Income Lab Launches Life Hub, a Next-Gen, Interactive Retirement Planning Tool for Financial Advisors

Only tool that seamlessly integrates dynamic retirement income plans and tax-smart distribution plans

Income Laboratory, Inc. (Income Lab), the only provider of software for truly dynamic retirement income planning, today introduced Life Hub, a next-generation interactive tool for financial advisors that gives clients a detailed visualization of their financial lives on one page, at any level of detail, and at any point in time. Life Hub is the only tool that seamlessly integrates dynamic 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 today.

“Life Hub is truly a game changer for financial advisors,” said Johnny Poulsen, co-founder and CEO of Denver-based Income Lab. “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 advanced technology to build and monitor dynamic 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 rates ranging from $159 per month for a single advisor to $139 per month for large teams of advisors.

Key features of Income Lab’s 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, CFP®, 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 has experienced significant growth in users year over year and attracted attention from industry observers. In the 2022 T3/Inside Information Survey conducted by Joel Bruckenstein, president of T3 Technology and producer of the annual T3 Advisor Conference, and Bob Veres, producer of Inside Information, a leading newsletter for the financial advisory profession, Income Lab was called “one of the most interesting new entrants… which offers very sophisticated tax-aware distribution planning with a clean interface.” Income Lab was also mentioned as “a company to watch” in the 2022 Kitces.com report, “The technology that independent financial advisors actually use (and like).”

About Income Lab
Income Lab is the only provider of software for truly dynamic retirement income planning. Financial advisors use Income Lab’s advanced technology to build and monitor dynamic retirement income plans that help retirees adjust for evolving economic and market conditions and make tax-smart distribution decisions, so they can face retirement with confidence.

Denver-based Income Lab was co-founded in 2018 by Chief Innovation Officer Justin Fitzpatrick, Ph.D., CFA, CFP®, and CEO Johnny Poulsen, CFP®, after careers in financial services sales, distribution, and management. For more information about Income Lab and Life Hub, visit www.incomelaboratory.com.

SOURCE Income Lab