so if you wanted to get more specific on like,

658
00:27:25.575 --> 00:27:27.075
you know, where, where are we

659
00:27:27.075 --> 00:27:28.475
generating all this income from?

660
00:27:28.875 --> 00:27:30.195
I think that's something that you do.

661
00:27:30.315 --> 00:27:34.315
I, I try and do this type of review, uh, twice a year

662
00:27:34.315 --> 00:27:35.875
with clients kind of at the beginning of the year,

663
00:27:35.875 --> 00:27:38.035
and then kind of at the middle of the year to really kind

664
00:27:38.035 --> 00:27:40.355
of say, Hey, where are we with our spending plan

665
00:27:40.355 --> 00:27:43.395
for the year relative to budget plan goals, et cetera.

666
00:27:43.815 --> 00:27:45.315
And, and to that end, you know,

667
00:27:45.495 --> 00:27:48.995
as those income flows are coming in, I, I like to take some

668
00:27:48.995 --> 00:27:50.395
of those and kind of fill up the buckets

669
00:27:50.395 --> 00:27:52.395
and some of the other planning tools, like a holistic plan

670
00:27:52.815 --> 00:27:55.155
and, and use that as kind of like, here's where we are,

671
00:27:55.375 --> 00:27:56.875
here's where we think we're gonna be.

672
00:27:57.225 --> 00:27:58.515
Does that still work for you?

673
00:27:59.095 --> 00:28:01.515
And as long as the clients are on board with that, then,

674
00:28:01.515 --> 00:28:04.155
then we'll keep on marching on if they have a different

675
00:28:04.155 --> 00:28:06.435
idea, then we'll have to come back to the income lab and,

676
00:28:06.775 --> 00:28:08.915
and modify our plan for whatever that might be.

677
00:28:10.025 --> 00:28:11.395
Yeah, that's, that's interesting.

678
00:28:11.775 --> 00:28:13.715
Uh, we got more questions coming in here.

679
00:28:13.935 --> 00:28:15.715
I'm gonna just take one more second here

680
00:28:15.715 --> 00:28:17.475
before we go through more of those questions.

681
00:28:17.725 --> 00:28:19.195
Randy, I want to just show,

682
00:28:19.495 --> 00:28:21.555
if you don't mind just showing one other section of

683
00:28:21.555 --> 00:28:23.195
how you're using the Yeah, sure.

684
00:28:23.335 --> 00:28:24.635
The, these tools together.

685
00:28:25.215 --> 00:28:27.315
Yep. Um, so in, in like,

686
00:28:27.315 --> 00:28:29.515
and these are more, uh, another part

687
00:28:29.515 --> 00:28:31.435
of income lab is the retirement stress test.

688
00:28:31.695 --> 00:28:34.435
It basically shows you like during different periods

689
00:28:34.435 --> 00:28:38.275
where we had, uh, a lot of stress in our economy, like

690
00:28:38.335 --> 00:28:40.995
how did our spending plan do during these periods?

691
00:28:41.575 --> 00:28:45.315
And, um, what you can see here is, you know, when, when you,

692
00:28:45.495 --> 00:28:47.915
the idea with income lab here is you need

693
00:28:47.915 --> 00:28:50.995
to make a change in your spending plan anytime you're either

694
00:28:50.995 --> 00:28:52.875
hitting the upper or lower guardrail.

695
00:28:53.135 --> 00:28:55.555
If you're in between everything, just you keep on spending,

696
00:28:55.695 --> 00:28:57.915
but you, you have the, you have room

697
00:28:58.535 --> 00:29:01.475
to make changes when it's kind of required.

698
00:29:01.855 --> 00:29:04.155
And so what we're showing here is, hey, you know,

699
00:29:04.455 --> 00:29:07.275
we might be entering a another longer period of inflation,

700
00:29:07.275 --> 00:29:08.915
perhaps, well, this is good.

701
00:29:08.915 --> 00:29:10.115
And this tells people the story.

702
00:29:10.115 --> 00:29:13.235
Here's what it would've happened if you were encountering

703
00:29:13.705 --> 00:29:15.915
this particular time period, right?

704
00:29:16.375 --> 00:29:18.395
Um, or the.com bubble, for example.

705
00:29:18.615 --> 00:29:20.315
Here's what would've happened to our spending plan,

706
00:29:20.535 --> 00:29:21.715
but what does that mean and

707
00:29:21.715 --> 00:29:23.115
what other things should I be thinking about?

708
00:29:23.205 --> 00:29:25.155
We've got all this, you know, all this news about inflation.

709
00:29:25.225 --> 00:29:27.235
Well, having the ability to access some

710
00:29:27.235 --> 00:29:28.435
of the more thoughtful guides

711
00:29:28.435 --> 00:29:32.075
and flowcharts that are in fp Pathfinder right here on the

712
00:29:32.075 --> 00:29:34.595
spot and kind of say, Hey, what should we be thinking about

713
00:29:34.615 --> 00:29:37.035
during a recession or a market correction?

714
00:29:37.035 --> 00:29:39.875
What type of portfolio management tools should we be

715
00:29:39.875 --> 00:29:42.765
deploying to protect your assets may be, um,

716
00:29:43.005 --> 00:29:44.605
a little bit more proactively?

717
00:29:44.745 --> 00:29:48.165
So, uh, you can look at these different tools as ways

718
00:29:48.265 --> 00:29:51.285
to improve your overall client meeting and,

719
00:29:51.285 --> 00:29:53.605
and help you keep the client, you know,

720
00:29:53.665 --> 00:29:56.645
firmly seated in their seat, make them feel good about, Hey,

721
00:29:56.645 --> 00:29:59.605
if, if this happens, you know, we've already put aside money

722
00:29:59.705 --> 00:30:02.765
to to, to ride out the next 2, 3, 4 years

723
00:30:02.785 --> 00:30:03.845
of market volatility.

724
00:30:04.345 --> 00:30:05.885
Let that take, let that take place,

725
00:30:06.065 --> 00:30:08.125
and the stuff that's at the market is at the market.

726
00:30:08.465 --> 00:30:10.245
So there's a lot of different ideas around that,

727
00:30:10.265 --> 00:30:13.365
but I find that just having these tools available to kind

728
00:30:13.365 --> 00:30:15.845
of augment this, again, bar graph

729
00:30:15.845 --> 00:30:17.965
and everybody can kind of understand, as long

730
00:30:17.965 --> 00:30:19.485
as my blue lines in between the green

731
00:30:19.485 --> 00:30:21.805
and the red things are good, um, that's fine.

732
00:30:22.065 --> 00:30:24.485
But to have another flow chart of some kind to kind

733
00:30:24.485 --> 00:30:26.765
of help walk people through a decision map

734
00:30:26.835 --> 00:30:27.845
does make a big difference.

735
00:30:28.905 --> 00:30:30.445
So essentially, uh,

736
00:30:30.505 --> 00:30:32.685
now are you putting this up with for clients as well?

737
00:30:32.995 --> 00:30:34.125
Yeah. Okay.

738
00:30:34.345 --> 00:30:37.005
So you, you put this up and you're saying, we'll walk

739
00:30:37.005 --> 00:30:39.485
through this situation, here's what happened in the past.

740
00:30:39.745 --> 00:30:41.645
Mm-hmm. Right? And you can see how

741
00:30:42.265 --> 00:30:44.725
how there was an upper guardrail and a lower guardrail,

742
00:30:44.785 --> 00:30:48.365
and for the most part, your, your income kind

743
00:30:48.365 --> 00:30:49.565
of like fluctuates in

744
00:30:49.565 --> 00:30:52.045
between those two guardrails occasionally.

745
00:30:52.505 --> 00:30:55.805
And, and that was the, I guess the first chart showed

746
00:30:55.805 --> 00:30:57.885
what was at the top when you go above

747
00:30:57.885 --> 00:30:59.205
or below and there's a reset.

748
00:30:59.745 --> 00:31:00.845
That's right. Right.

749
00:31:01.025 --> 00:31:03.645
Uh, so the, the the green vertical line

750
00:31:03.665 --> 00:31:05.245
and the red vertical line saying, okay,

751
00:31:05.245 --> 00:31:07.725
we've gotta adjust this, right?

752
00:31:08.425 --> 00:31:11.065
How, so you're able historically

753
00:31:11.925 --> 00:31:13.865
To a client, Randy?

754
00:31:14.495 --> 00:31:16.665
Sure. So I, I think, you know, a as you're walking

755
00:31:16.725 --> 00:31:18.185
and talking through here, here's

756
00:31:18.185 --> 00:31:20.505
what would happen if we had another dotcom bubble, right?

757
00:31:20.505 --> 00:31:23.065
And if we can do it, here's what if, if you would've been

758
00:31:23.705 --> 00:31:24.745
invested, you are with the,

759
00:31:24.745 --> 00:31:26.265
with the assets you have right now

760
00:31:26.445 --> 00:31:29.425
before the dotcom bubble, this would've been probab,

761
00:31:29.425 --> 00:31:30.665
this would've been your outcome

762
00:31:30.815 --> 00:31:31.985
over the, over this time period.

763
00:31:32.005 --> 00:31:34.745
It would've, you know, started here and maybe, you know,

764
00:31:34.745 --> 00:31:36.705
before the financial crisis, you know,

765
00:31:36.845 --> 00:31:38.625
we would've been right here.

766
00:31:39.005 --> 00:31:41.625
But the other thing you can also do is you can kind of click

767
00:31:41.625 --> 00:31:42.705
through before, during, or after.

768
00:31:42.725 --> 00:31:44.745
So you can look at these in different contexts,

769
00:31:44.925 --> 00:31:47.905
but what I like to do is not just talk about here's here's

770
00:31:47.905 --> 00:31:49.345
what would've happened, right?

771
00:31:49.365 --> 00:31:52.385
But we can also kind of go to our guides here,

772
00:31:52.525 --> 00:31:54.985
or I'm sorry, I've got too many of these open now.

773
00:31:55.405 --> 00:31:59.385
Um, is it this one? No. Oh, yeah, right now.

774
00:31:59.525 --> 00:32:01.625
So what, what issues, what, what's on your mind?

775
00:32:01.725 --> 00:32:03.665
Do we need to reassess your living expenses

776
00:32:03.765 --> 00:32:04.865
in light of this high inflation?

777
00:32:05.085 --> 00:32:08.585
Yes or no? Do are, if, if, if you're working still,

778
00:32:08.965 --> 00:32:10.705
are we concerned about our ability

779
00:32:10.885 --> 00:32:12.865
to have our earnings keep up with inflation?

780
00:32:13.205 --> 00:32:15.665
So having these kind of like on point yes

781
00:32:15.665 --> 00:32:18.545
or no type of questions to press the client on

782
00:32:18.765 --> 00:32:20.865
how they're feeling about the current environment,

783
00:32:21.345 --> 00:32:22.385
I think is, is material.

784
00:32:22.545 --> 00:32:25.265
I think it really helps you get clear with them

785
00:32:25.525 --> 00:32:29.105
and helps them understand why you're telling them things are

786
00:32:29.105 --> 00:32:31.585
gonna be okay, we just have to stick to our plan,

787
00:32:31.645 --> 00:32:33.745
or we need to make a small adjustment to our plan.

788
00:32:34.005 --> 00:32:35.825
And that's the other thing the income lab does.

789
00:32:35.915 --> 00:32:37.785
It'll tell you, well, hey, you know, we're up.

790
00:32:37.785 --> 00:32:39.580
If we hit the upper guardrail, we can, you know,

791
00:32:39.580 --> 00:32:41.045
give ourselves a raise of 5%.

792
00:32:41.265 --> 00:32:43.005
We hit the bottom rail, we've gotta, you know,

793
00:32:43.005 --> 00:32:45.765
take it down 5%, or we can adjust your spending plan.

794
00:32:45.765 --> 00:32:48.445
It says, well, that's no longer applicable, you know, I,

795
00:32:48.525 --> 00:32:50.285
I lost my job, I'm selling my house.

796
00:32:50.825 --> 00:32:52.325
How is this gonna all change in light

797
00:32:52.325 --> 00:32:53.405
of everything else that's going on?

798
00:32:53.745 --> 00:32:55.045
And I think that's, especially now

799
00:32:55.045 --> 00:32:57.445
and things are a little bit more bumpy than they have been

800
00:32:57.445 --> 00:32:59.645
maybe in the, the recent, uh, year or so.

801
00:32:59.905 --> 00:33:03.205
It, it is helpful to have a multiple, multiple tools

802
00:33:03.345 --> 00:33:06.845
to really figure out where the client's mindset is

803
00:33:06.845 --> 00:33:09.365
and how they're really feeling about their situation.

804
00:33:09.865 --> 00:33:12.085
And I wish we all could have the crystal ball to look out,

805
00:33:12.105 --> 00:33:13.525
you know, 20 years and,

806
00:33:13.525 --> 00:33:16.405
and be able to give a hundred percent certainty on,

807
00:33:16.425 --> 00:33:18.565
on all these issues, but obviously we can't.

808
00:33:18.865 --> 00:33:20.085
So our job is to try

809
00:33:20.085 --> 00:33:23.045
and do our best with the tools that we have available to us,

810
00:33:23.435 --> 00:33:26.045
show the client how things are gonna work out.

811
00:33:27.295 --> 00:33:29.755
That's great. Uh, Justin, we've got a couple

812
00:33:29.755 --> 00:33:32.275
of questions coming in here about the, the stress test.

813
00:33:32.775 --> 00:33:36.515
Uh, Neil's asking your stress test for the last decade,

814
00:33:36.895 --> 00:33:39.995
how were client portfolios return portfolio returns

815
00:33:40.255 --> 00:33:41.795
during this period determined,

816
00:33:42.135 --> 00:33:46.155
and I assume the plan distributions are as of today?

817
00:33:47.165 --> 00:33:50.295
Yeah, so these are all, um, using today's dollars.

818
00:33:51.155 --> 00:33:54.175
Uh, so, you know, the, we're we're looking at, you know,

819
00:33:54.375 --> 00:33:57.295
starting with roughly $20,000 a month that, so

820
00:33:57.295 --> 00:34:01.855
that's basically saying, okay, if today we're November

821
00:34:01.875 --> 00:34:03.135
of 2007,

822
00:34:03.955 --> 00:34:05.855
but only in the sense that we were about

823
00:34:05.855 --> 00:34:07.295
to experience the returns

824
00:34:07.395 --> 00:34:10.015
and inflation that followed that point, uh, right.

825
00:34:10.015 --> 00:34:12.175
But otherwise it's the exact same plan.

826
00:34:12.555 --> 00:34:14.535
Uh, what would've happened going forward?

827
00:34:15.275 --> 00:34:20.095
How would our, um, our portfolio balance have progressed?

828
00:34:20.195 --> 00:34:23.535
How would the guardrails have adjusted over time?

829
00:34:23.595 --> 00:34:25.175
And when would you have taken a pay raise

830
00:34:25.175 --> 00:34:28.175
or a pay cut that we're looking at it in terms of, um,

831
00:34:28.645 --> 00:34:30.495
real dollars, meaning today's dollars here.

832
00:34:30.515 --> 00:34:33.695
So we've stripped out the inflation, which like, Randy,

833
00:34:33.755 --> 00:34:36.775
if you switch over with that little, um, thing to nominal,

834
00:34:37.125 --> 00:34:38.575
this is a good period to look at it.

835
00:34:38.575 --> 00:34:40.535
And nominal, if you look at it for stagflation,

836
00:34:40.535 --> 00:34:42.815
you'll see this incredible amount of inflation.

837
00:34:42.875 --> 00:34:44.335
But, you know, there wasn't a ton of inflation.

838
00:34:44.915 --> 00:34:46.055
Um, look at that.

839
00:34:46.255 --> 00:34:48.575
I mean, it's just huge amounts of inflation,

840
00:34:49.035 --> 00:34:52.575
but, so this is showing you the actual inflation

841
00:34:52.575 --> 00:34:53.975
that happened through the period.

842
00:34:54.475 --> 00:34:57.855
Um, and then for returns, it's using index returns.

843
00:34:58.355 --> 00:35:00.695
Um, you know, since it's not like we have the history

844
00:35:00.695 --> 00:35:03.775
of this client's, uh, uh, returns for this period, right?

845
00:35:03.775 --> 00:35:05.415
So we're saying if you had the same portfolio

846
00:35:05.445 --> 00:35:06.895
with the same asset allocation,

847
00:35:07.235 --> 00:35:09.055
how would it have developed over time?

848
00:35:09.755 --> 00:35:11.895
And, um, and, uh, and,

849
00:35:11.895 --> 00:35:13.375
and when would you have made adjustments?

850
00:35:13.555 --> 00:35:17.695
So here you see the green are pay raises, the red

851
00:35:18.555 --> 00:35:22.945
are pay cuts, the blue are inflation pay raises.

852
00:35:23.845 --> 00:35:26.145
Um, so, you know, we're kind of distinguishing

853
00:35:26.145 --> 00:35:28.185
between just sort of keeping up with inflation versus,

854
00:35:28.565 --> 00:35:30.505
you know, actually changing your purchasing power

855
00:35:33.325 --> 00:35:35.265
and that kind of gray stuff in the background.

856
00:35:35.365 --> 00:35:38.685
That's where your income would've been if you had just stuck

857
00:35:38.685 --> 00:35:39.845
exactly to your plan

858
00:35:39.845 --> 00:35:41.445
and never made an adjustment other

859
00:35:41.445 --> 00:35:42.605
than in this case, inflation.

860
00:35:44.435 --> 00:35:46.015
So you can see when you're above and below,

861
00:35:48.395 --> 00:35:50.745
Right, and on the, the right hand side, you can see

862
00:35:50.745 --> 00:35:52.905
that your, your income's actually going up.

863
00:35:53.855 --> 00:35:55.145
Yeah. So once they hit the nineties,

864
00:35:55.445 --> 00:35:57.025
uh, you know, life was good.

865
00:35:59.465 --> 00:36:00.955
Yeah. And, and really, actually,

866
00:36:00.955 --> 00:36:04.915
what's amazing about the, the adjustments is, you know,

867
00:36:04.915 --> 00:36:07.555
this is basically the worst time to have retired that,

868
00:36:07.555 --> 00:36:09.155
that we have, you know, record of,

869
00:36:09.215 --> 00:36:11.275
and it was actually a time where people did retire, right?

870
00:36:11.535 --> 00:36:15.195
Um, and yeah, there are some times where you're below plan,

871
00:36:15.195 --> 00:36:16.315
but it's not, it's not all that bad.

872
00:36:16.575 --> 00:36:18.555
Um, they, they sort of do okay

873
00:36:18.555 --> 00:36:20.195
by making some adjustments along the way.

874
00:36:20.255 --> 00:36:22.435
And, you know, part of that is this family has some social

875
00:36:22.675 --> 00:36:24.355
security, um, and,

876
00:36:24.355 --> 00:36:27.035
and so on, so they're not depending entirely on their

877
00:36:27.035 --> 00:36:30.275
portfolio, but, um, yeah, there's, there's a lot

878
00:36:30.275 --> 00:36:32.955
of like comfort I think that can come from these,

879
00:36:32.995 --> 00:36:34.475
I don't know if Randy, if you've had that experience,

880
00:36:34.475 --> 00:36:36.515
but where people say, wow, okay, yeah,

881
00:36:37.405 --> 00:36:39.915
relatively small adjustment, temporary,

882
00:36:40.065 --> 00:36:41.275
it's in in years instead

883
00:36:41.275 --> 00:36:43.195
of decades usually. Yeah, I could do that.

884
00:36:44.185 --> 00:36:46.115
Yeah. That, that's generally the, the, the,

885
00:36:46.175 --> 00:36:49.115
the conversation is really trying to help people understand

886
00:36:49.115 --> 00:36:51.275
that, you know, the markets are gonna

887
00:36:51.275 --> 00:36:52.555
happen, whatever happens, happens.

888
00:36:52.735 --> 00:36:55.675
But if we really kind of stick to our knitting here and,

889
00:36:55.675 --> 00:36:58.515
and kind of look at it through a on a year by year basis,

890
00:36:58.975 --> 00:37:00.955
you know, you're, if we're here,

891
00:37:01.225 --> 00:37:02.995
there's no way we could see this, right?

892
00:37:03.495 --> 00:37:05.635
Who knows what's gonna be way out here,

893
00:37:06.095 --> 00:37:07.995
but my, my, you know, kind of coming back

894
00:37:07.995 --> 00:37:09.395
to like control the things you can control,

895
00:37:09.795 --> 00:37:11.395
I can see basically, you know, I know

896
00:37:11.395 --> 00:37:12.835
what the tax rates are from this year.

897
00:37:13.355 --> 00:37:15.755
I know what my income generally is going to be

898
00:37:15.775 --> 00:37:17.515
for this year and maybe the next couple.

899
00:37:17.975 --> 00:37:19.595
How can, if, if something happens,

900
00:37:20.145 --> 00:37:21.395
what is our plan gonna be?

901
00:37:21.455 --> 00:37:24.355
If if our, if our portfolio drops down, you know,

902
00:37:24.445 --> 00:37:26.715
we're gonna make those adjustments, where are we gonna,

903
00:37:26.715 --> 00:37:28.395
where should we think about making cuts?

904
00:37:28.395 --> 00:37:29.955
Where, where, what are, what are some things

905
00:37:30.385 --> 00:37:33.955
that we might be willing to, to forego for a year

906
00:37:33.955 --> 00:37:36.155
or two while the markets readjust

907
00:37:36.175 --> 00:37:38.635
and give us the ability to enjoy more of our income?

908
00:37:39.175 --> 00:37:41.035
So that's really the, the, to try

909
00:37:41.035 --> 00:37:42.435
and, you know, show the big picture,

910
00:37:42.535 --> 00:37:45.515
but also at, at the macro level, bring it down, you know,

911
00:37:45.575 --> 00:37:47.755
to the micro level is really where I try to spend my time.

912
00:37:49.495 --> 00:37:53.385
Troy was asking also for these stress tests, if you have

913
00:37:53.535 --> 00:37:55.905
what we call variable expenses, which are essentially like

914
00:37:57.215 --> 00:37:59.215
expenses that come and go, or they're lumpy.

915
00:38:00.005 --> 00:38:02.255
Another way to think about it is, it's, it's just, you know,

916
00:38:02.255 --> 00:38:04.495
it's the stuff that you would actually include in the

917
00:38:04.645 --> 00:38:06.375
everybody's plan, you know, if they had a mortgage

918
00:38:06.375 --> 00:38:08.975
or if they did some, you know, they bought a house

919
00:38:09.155 --> 00:38:10.655
or that, that kind of stuff.

920
00:38:10.655 --> 00:38:13.175
Whereas, you know, not everyone's plan would have their

921
00:38:13.175 --> 00:38:15.255
Netflix subscription, um, listed.

922
00:38:15.265 --> 00:38:18.015
Right? So the big notable stuff, is

923
00:38:18.015 --> 00:38:19.095
that included in the stress test?

924
00:38:19.195 --> 00:38:20.375
Yes, absolutely. And,

925
00:38:20.955 --> 00:38:23.855
and the question is, are those adjustments affecting those,

926
00:38:23.875 --> 00:38:26.215
or just the baseline other expenses?

927
00:38:26.525 --> 00:38:28.775
It's just affecting the baseline other expenses.

928
00:38:28.835 --> 00:38:31.575
So it's assuming you still wanna pay your mortgage

929
00:38:31.755 --> 00:38:32.815
and you still wanna do this, right?

930
00:38:32.915 --> 00:38:34.495
So it's not, you know,

931
00:38:34.775 --> 00:38:36.365
assuming you're giving up on those goals.

932
00:38:40.035 --> 00:38:43.345
There were some questions that came in earlier about how

933
00:38:43.345 --> 00:38:45.105
to turn on this integration.

934
00:38:46.325 --> 00:38:48.615
Yeah, I don't wanna show, you know,

935
00:38:48.615 --> 00:38:49.655
Randy's personal information,

936
00:38:49.655 --> 00:38:51.775
but if you click on that, you'll have an integrations.

937
00:38:52.075 --> 00:38:53.535
Um, so the upper right,

938
00:38:54.035 --> 00:38:56.535
you see integrations right there, just click on that.

939
00:38:56.555 --> 00:38:59.455
You'll see, um, a list of your current integrations,

940
00:38:59.575 --> 00:39:01.615
I believe you just click add or, you know,

941
00:39:01.995 --> 00:39:04.615
and then you'll get a little, a little popup

942
00:39:04.615 --> 00:39:06.095
with all the possible integrations,

943
00:39:06.275 --> 00:39:07.775
FP path files it on there, click it,

944
00:39:07.995 --> 00:39:09.935
and, uh, it's an instant thing.

945
00:39:09.935 --> 00:39:11.895
Just, you know, if you, once you turn it on, come back

946
00:39:11.895 --> 00:39:13.775
and you'll be, you'll be good to go.

947
00:39:14.275 --> 00:39:15.335
Be good to go, right?

948
00:39:16.075 --> 00:39:18.695
Oh, and that, and so for fp Pathfinder members,

949
00:39:18.755 --> 00:39:21.175
it doesn't matter what membership level you have,

950
00:39:21.195 --> 00:39:22.935
you could be Essentials Deluxe or Premier,

951
00:39:23.515 --> 00:39:26.215
and all of those links work, they'll take you over to

952
00:39:26.405 --> 00:39:27.495
that specific guide.

953
00:39:27.915 --> 00:39:29.055
And if you're not logged in,

954
00:39:29.055 --> 00:39:30.535
they'll just prompt you to log in.

955
00:39:31.075 --> 00:39:33.295
Uh, maybe down the road we'll do a single sign on.

956
00:39:33.295 --> 00:39:35.575
But first, let's, we'll, we'll get started with this.

957
00:39:36.775 --> 00:39:39.205
Uh, so there you see,

958
00:39:39.935 --> 00:39:42.405
Sorry, Mike, did, did you see the question about CRMs?

959
00:39:42.405 --> 00:39:45.205
I don't know what Oh, yeah. Mentioned the CM integration. So

960
00:39:45.735 --> 00:39:46.735
Yeah, that was the other one. So,

961
00:39:46.735 --> 00:39:51.105
uh, Randy quickly showed, uh, uh, an interactive version

962
00:39:51.265 --> 00:39:54.185
of the social security checklist of all

963
00:39:54.185 --> 00:39:57.825
of our checklists are interactive versions as well

964
00:39:57.845 --> 00:39:58.945
as a PDF version.

965
00:39:59.725 --> 00:40:03.385
So in that case, an advisor could send out this checklist

966
00:40:04.125 --> 00:40:07.915
before or after a client meeting and say, Hey, let's say

967
00:40:08.015 --> 00:40:10.635
before this meeting, I know we're gonna be talking about

968
00:40:10.635 --> 00:40:12.435
Social security because I saw it in your,

969
00:40:12.575 --> 00:40:14.635
in our income lab here, that it,

970
00:40:14.785 --> 00:40:16.395
there's a question mark here.

971
00:40:16.935 --> 00:40:17.955
So please take the moment

972
00:40:18.015 --> 00:40:20.995
and go through, check the boxes, you can click the icon,

973
00:40:20.995 --> 00:40:23.315
you can add add notes or learn a little bit more.

974
00:40:23.735 --> 00:40:25.475
And then when the, when the client's done,

975
00:40:25.475 --> 00:40:27.035
they can hit the submit button

976
00:40:27.135 --> 00:40:28.995
and it will send all of

977
00:40:28.995 --> 00:40:32.155
that over into the CRM for the advisor.

978
00:40:32.655 --> 00:40:35.635
And we integrate with, uh, Redtail, Wealthbox

979
00:40:35.935 --> 00:40:37.815
and Salesforce, uh,

980
00:40:37.955 --> 00:40:39.735
and Accelerate, which is kind

981
00:40:39.735 --> 00:40:41.775
of like a Salesforce, um, skin.

982
00:40:42.675 --> 00:40:45.735
And, and within that it's putting it all in,

983
00:40:45.735 --> 00:40:48.215
in the client notes section, but

984
00:40:48.455 --> 00:40:51.775
whenever the client marked yes on one of those questions,

985
00:40:52.485 --> 00:40:54.735
that means that there's probably an issue to talk about.

986
00:40:55.035 --> 00:40:57.215
And so that's gonna get bubbled up to the top of the note,

987
00:40:57.595 --> 00:41:00.255
and it will also get assigned as its own task

988
00:41:00.355 --> 00:41:04.615
or all of the Yes questions, yes, answers will get assigned

989
00:41:04.615 --> 00:41:05.655
as its own task.

990
00:41:06.275 --> 00:41:09.655
So that if Randy had sent this out, uh,

991
00:41:10.395 --> 00:41:12.895
and then he's meeting with the client, he can quickly look

992
00:41:12.895 --> 00:41:15.455
and see, okay, I've got four different planning issues

993
00:41:15.455 --> 00:41:16.855
around Social security that I,

994
00:41:16.925 --> 00:41:18.815
I've gotta make sure I got clarification on.

995
00:41:19.865 --> 00:41:21.565
But then in the note, we have a documentation

996
00:41:21.565 --> 00:41:23.765
of everything else that's going on just for records.

997
00:41:24.425 --> 00:41:27.885
Mm-hmm. That's awesome. That's so cool.

998
00:41:28.305 --> 00:41:29.405
Um, for Income Lab,

999
00:41:29.425 --> 00:41:32.005
the only CRM work we integrate with right now is Redtail.

1000
00:41:32.265 --> 00:41:35.285
Um, we've got a bunch of other integrations.

1001
00:41:35.595 --> 00:41:39.085
Most of our integrations, uh, really other than, uh,

1002
00:41:39.745 --> 00:41:43.045
epi Pathfinder are focused on providing, um,

1003
00:41:44.195 --> 00:41:46.285
data updates for plans.

1004
00:41:46.355 --> 00:41:50.765
Because what we're, what we're trying to do is help you, um,

1005
00:41:51.945 --> 00:41:54.805
manage your planning practice so that you don't have

1006
00:41:54.865 --> 00:41:56.405
so much work to do, and so that,

1007
00:41:56.405 --> 00:41:58.445
you know when there's something to do in a plan.

1008
00:41:58.505 --> 00:42:00.165
So Randy's showing the track

1009
00:42:00.165 --> 00:42:04.405
and monitor option, um, which if you turn that on, then

1010
00:42:04.405 --> 00:42:07.365
that plan will be automatically updated every month.

1011
00:42:07.465 --> 00:42:09.285
So we do it at the beginning of the month, um,

1012
00:42:09.945 --> 00:42:12.845
to pull in new, uh, account balances,

1013
00:42:13.645 --> 00:42:15.405
anything we can access, we, we will do.

1014
00:42:15.405 --> 00:42:17.605
And then, uh, the software also consumes a bunch

1015
00:42:17.605 --> 00:42:20.245
of other data about the economy and so on.

1016
00:42:20.245 --> 00:42:23.205
And so it's always gonna let you know if the plan is calling

1017
00:42:23.305 --> 00:42:24.725
for an adjustment.

1018
00:42:24.805 --> 00:42:27.165
I mean, even things like, you know,

1019
00:42:27.295 --> 00:42:31.205
every January everybody gets a Social Security Cola, right?

1020
00:42:31.445 --> 00:42:33.485
I I, I'm not aware of other software

1021
00:42:33.485 --> 00:42:36.605
that automatically applies that, um, but you should, right?

1022
00:42:36.605 --> 00:42:39.045
In January, otherwise every single plan you have is out

1023
00:42:39.045 --> 00:42:41.445
of date, including plans where they have not yet begun

1024
00:42:41.445 --> 00:42:42.925
to take Social Security, right?

1025
00:42:42.925 --> 00:42:44.365
Because we actually, we need

1026
00:42:44.365 --> 00:42:46.725
to cola adjust a future benefit as well.

1027
00:42:46.945 --> 00:42:49.405
So I mean, that's just one example, kind of an obvious one.

1028
00:42:49.745 --> 00:42:52.525
Um, but that's, that's what our, our,

1029
00:42:52.745 --> 00:42:55.445
we mostly have focused on with our integration.

1030
00:42:55.505 --> 00:42:58.005
So it's more often gonna be custodians,

1031
00:42:58.005 --> 00:43:00.085
portfolio management software.

1032
00:43:00.625 --> 00:43:04.885
Um, there are some, some other, uh, you know, like, uh,

1033
00:43:05.285 --> 00:43:06.325
nitrogen, things like that.

1034
00:43:06.345 --> 00:43:08.685
But any, a lot of them, the, the theme is, okay,

1035
00:43:08.685 --> 00:43:10.245
where can we find account balances?

1036
00:43:10.585 --> 00:43:12.245
Um, there's also, you can do

1037
00:43:12.785 --> 00:43:15.165
client credentialed aggregation through Yodlee.

1038
00:43:15.465 --> 00:43:17.485
Um, that's usually kind of a, you know,

1039
00:43:17.565 --> 00:43:21.125
a a a last last resort if, if you can get 'em through, uh,

1040
00:43:21.355 --> 00:43:24.285
your own software, that's a lot easier to manage.

1041
00:43:24.775 --> 00:43:28.445
Right. Do, do clients, is there like a client portal?

1042
00:43:28.625 --> 00:43:30.525
That's one of the questions that came through earlier

1043
00:43:31.675 --> 00:43:33.465
There is, there is a client portal.

1044
00:43:33.765 --> 00:43:36.225
Um, it's, you know, more limited, right?

1045
00:43:36.225 --> 00:43:37.945
So you don't, you don't get access to all the kind

1046
00:43:37.945 --> 00:43:39.265
of advanced settings and things like that.

1047
00:43:39.405 --> 00:43:42.105
And you can, uh, choose what level

1048
00:43:42.125 --> 00:43:43.865
of access you give the client.

1049
00:43:44.125 --> 00:43:45.945
So some people choose to only give them

1050
00:43:45.945 --> 00:43:47.145
access to the aggregator.

1051
00:43:47.145 --> 00:43:49.825
Basically, it's just a way to go set up the oly, uh,

1052
00:43:50.445 --> 00:43:51.465
uh, integrations.

1053
00:43:51.885 --> 00:43:55.665
Um, you can give read only or you can give full read write.

1054
00:43:56.005 --> 00:43:58.305
Um, I even have talked with advisors

1055
00:43:58.305 --> 00:43:59.305
who will give read write so

1056
00:43:59.305 --> 00:44:00.745
that the advisor can fill some stuff in,

1057
00:44:00.805 --> 00:44:02.825
or so the client rather can fill some stuff in

1058
00:44:02.825 --> 00:44:05.785
and then they'll revoke it and make it read only. Um,

1059
00:44:06.455 --> 00:44:07.455
Okay.

1060
00:44:08.095 --> 00:44:12.745
Yeah, we've, we've heard about some advisors where as part

1061
00:44:12.745 --> 00:44:15.825
of like their annual client review meeting, they're,

1062
00:44:15.935 --> 00:44:17.105
they're doing two things.

1063
00:44:17.135 --> 00:44:19.625
There's, they're saying, they email goes out

1064
00:44:19.905 --> 00:44:22.425
and says, uh, it's time for the,

1065
00:44:22.425 --> 00:44:24.185
your annual client review meeting.

1066
00:44:24.615 --> 00:44:25.865
It's really important. We get

1067
00:44:25.865 --> 00:44:27.145
to uncover a lot of great things.

1068
00:44:27.845 --> 00:44:30.345
Uh, we'll give a couple actually concrete examples,

1069
00:44:30.845 --> 00:44:32.205
and then they say, uh,

1070
00:44:32.265 --> 00:44:34.445
please review this fp pathfinder checklist,

1071
00:44:34.675 --> 00:44:36.245
this annual client review checklist,

1072
00:44:36.865 --> 00:44:40.005
and also go into your financial planning portal if,

1073
00:44:40.265 --> 00:44:43.205
if they have it, if it's available, and,

1074
00:44:43.425 --> 00:44:44.965
and update some of your information

1075
00:44:44.965 --> 00:44:46.085
that we don't have available.

1076
00:44:46.265 --> 00:44:48.285
So if it's some outside held assets,

1077
00:44:48.715 --> 00:44:52.405
something else is going on, like, let's update that so

1078
00:44:52.405 --> 00:44:56.005
that you as the advisor are able to prepare

1079
00:44:56.075 --> 00:44:57.565
with the latest information.

1080
00:44:58.185 --> 00:45:02.055
Unlike what I've had to do for so long, it's like I sit down

1081
00:45:02.055 --> 00:45:04.175
with a client and I'm going, let's go update this.

1082
00:45:04.275 --> 00:45:07.975
And now it turns out like, let, they, they already,

1083
00:45:08.205 --> 00:45:09.775
they're retiring right now,

1084
00:45:09.875 --> 00:45:12.375
or they are, they just perceived an inheritance

1085
00:45:12.375 --> 00:45:14.335
and I'm finding out about it now in the meeting

1086
00:45:15.155 --> 00:45:17.015
and now it leads to all this follow-up work.

1087
00:45:17.165 --> 00:45:19.535
This helps to really streamline the system,

1088
00:45:19.955 --> 00:45:20.975
but that's cool to see that.

1089
00:45:22.715 --> 00:45:25.495
And Randy, do you use, I, I think,

1090
00:45:25.575 --> 00:45:27.335
I feel like I remember you saying this, like,

1091
00:45:27.335 --> 00:45:29.815
do you use Life Hub also for, for that?

1092
00:45:29.815 --> 00:45:31.255
Like, especially if you're on the current year

1093
00:45:31.755 --> 00:45:32.975
and you blow that thing out

1094
00:45:33.035 --> 00:45:35.135
and you know, you can see everything, it's like, all right,

1095
00:45:35.135 --> 00:45:37.925
this is everything I have in your plan, right?

1096
00:45:38.005 --> 00:45:39.765
I mean, like if, if we have a pension

1097
00:45:39.785 --> 00:45:42.405
and a rental property, um, great.

1098
00:45:42.565 --> 00:45:44.365
I know to review those, like did we get a,

1099
00:45:45.305 --> 00:45:47.165
an inflation adjustment on the pension?

1100
00:45:47.385 --> 00:45:48.405
You know, is it, what are you,

1101
00:45:48.405 --> 00:45:49.525
what are you charging on the rental?

1102
00:45:49.945 --> 00:45:51.565
All that kind of stuff. Mm-hmm.

1103
00:45:51.905 --> 00:45:56.785
Yep. Yeah, exactly.

1104
00:45:56.845 --> 00:45:59.865
That's a, that's just another, uh, I, I try

1105
00:45:59.865 --> 00:46:01.545
to not do it all at once.

1106
00:46:01.865 --> 00:46:03.905
I think it, it kind of overwhelms clients, so I try

1107
00:46:03.905 --> 00:46:08.185
to break it down the smaller communications, I may even,

1108
00:46:08.285 --> 00:46:09.665
uh, do some Loom videos.

1109
00:46:09.815 --> 00:46:11.105
It's like, Hey, did anything, what,

1110
00:46:11.105 --> 00:46:13.065
tell me about your social security upgrade.

1111
00:46:13.065 --> 00:46:15.025
You know, you can either, you know, send me an email

1112
00:46:15.025 --> 00:46:17.585
or shoot me a text, preferably if, if you got a change in

1113
00:46:17.585 --> 00:46:19.545
that, let me know what that is and then I'll go in

1114
00:46:19.545 --> 00:46:21.265
and make the update and then be able to share

1115
00:46:21.265 --> 00:46:22.265
that the next time around.

1116
00:46:23.535 --> 00:46:26.575
Yeah. Very interesting.

1117
00:46:26.715 --> 00:46:30.245
So, uh, I think we, if people have more questions,

1118
00:46:30.245 --> 00:46:32.565
they wanna see anything else, please let us know.

1119
00:46:32.565 --> 00:46:36.765
Over here. I've got at least one more, uh, trust

1120
00:46:36.865 --> 00:46:39.205
and estate income tax planning considerations,

1121
00:46:39.945 --> 00:46:42.045
income lab address, this category.

1122
00:46:43.235 --> 00:46:46.165
Yeah, so we, we definitely, there are ways of planning

1123
00:46:46.705 --> 00:46:48.285
for legacy.

1124
00:46:48.665 --> 00:46:51.885
So like planning for a portfolio legacy, for example.

1125
00:46:52.385 --> 00:46:54.845
Um, when you're asking that question, what can I spend,

1126
00:46:55.225 --> 00:46:56.645
you'll get a very different answer.

1127
00:46:57.105 --> 00:47:01.805
If you say, um, you know, my heirs will get what they get

1128
00:47:01.865 --> 00:47:04.805
and they won't throw a fit, versus I wanna leave a million

1129
00:47:05.005 --> 00:47:06.445
dollars adjusted for inflation

1130
00:47:06.475 --> 00:47:07.565
because, you know, each

1131
00:47:07.565 --> 00:47:09.285
of my four kids is gonna get a quarter million

1132
00:47:09.305 --> 00:47:11.605
or whatever, you'll get a lower number for your,

1133
00:47:11.605 --> 00:47:14.525
what you can spend because you're trying to fund that, um,

1134
00:47:15.155 --> 00:47:16.205
that legacy plan.

1135
00:47:16.585 --> 00:47:20.405
Um, we see a lot of people doing, you know, gifting

1136
00:47:20.505 --> 00:47:23.045
or charitable stuff during their life.

1137
00:47:23.145 --> 00:47:26.005
You know, they'll do like a donor advise fund, um,

1138
00:47:26.585 --> 00:47:28.965
and then, you know, carry forwards of,

1139
00:47:29.545 --> 00:47:31.085
of deductions and things like that.

1140
00:47:31.085 --> 00:47:32.445
That's all covered in income lab.

1141
00:47:32.705 --> 00:47:36.285
Uh, what's not covered is estate plan, estate tax.

1142
00:47:36.945 --> 00:47:40.445
Um, so if there are particular estate tax, um,

1143
00:47:40.885 --> 00:47:42.845
planning issues, typically you would,

1144
00:47:42.865 --> 00:47:44.525
you would have other tools to, to handle that.

1145
00:47:44.585 --> 00:47:46.085
You know, these days, uh, fewer

1146
00:47:46.145 --> 00:47:48.325
and fewer people have at least, uh,

1147
00:47:48.325 --> 00:47:50.165
federal estate tax issues.

1148
00:47:50.705 --> 00:47:53.045
Um, I did see somebody asking about non-grant

1149
00:47:53.045 --> 00:47:54.245
or trust, right?

1150
00:47:54.245 --> 00:47:55.445
Definitely doable as well.

1151
00:47:55.445 --> 00:48:00.005
There's, um, lots of kind of, you know, complex types of in,

1152
00:48:00.025 --> 00:48:03.965
uh, investment income that you can have hit the plan.

1153
00:48:04.105 --> 00:48:06.605
You know, I've, I've seen people do, you know,

1154
00:48:06.605 --> 00:48:07.645
maybe they sold a business

1155
00:48:07.645 --> 00:48:09.645
and they're having, uh, you know, that they get,

1156
00:48:09.645 --> 00:48:11.165
they get payments on that through the years.

1157
00:48:11.545 --> 00:48:14.565
Um, so lots of things you can do, um, to, to,

1158
00:48:14.745 --> 00:48:16.805
and you'd see it in this life hub picture.

1159
00:48:17.075 --> 00:48:18.075
Then, um,

1160
00:48:21.995 --> 00:48:24.935
Can aggregated assets like bank accounts be shown in

1161
00:48:25.685 --> 00:48:28.615
bank accounts or only in investment accounts?

1162
00:48:29.355 --> 00:48:31.975
You can aggregate, uh, banking accounts

1163
00:48:32.035 --> 00:48:34.455
and, um, also liabilities actually.

1164
00:48:34.455 --> 00:48:36.495
So you can, you can put 'em in, you know, if you,

1165
00:48:36.515 --> 00:48:39.335
if you wanna track your mortgage balance, uh, for example,

1166
00:48:39.435 --> 00:48:41.495
you can, you can't do that here.

1167
00:48:42.685 --> 00:48:46.575
Okay. Uh, so, uh, we're, we're kind

1168
00:48:46.575 --> 00:48:47.615
of wrapping up over here.

1169
00:48:47.795 --> 00:48:51.665
Uh, Randy, what, for, for advisors here,

1170
00:48:52.005 --> 00:48:54.065
or if you're talking with other advisors offline?

1171
00:48:54.535 --> 00:48:58.025
Yeah. What are some of your, your favorite tips

1172
00:48:58.165 --> 00:49:01.705
or your favorite lessons learned about using these tools

1173
00:49:02.245 --> 00:49:04.705
or, uh, or ideally using them together?

1174
00:49:05.925 --> 00:49:08.695
Yeah, I think, I think, you know, my, my whole, uh,

1175
00:49:09.255 --> 00:49:12.335
approach here is trying to, to reduce the total number

1176
00:49:12.335 --> 00:49:15.415
of clicks and, and things I have to open download and,

1177
00:49:15.475 --> 00:49:19.655
and process to deliver information to the client

1178
00:49:19.655 --> 00:49:21.255
that's relative to our particular meeting.

1179
00:49:21.875 --> 00:49:24.015
And so you need to, you need to be able

1180
00:49:24.015 --> 00:49:25.855
to integrate these technologies.

1181
00:49:25.995 --> 00:49:28.415
You have to know where to be able

1182
00:49:28.415 --> 00:49:30.175
to find different parts of it.

1183
00:49:30.435 --> 00:49:32.255
And so the, like I was thinking about the amount of money

1184
00:49:32.255 --> 00:49:35.615
that you invest in the software is, is half, um,

1185
00:49:35.675 --> 00:49:37.535
the other half of your investment is your time

1186
00:49:37.875 --> 00:49:40.215
and making sure you know how to use them and use them well.

1187
00:49:40.635 --> 00:49:43.655
Um, so for, for example, you know, if, if we're,

1188
00:49:43.655 --> 00:49:45.615
if we're really kind of looking at, let's go to the,

1189
00:49:45.875 --> 00:49:46.895
the tax lab and,

1190
00:49:46.895 --> 00:49:49.575
and we really want to talk about the, the total tax.

1191
00:49:50.045 --> 00:49:52.095
Well what does that mean? Well, here, here's,

1192
00:49:52.195 --> 00:49:54.015
here's the dollars in a fancy bar graph

1193
00:49:54.015 --> 00:49:56.335
that shows you if we did all of our Roth conversions, now,

1194
00:49:56.755 --> 00:49:58.655
um, this is the total taxes we pay.

1195
00:49:59.315 --> 00:50:02.335
Um, but it doesn't tell me, um, you know,

1196
00:50:02.335 --> 00:50:03.775
it's taking into account current rates.

1197
00:50:03.775 --> 00:50:05.455
Well, what happens if there's a change in rates?

1198
00:50:05.525 --> 00:50:07.335
Well, um, we'd have to account for that

1199
00:50:07.335 --> 00:50:08.735
and obviously the software would be updated,

1200
00:50:08.795 --> 00:50:12.535
but as of today, looking forward, this is this, this is kind

1201
00:50:12.535 --> 00:50:16.535
of the, the lifetime, um, tax pattern you'd run through.

1202
00:50:16.925 --> 00:50:19.655
Well, what other taxes might I encounter along the way?

1203
00:50:19.955 --> 00:50:21.495
Is this the best thing for me to do?

1204
00:50:21.885 --> 00:50:24.815
Well, having other resources available up here that kind

1205
00:50:24.815 --> 00:50:27.485
of can walk you through, you know, should we doing this,

1206
00:50:27.485 --> 00:50:28.805
should we doing or Roth conversion

1207
00:50:28.805 --> 00:50:31.365
or will, will, will, will all this be penalty free?

1208
00:50:31.365 --> 00:50:33.285
Well, let's, let's have a look and go through those.

1209
00:50:33.785 --> 00:50:35.485
Um, what about Irma surcharges?

1210
00:50:35.485 --> 00:50:39.325
So again, the, the level in which you as you have

1211
00:50:39.325 --> 00:50:41.045
to use your, and I'll use somebody else's quote,

1212
00:50:41.115 --> 00:50:43.565
your advisor intelligence, um, to

1213
00:50:45.195 --> 00:50:49.045
deliver these customized, personalized experiences

1214
00:50:49.105 --> 00:50:51.925
for each one of your clients, really has to do

1215
00:50:51.925 --> 00:50:54.965
with your ability to, to utilize all of your tools

1216
00:50:54.965 --> 00:50:57.365
and technology in a very timely fashion.

1217
00:50:57.505 --> 00:50:59.365
And, you know, you don't have the opportunity

1218
00:50:59.365 --> 00:51:00.725
to be wrong too many times, right?

1219
00:51:00.865 --> 00:51:03.045
So we wanna make sure that I have access

1220
00:51:03.045 --> 00:51:05.885
to the things I need to have those conversations.

1221
00:51:06.185 --> 00:51:07.805
And obviously you, you can't be perfect.

1222
00:51:07.985 --> 00:51:10.245
So, saying I, I'll, I don't have it handy.

1223
00:51:10.405 --> 00:51:13.045
I can follow up with you, is completely acceptable.

1224
00:51:13.545 --> 00:51:16.805
But from a, an overall client experience you're gonna have a

1225
00:51:16.805 --> 00:51:19.845
much more satisfied client if you can combine these

1226
00:51:19.845 --> 00:51:22.925
different technologies and use them to help feel,

1227
00:51:22.955 --> 00:51:25.325
make the client feel good about their decisions

1228
00:51:25.325 --> 00:51:26.565
and make them feel good about their money.

1229
00:51:27.755 --> 00:51:31.355
Yeah. There's a study out there in,

1230
00:51:31.735 --> 00:51:33.155
in the medical profession,

1231
00:51:33.635 --> 00:51:35.075
I think we've all experienced this.

1232
00:51:35.095 --> 00:51:36.835
You go to the doctor or the dentist

1233
00:51:37.655 --> 00:51:39.955
and you're there to talk to 'em about something,

1234
00:51:40.015 --> 00:51:41.555
and then they hand you a pamphlet

1235
00:51:41.615 --> 00:51:43.875
or a piece of paper, something for you

1236
00:51:43.875 --> 00:51:46.915
to learn a little bit more about the recommendation the

1237
00:51:46.915 --> 00:51:48.315
doctor or the dentist is making.

1238
00:51:49.575 --> 00:51:52.155
Now, sometimes it's a nice polished brochure.

1239
00:51:52.155 --> 00:51:54.395
Sometimes it's like a photocopied piece of paper

1240
00:51:54.395 --> 00:51:56.075
that they probably had for 15 years,

1241
00:51:57.375 --> 00:51:59.515
but there's, in,

1242
00:51:59.515 --> 00:52:03.315
there's studies done on the likelihood of

1243
00:52:03.315 --> 00:52:05.795
that patient acting upon the recommendation

1244
00:52:06.385 --> 00:52:09.395
when they account for, did they receive a piece of paper,

1245
00:52:09.465 --> 00:52:11.755
like a p, like a deliverable, a handout,

1246
00:52:12.055 --> 00:52:13.795
an educational piece or not?

1247
00:52:14.495 --> 00:52:16.555
And I don't have the, the stat handy,

1248
00:52:16.575 --> 00:52:20.115
but it's like whopping high if you,

1249
00:52:20.455 --> 00:52:23.275
if the pa the patient receives that deliverable

1250
00:52:23.425 --> 00:52:26.395
because then when they go home afterwards when they're

1251
00:52:26.395 --> 00:52:28.315
thinking about this, they've got something else

1252
00:52:28.335 --> 00:52:31.435
to reference, something else to just spur their thinking

1253
00:52:31.935 --> 00:52:34.555
and get them to like remember what was discussed.

1254
00:52:34.855 --> 00:52:37.235
Mm-hmm. And so Randy, like when I see

1255
00:52:37.535 --> 00:52:40.635
and hear what you're doing here, like that's you,

1256
00:52:40.635 --> 00:52:43.915
that's you, like you're, you're pulling up the guides,

1257
00:52:43.915 --> 00:52:45.275
you're either showing them

1258
00:52:45.775 --> 00:52:47.355
or you're following up, sending them a,

1259
00:52:47.375 --> 00:52:49.075
an interactive version later on,

1260
00:52:49.415 --> 00:52:50.755
but you're getting them to think about this.

1261
00:52:51.055 --> 00:52:53.555
So it just, it's really cool to see that. Yeah,

1262
00:52:54.105 --> 00:52:57.385
I think that the, the, the best things, um, you use,

1263
00:52:57.445 --> 00:52:58.985
you know, uh, any number of, uh,

1264
00:52:58.985 --> 00:53:00.225
different tools to get there.

1265
00:53:00.285 --> 00:53:02.425
But, um, the follow up emails

1266
00:53:02.595 --> 00:53:05.345
after these conversations, especially now with some of your,

1267
00:53:05.405 --> 00:53:08.185
uh, your AI note takers allow you to kind

1268
00:53:08.185 --> 00:53:10.545
of accelerate the, the turnaround process.

1269
00:53:10.685 --> 00:53:13.225
And I'm definitely finding that the, uh,

1270
00:53:13.845 --> 00:53:16.985
client follow up on their end, kind of getting back to you

1271
00:53:16.985 --> 00:53:18.265
with the things they're supposed to do

1272
00:53:18.845 --> 00:53:20.385
is really getting better.

1273
00:53:20.885 --> 00:53:23.385
Um, having the ability to send that email kind

1274
00:53:23.385 --> 00:53:25.685
of immediately, 10 to 15 minutes

1275
00:53:25.775 --> 00:53:28.365
after your call delivered into their inbox.

1276
00:53:28.585 --> 00:53:30.165
And oh, by the way, I've also attached,

1277
00:53:30.185 --> 00:53:31.765
here's those two guides we talked about.

1278
00:53:32.115 --> 00:53:34.365
They're attached to that email so they can print 'em out

1279
00:53:34.365 --> 00:53:35.405
and reference them themselves.

1280
00:53:35.795 --> 00:53:38.725
They're, they're getting back with responses in a much more,

1281
00:53:39.185 --> 00:53:40.365
uh, rapid fashion.

1282
00:53:40.525 --> 00:53:41.605
I don't have to keep poking them

1283
00:53:41.605 --> 00:53:44.085
and bothering, Hey, did you, did you answer the question?

1284
00:53:44.185 --> 00:53:45.765
Did you wanna do social security this year?

1285
00:53:45.785 --> 00:53:47.245
Or we, should we wait another six months?

1286
00:53:47.785 --> 00:53:49.605
Um, do we wanna do the Roth conversion?

1287
00:53:49.625 --> 00:53:53.885
So having that ability to, to rapidly follow up,

1288
00:53:54.075 --> 00:53:56.565
have those handouts available, makes a big difference.

1289
00:53:56.565 --> 00:53:59.325
And, and overall client experience and, uh, yeah,

1290
00:53:59.325 --> 00:54:00.485
and just your ability to act.

1291
00:54:01.665 --> 00:54:03.725
That's great. Well, thank you Randy. Yeah.

1292
00:54:03.725 --> 00:54:05.725
Justin, any, any closing remarks?

1293
00:54:06.905 --> 00:54:09.685
No, this was great. I, I love to see, you know, uh,

1294
00:54:09.875 --> 00:54:12.365
advisor practice processes

1295
00:54:12.545 --> 00:54:14.605
and how people are, you know, doing things together.

1296
00:54:14.745 --> 00:54:17.205
And this is, yeah, this is one of the, um,

1297
00:54:18.275 --> 00:54:20.535
cooler integrations I think that we've launched

1298
00:54:20.535 --> 00:54:23.535
because it's so visible and actionable.

1299
00:54:23.535 --> 00:54:25.135
Obviously we love the data integrations

1300
00:54:25.295 --> 00:54:26.855
'cause that makes life really easy for people.

1301
00:54:27.115 --> 00:54:29.375
Um, but I love seeing Randy, um, go

1302
00:54:29.375 --> 00:54:30.735
through some use cases for this.

1303
00:54:30.875 --> 00:54:31.895
And, um, yeah,

1304
00:54:32.045 --> 00:54:34.735
hopefully everybody who's already using both turn on the

1305
00:54:34.735 --> 00:54:36.255
integration, start using us, get us feedback.

1306
00:54:36.255 --> 00:54:38.335
If you're not using both, um, check,

1307
00:54:38.745 --> 00:54:40.135
check either or both out.

1308
00:54:40.155 --> 00:54:44.495
And, um, yeah, I, I know both companies really value

1309
00:54:45.375 --> 00:54:47.215
feedback from advisors and users.

1310
00:54:47.395 --> 00:54:48.895
So, you know, definitely, um,

1311
00:54:49.185 --> 00:54:50.615
reach out and let us know what you think.

1312
00:54:51.165 --> 00:54:53.855
Yeah. Wonderful. Well thank you very much everybody.

1313
00:54:54.045 --> 00:54:56.055
This has been recorded. We will send it out

1314
00:54:56.055 --> 00:54:59.615
so you can pick up on, on some of these nuances over here.

1315
00:54:59.615 --> 00:55:01.095
Or if you just wanna re-watch this.

1316
00:55:01.195 --> 00:55:04.175
Uh, so thank you very much Randy for coming on

1317
00:55:04.175 --> 00:55:05.375
and thanks Justin for everything.

1318
00:55:05.545 --> 00:55:08.295
Thank you, Randy. Thank you Mike. Thanks everybody. Bye.