(401k Specialist) - A next-generation interactive tool for financial advisors that gives clients a detailed visualization of their financial lives on one page was launched recently by Denver-based retirement income planning software provider Income Lab.
The tool, called Life Hub, integrates retirement income plans and tax-smart distribution strategies. More than 200 advisors have been beta testing Life Hub for the past six months and the tool went live on June 22.
“Life Hub is truly a game-changer for financial advisors,” said Income Lab CEO Johnny Poulsen. “Life Hub offers a new way for advisors to build, present, and update retirement plans for their clients. It helps eliminate pain points stemming from disjointed planning and the need to navigate complex sets of screens to find plan details.”
Financial advisors use Income Lab’s technology to build and monitor retirement income plans that help retirees adjust for evolving economic and market conditions and make tax-smart distribution decisions. Income Lab’s software monitors retirement plans monthly to see whether circumstances have changed sufficiently to warrant modifications and then notifies advisors, who can discuss any adjustments with clients.
Life Hub is currently included as part of the Income Lab retirement planning software available to advisors at monthly rates.
Features of the new Life Hub tool:
- Timeline – Navigate through future years and explore financial projections based on the client’s Income Lab retirement income plan
- Tax Sourcing – Gain clarity into how best to source portfolio withdrawals and implement tax-smart distribution planning
- Integrations – Reduce or eliminate duplicate data entry and quickly update account balances through integrations with Riskalyze, Redtail, Charles Schwab, TD Ameritrade, Fidelity, and others
- Easy Edit – Update financial data and make plan changes and then interactively explore how these adjustments would affect a client’s retirement plan
- One Page – Share a printable, exportable one-page PDF report
- Milestones – Show precisely when a client will reach a significant financial event, such as paying off a mortgage or filing for Social Security
“With Life Hub, I can interactively explore, review, and edit while seeing how a client’s financial picture changes over time, all on the same screen,” said Nicola Cyr, manager of advisor services and investments for Garrett Investment Advisors. “Life Hub ties together dynamic income planning, tax planning and legacy planning in a way that is visually engaging and intuitive, while still being comprehensive when it comes to communicating a client’s financial situation.”
“Income Lab’s Life Hub tool is a welcome innovation, helping financial advisors to build more realistic and adaptable financial plans for their clients,” said Derek Tharp, Ph.D., CFP, assistant professor of finance at Southern Maine University, lead researcher at Kitces.com, and a senior advisor to Income Lab. “Better tools for advisors lead to more clarity and security for clients, showing how their retirement plans can weather different scenarios.”
Income Lab was co-founded in 2018 by Poulsen and Chief Innovation Officer Justin Fitzpatrick, Ph.D., CFA, CFP.
By Brian Anderson
June 27, 2022
