0:07
All right, welcome everyone to Lab Talk Tuesday. We'll give a folks a minute or
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so here to keep joining in and then we'll get started with the presentation.
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All right. Hey, Patrick. Good to good to hear from you.
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All right, we still are getting a few joining in. So, I think we're about there. All right,
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we'll go ahead and get started. Now, we do have this recorded so we can get any questions referred to or uh any catchup
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here. But just a quick intro. You probably noticed I am not Justin Fitzpatrick today. Um he is out um at a
0:57
conference. So had a speaking engagement. So he's gone for a couple days, but you got me and you got Derek.
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Uh you also have Ashley and Shelby here on our marketing side. So um we will uh
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be we'll be doing the lab talk Tuesday today. Now these are once a month. So we
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do the third Thursday. Some of you have may have been joining uh consistently throughout this, but for those that are
1:20
new, we do this live talk Tuesday uh the third Thursday of every month. and sometimes it changes but we usually post
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it and uh yeah it's just a good opportunity just to see new features go over any questions um you know best
1:32
practices so myself I am on the account manager team lead here and so it's my
1:38
role really just to onboard and train advisors get them comfortable in the software so I've I've talked with many
1:43
of you already uh probably on some training calls if I haven't we'll probably be jumping on a Zoom Zoom call
1:49
at some point with my team but uh got Derek Tharp here as well he's going to be my backup and really just um my uh my
1:56
knowledge leadership over here. He's going to be the one I'm going to lean on on some of those more uh you know in
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practice questions um that you might have some technical stuff. Um hopefully I'll be able to answer through the app,
2:07
but we'll go ahead and get started here. Um I do want to talk on, you know, just
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some new features we have here that we're pretty excited about. Um you probably have seen them through the app
2:18
if you've kind of played around with them um in our decisions lab. Um so we'll touch on the you pre-retirement
2:25
planner. Um we did launch a uh webinar on the social security piece. So the social security optimizer is also part
2:31
of that decision lab and I think Derek and and Justin talked through that. But here we'll we'll focus more on there's a
2:38
a pre-retirement planning phase um just to create those conversations of you know am I saving enough? Do you know do
2:45
we get to a retirement date that might change? Um, so I'll bring that piece up here in a bit as well as um an invest
2:52
investment strategy option. So now we can kind of play around with some allocations, you know, aggressive to
2:57
conservative, see how that really impacts the spending capacity and um brings up that conversation of, you
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know, sequence of returns risk, you know, retiring them in particular time periods, how does that impact how they
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were allocated? Um, so we'll be able to touch on that as well. Um, and we also did get some presubmitted questions that
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we'll, you know, we'll do our best to answer and and, you know, go through there, as well as any follow-up
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questions you might have as we're going through the presentation. Um, definitely use the Q&A option. So, down there at
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the Zoom tools, um, you you see the chat there, but, um, that's good for just creating conversations. Uh, and we're
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not going to track a lot of questions through there. Um, we are going to do it through the Q&A. It'll allow you to upvote those as well. um and that way we
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can track those that we do answer uh throughout the way. So with that um get started. Derek, did you have anything
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that you wanted to touch on uh to get us started with? Nope. I mean, happy to get into the
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questions other than I I I am having a lot of fun with the AI tools. I hope our users have been playing around with
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those as well and trying to find some ways to um you know, speed up especially that initial plan build process.
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there's, you know, more to come when it comes to expanding these and making them even more useful at other stages, but um
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yeah, and for me that's been kind of one of the new areas to really play around with and uh see some useful ways to get
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client notes straight in there. Awesome. Yeah, we are going to cover that uh those new AI tools as well. So, we'll
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get into the plan builder. uh the interviewer is a little more difficult through this process because you have to
4:25
send a link out to to your clients, but um it is a great way to get that data through um just to help with that lift.
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Um and then also our AI assistant, which we're pretty excited about. Um basically have an account manager with you 247 um
4:38
access to that knowledge base. So we'll touch on those those new tools as well. All right, I'm going to go ahead and
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share my screen here and all good there. Perfect.
4:53
All right. So, landing page on your household plan. We're going to, you know, touch on the AI tools in a bit,
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but I want to show kind of the the new feature that we have, which is the um the investment strategy piece. So, I'm
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going to go into my household demo.
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And you'll notice in your household whenever you log in and get into a household down here at the bottom left
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um of all your tools that are available here um is the decision lab. So this is where our new beta products um are being
5:23
housed right now. Um the social security optimizer which is what we've already touched on in another webinar. Um we may
5:30
have included some of the pre-retirement planner. Um that's the savings you know when can I retire? How much should I be
5:36
saving? And then this new one here is the investment strategy. So how does asset allocation strategy um impact my
5:43
retirement paycheck? Um how can we look at uh how the performance of a particular portfolio based on how it was
5:49
allocated? Um you know really seeing that sequence of returns risk, really seeing how aggressive we are in
5:54
allocation and just mapping it nicely out for uh for your clients. So um we'll
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kick in with the uh the investment strategy piece since that is the new toy. Um, and then if we um get into the
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pre-retirement planner, I'll get into a more basic plan. Um, this one I like to have, you know, a little more variation
6:12
in my allocation just to kind of see what we can enter into here. But here
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we're comparing results across all accounts up to 10 investment strategies. Um, we're going to explore, you know,
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each how each asset class performs under different historical market stress scenarios. So, um, as you build your
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plans out, you can always come in and adjust those inputs to to get the, you know, portfolio managed how you'd like.
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But in this particular one, I just have a taxable IRA, 401k, and a 529. Um, you
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can turn these off if you only wanted to include particular ones. I'm going to turn that 529 off just for sample
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purposes here, but based on the investment account you've entered, um, we're going to explore these strategies
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here. So, clicking continue, here's our riskbased defaults. So, these are presets that we have for you. So,
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anytime you bring in over over an investment account um we default it to a moderate level. Um but you can go in and
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change these asset classes um and customize them more. But these are just
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the five presets we have for you. Um you can also create your own models. So I have just a sample aggressive model
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allocation. Um, quick note on this. We coming soon, you're going to be able to
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see all your models across the board here. But currently, if you're using a model and it's applied to the investment
7:28
account, that's the only time it's going to show up here on this uh this investment strategy. So, coming soon, you'll be able to see them all, but for
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right now, it's only going to apply what uh whatever you have on that investment account. Um, and here's just an asset
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class reference. Here are the asset classes we're taking. Um, so if you do customize it or you have your own
7:46
models, you can break out percentage-wise on how those are allocated. Getting it close, you know, getting it a general idea, um, will
7:53
help. So that's why we kind of lean on these riskbased defaults. But again, you can go in as much detail as you'd like.
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Next, we're going to continue and it's just going to kind of walk us through how to compare how each strategy holds up during, you know, when we stress test
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it during historical market stress test scenarios. Um, and then just finding out what asset allocation, um, is going to
8:12
be, you know, more of that sweet spot for the client, right? Because you're going to be able to see a variation. It's going to rank them for you. Um, so
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really just hopefully paints a good picture for you on how those asset classes are allocated. So, we'll go and
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explore options and let this load here. We'll see it's loading and we're going
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to see a bar graph here pretty soon here. Let's see.
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Quick disclaimer, this is in beta. So, just a heads up if you do get some some loading times or just things aren't
8:44
looking clean, definitely let us know. We really want that feedback and make sure we're we're updating those when we can. Um I was testing this earlier and
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this was getting stuck on me. So, if it does get stuck on you, there it goes. It cleared up. Either wait and hold on.
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Sometimes that refresh on that browser page, sometimes it kickstarts it back up again. But here's this landing page here
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on the bar chart. So, it just again ranks them through based on their allocation on their asset class
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allocation and what's going to get us there looks like a little fix we need there. Um, but just based on their asset
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allocation, what's the ranking of the retirement paycheck, right? What's going to get us that higher spending capacity
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through the plan? And these are interactive. So, you can kind of click these off off if you wanted to see, you
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know, conservative to moderate aggressive. I do have two aggressives here because this is my model allocation
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and this is our riskbased default. So, you kind of see them hovering over each other here. So, um, just keep that in mind. You can turn one off if you don't
9:37
want to see it. But again, just ranking your your retirement paycheck. What's going to get you the most spending based
9:43
on how this is allocated. So, um, again, aggressive, you're getting higher returns, but you know, there's also some
9:49
volatility involved. Um, so what does that volatility look like? What's that trade-off look like? Um, that's where we
9:55
can look at the bubble chart here. So, this bubble chart really just breaks down, you know, I'm going to go and turn
10:00
these on so we can see everything here. really just shows us that, you know,
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yeah, we can get a higher spending capacity because we're expecting a higher return, but it's pretty volatile, right? When we're looking at a standard
10:12
deviation, there's a lot that could change, right? A lot that can happen. Um so, you know, the trade-off is, you
10:17
know, maybe taking on a more conservative, maybe we're kind of, you know, tiptoeing out um as far as returns
10:23
as also spending. Um you'll see how that that stress test can impact um you know,
10:28
taking on a more aggressive allocation compared to a conservative one here. So, uh, advisers do really like this kind of
10:35
bubble chart just to show that trade-off, uh, with the standard deviation built in. Um, but I think
10:40
advisers are really liking the stress test. So, when I'm talking with adviserss on calls, um, just seeing how
10:46
that market performance um, can impact uh, that spending capacity as well as
10:51
seeing what that portfolio experience can be. Now, there are probably going to be some updates. Uh we did have some
10:57
requests down here that you know it just kind of gets a little bundled up over in these points when they're really close.
11:03
And so I do recommend if you are showing these just kind of turn some of these off here. Um that way you can kind of
11:08
see a a range that uh you know shows a difference in the delta here. U but we
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look at you know when we're looking at the retirement stress test again we're we're focusing in on the global
11:19
financial crisis just as a default landing page start starting point. Um you can go before, during or after your
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preference, but what it does is it lands us at a plan that says if we were to take on these particular asset um
11:32
allocations, what does that do to our spending capacity? So we can kind of highlight over this and see that, you
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know, the more aggressive allocation we had, yeah, we can start spending more, right? The more conservative the
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trade-off is, you know, not as much returns that we were expecting. But when we look at the same time period here, we
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can kind of see how at some point how does this start impacting our spending. And then we start to see well now our
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spending capacity on the aggressive one had to take an adjustment. We had to drop down because you know we were
12:03
expecting high returns and how it actually performed started to bring down that aggressive spending and we kind of
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see that conservative moderate kind of stays on path. So it just again creates
12:15
that conversation of depending on how how aggressive you're willing to go with that asset allocation. Um it can change
12:22
the talking points of you know what they could spend through maybe a difficult time. So this is income on the top here
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that we're looking at like to show down here the performance of that portfolio based on how it was allocated. And
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here's where we can really see, you know, the more aggressive allocation.
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We got a little too risky during this time, right? Our portfolio, you know, in the first couple years on an aggressive
12:47
allocation would have dropped down to about 746,000 compared to conservative. We were stuck
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around the 1.5. So just really shows that volatility and based on how aggressive their allocation is. Now, as
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we play this out, we do see aggressive kind of catching up here at some point, but it doesn't know it. it's it's not
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really cheating here. So, um we're seeing how this portfolio experience, you know, over this GFC time period. Um
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early stages could have been a little risky, could have been a little uh you know, stressful for the client if if
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we're seeing how aggressive that allocation was. But, um I don't know, Derek, how do are you using this uh allocation piece in a similar fashion?
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still really kind of diving into it for me personally, but I do I mean the stress test is obviously me where a lot
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of the the value in talking through these different allocation considerations comes in. So, um, yeah,
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haven't haven't really had a good cycle of like meeting with clients and actually using it discussion-wise yet,
13:45
but definitely, um, you know, I think that conversation around risk return,
13:50
the differences that we see here really going to be important. And, um, you know, I mean, the stress test in
13:56
general, not not just allocation, but also social security claiming, you know, all these different things that we can
14:02
take a look at. It's uh, I spend a lot of time actually having conversations with clients in a view like this.
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Do you lean on the riskbased guard rails or do you work with your own models, particularly, you know, when you're
14:13
creating household plans? What's kind of the go-to for you? I mean, I I do like to lean pretty heavy
14:19
on stuff that's already pre-built, you know, into the software in terms of some of the defaults. The way I look at that
14:25
is, you know, financial planning tools, they're really meant to kind of set the broad direction, right? So, I'm okay
14:32
with the fact that, you know, maybe my 6440 portfolio is slightly different than the 6040 portfolio that's built
14:38
into the the software, but you know, as long as we're going to be very close in terms of, you know, getting the right
14:44
riskbased guardrails in in place based on the asset allocation I've chosen based on the riskbased guardrails
14:49
parameters, you know, that seem to be reasonable for my clients, like I'm I'm comfortable with that. So for me, um,
14:55
just to make my planning life kind of simpler, um, I do like to try and lean on those, but certainly understand some
15:01
people like to get a little more precise and nuanced with with that. Okay, awesome. Yeah, and that's kind of
15:07
what I'm hearing too from other adviserss, you know, that you have some that really dive deep in, get really granular with it and get really specific
15:14
and try to line those up as as quickly and closely as they can. But you you know using those defaults really just
15:20
giving that highle projection out the gate and then maybe on a separate scenario you know diving a little more
15:25
more deeper into those. Perfect. All right. And you can see here we're looking at the global financial
15:31
crisis. You can take a look at you know any of these other five time periods similar to that retirement stress test.
15:36
Um you know the.com bubble stagflation. So really just getting you know how that portfolio based on how it was allocated.
15:43
What would that experience had been from that time period. So from 99 to last month uh and then if you wanted to you
15:50
know look at great depression right we can see a full plan go through its completion. So um always updating data
15:55
here. So you know you're looking at the.com bubble it only goes as of last month or the GFC it only goes as of last
16:00
month but as we start get to more more data we'll be able to start seeing plans through its completion. All right in
16:06
this case here we we're looking at about a 32-year plan. Um and we can see the kind of final end of a plan through
16:12
those time periods. So but yeah, that's one of the uh exciting tools we're we're just launching here is get a still in
16:18
beta um under decision lab, but that's one that you can kind of play around with. Again, just creating those conversations around different um asset
16:25
allocation strategies. Um the next one here, I'm going to go into a more simpler plan for the pre-retirement
16:31
planner. Uh wanted to really focus in on a pre-retired one as well. Um so
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actually I'm going to go to the lab household here. Um, just really basic input I put in here was just one taxable
16:44
asset. So, if I go to LifeHub here, expand this out. Pretty basic, right? I don't really have a lot in here, but
16:51
just wanted to really show, you know, a plan that says, okay, are we saving enough? What's our projected retirement
16:56
date? Um, does that get us to a goal? That's really what you're going to want to use that pre-retirement um planning
17:02
strategy piece here. But, yeah, just one taxable asset. They have some pre-retirement income. No other
17:08
contributions or savings in there. Um, and we're going to go to the pre-retirement planner here, which is
17:14
really going to show and walk us through, you know, are we saving enough based on our goals. So, um, you're
17:19
really going to see how you the timeline does affect your savings. So, if you open up the window to a longer range and
17:26
it's going to create more possibilities for you. Um, but we're going to go get started. Here we have some
17:32
pre-retirement income. So there's their salary, that 10,000. Again, you can adjust it here on this page if you
17:38
wanted to. How much would they like to spend when they retired? So in retirement spending,
17:44
let's just see if we can keep that the same, right? 10,000 spending um based on their salary, but now we're going to
17:49
talk about just taking from that taxable asset. And then here's how much we're planning
17:55
to save. So, it just gives us a range, you know, from 0 to $2,000 is the default that it comes out with, but you
18:01
can adjust this, you know, what's kind of the max savings I can do. You can also do percentages, right? So, um you
18:08
could do 4%, 5%, whatever that is. Um you can put those ranges in. There is a
18:14
setting here that says in addition to the savings range above, include all saving items already in the plan. That's
18:20
if you already have existing contributions. So maybe they're already doing 401k or IRA contributions
18:26
pre-retirement. Um there's this option here that says do you want to add this on top of what you're already doing. I
18:32
left it off and and I don't have any other contributions in there just to keep it simple, but you'll see that um
18:38
that option there uh if you do have any contributions already in the plan. Okay.
18:45
Go to continue. Give us a date range of when they plan to retire. So again, you can keep this as wide as you'd like. Um,
18:51
I'm going to, you know, bump this up a little bit. We're going to say we're able to push retirement. Just matching
18:57
up social security just for sample purposes. But, uh, 62 to 67 here. Continue. Again, we're going to kind of
19:03
go over how this really impacts, you know, how much you save. Does that get
19:09
you to a target spending goal? Would you like to spend more? Should we start saving more? Right? So just you know
19:14
having those trade-off and those conversations around savings um really does uh you know paint the picture for
19:21
them of you know what could we do right what does it look like based on the inputs we have so it's going to bring us
19:26
to this kind of heat map scale you've probably seen it kind of going on a a theme here with our new tools of this
19:32
heat map. Um, I just think just hearing from advisers, it just really helps again paint a picture how how close are
19:39
we to what we want to spend and yeah, this is outside the range, but is it a possibility? And really showing that.
19:45
Um, so on this page here, we see, you know, on the left how much we're saving
19:50
on a monthly basis and on the bottom here, what's our retirement date? What's the time horizon that we're looking at?
19:57
So based on just some basic inputs, um we're saying that, you know, 16,900 was
20:02
our maybe spending capacity or retirement paycheck. Well, it just lets us know that, you know, to say $400,
20:08
they can retire in 2032, right? So um really quick off the bat, they can
20:13
retire as quick as they'd like and save as little or, you know, if they wanted to maybe target a higher spending
20:19
capacity, pushing retirement date back, saving more, right? This is um really simple stuff, but I think it just paints
20:26
a really good picture of, you know, different savings goals, different retirement dates that you can really
20:32
represent here. Um you'll notice this highlighted, you know, space here um that this says target highlighting
20:38
within 5%. That's just a setting that you can apply on on your households um
20:43
in the the planning strategy here as well as in Social Security Optimizer. But it just gives us a range. So if you
20:49
wanted to turn that on, just toggle that. If you want to turn it off, just toggle it off. but just gives you some options um of how close and within that
20:57
percentage target um are they willing to to highlight for you here. So this
21:02
bottom slider, this is going to change our retirement paycheck goal. So maybe they're like, "Hey, you know what? 169
21:09
is a little low. I want to can I spend more?" Well, if my target my new target is 20,600, that's kind of what I'm my
21:16
desired spending goal is. Well, then it's going to highlight those ranges of, well, how much do we need to start saving and what's our expected
21:22
retirement date? So, um, see how it just changes that uh that color scheme here in the in the paycheck. But again, you
21:29
can click through and select whichever u value you wanted to show them. So,
21:35
Derek, have you gone in and and played with this one at all? Is this Yeah, I mean, definitely a uh, you know,
21:42
good way to start looking at, you know, some of the trade-offs. Um, and I do like that, you know, the heat map kind
21:47
of visualization I think can be be nice for clients who might want something a little maybe a little more visual to
21:54
kind of guide the the conversation there. Um, I do also like looking at the range. Um, you know, as you're kind of
22:00
looking there and particularly in some scenarios seeing, you know, if the range is going to be particularly high or low
22:07
or, you know, what sort of impact that might make can help frame that conversation as well.
22:13
Mhm. Okay, perfect. All right. Well, those are the
22:19
two new decision lab tools. So, pre-retirement planner and investment strategy. Go, you know, go in and play
22:25
around with those. See, you know, you know, try to break it. See if there's anything that we might need to fix or or
22:30
update or just how it the might be able to paint the picture a little clearer. Um, right now, I think we're we're
22:35
pretty um, you know, satisfied with the pre-retirement planner, but this one just rolled out here. So, yeah, just let
22:41
us know. Um I mean it's a software built by you all by advisors. So we definitely want to hear your feedback and uh how we
22:48
can enhance that. All right. So next one do want to go
22:54
over the AI tools. So the AI tools and now we're really excited about this piece. I mean this these AI tools have
23:00
been a game changer. I mean not just on onboarding calls and trainings and and really helping advisors um speed up the
23:06
process on data lift. Uh yeah, this AI functionality in income lab uh has been pretty exciting um not only for advisers
23:13
but also you know on the income lab side as a support team as well. So, um, as you're logging into Income Lab, you'll
23:20
notice kind of this little AI icon throughout. Um, those are letting us know that, hey, those are the plans that
23:26
maybe you've you've, you know, uploaded through whether it's a PDF, maybe you copy text, maybe you did the AI AI
23:32
interviewer. Um, those are just some features that you'll notice throughout the app. Now, um, as we talk about the
23:38
AI functionality, so under add a household, there's this AI plan builder
23:43
and the AI interviewer. The interviewer is really more client focused. It's
23:48
similar to a a client portal invite that you might send to a a client to, you
23:54
know, access their income lab account. With the interviewer, what that's going to do is you'll send them an email um to
24:00
go ahead and access their their interviewer and it's going to walk them through just multiple questions that's
24:06
going to build that plan out. So really basic questions. Um really focus on income lab on how to build that that
24:12
plan out uh with the data we need in order to see that through. Uh we did get some questions on can you customize it?
24:18
Can you change the question schemes? Um currently you can't um because we built that out to say hey this is the data we
24:23
need to pull in income lab um information to build that household cleanly. Um so we already have those
24:28
pre-built for them. Um definitely recommend if you haven't already send yourself the client portal invite or the
24:34
uh the AI interviewer here. um just so you can kind of see what that question scheme is. Um we do have a tutorial in
24:40
our help center that really walks through um building that out and and you can kind of see some sample questions in
24:46
there. But yeah, just send yourself uh to your personal email just to get an idea of what that experience looks like.
24:52
Again, any feedback you recommend, let us know. But that AI interviewer does help with the data lift, especially for
24:58
prospecting if you don't have a lot of information on the client. Um that gets, you know, the data in, right? It builds
25:04
their household for them. Um the next option which I'll kind of focus on more here is the plan builder. Um now I do
25:10
have a file already here but what you can do is you can drag and drop any PDF
25:16
file um into the upload document section here and it's going to grab those objects and it's going to start building
25:22
that plan for you. And then we'll have a review stage where you can put that uh that information in more cleanly. There
25:29
is an enter text. So, if you wanted to type in, you know, we could put in rental properties, you know, basic
25:36
information. Um, let's see. We'll put in 500K. You know, you can put in type in
25:42
just that way. You can copy paste information in there. I'm going to grab one of my case studies that we did at
25:48
the Income Lab Academy. Um, and just drag it from your folder. There's my PDF. Just a case study. Um, pretty basic
25:55
data that I'll show you what the case study look like so you can kind of see. um doesn't necessarily need to be um a
26:02
statement that doesn't really pull that information cleanly, but if you have statements, CSV, uh Excel files, um Word
26:09
documents, that is something coming soon. We are building that out more to be able to capture more document types.
26:15
Um but right now, best practice, print to PDF, save to PDF, and it should be able to pull that data through. So, I'm
26:22
going to click start processing here. You'll see a little notification provided information is being processed.
26:27
There's a little bell with a um in your upper right corner. That's going to be giving you updates on the the status of
26:33
that document. If we click got it here, we'll see there's my case study being
26:38
processing. And then up here at the top once it is ready to go, you click this little bell and you might see, you know,
26:45
ready for review. So, I'm going to give that a minute or so to to process here while I show you just kind of a sample
26:51
PDF of what we had from a case study. and you'll see what uh what information really builds out these um AI uploader
26:58
plans cleanly. Um so, you know, just naming the household, birth month and year, state of residence, you know, what
27:04
type of investment accounts do they have and the balances on those. Um what other
27:09
income sources do they have? You know, are they still working? Do we have a pension, rental income, social security,
27:15
when do they plan to start it? Um this is one we left here so we can go in and update uh based on uh particular
27:22
estimation method but I'll show you how you can review that and then any liabilities expenses right so any detail
27:28
that you want in the plan you can see how basic it can be if you have another plan or report from another platform um
27:36
drag and drop it in there see what data it pulls through um so using that AI uploader or the AI plan builder here
27:43
that's the the option you're going to want to select but I'm going to refresh the browser page page because I think this might speed up the process. Again,
27:51
my system's been running a little slow today. So, there we go. So, now the case study
27:57
ready for review. We'll see in the little bell here, I can review that case up there. This gives us an option now to
28:05
go ahead and review those inputs. So, from that case study, that PDF I pulled through. There's the information, the
28:11
basic data. It pulls through. If I need to make any changes here, I can change retirement date. Here's my investment
28:17
accounts that we've added. You should get a little notification up here at the top right of needing for review. You'll
28:24
notice it kind of skipped this one because it's already said, "Hey, this data is clean. It looks good." Um, but you might get an option up there of how
28:31
many um entries you might have to confirm and update. Um, so for instance,
28:36
I think down here, this one should have flagged it. Um, annual wages of 3,000 a
28:41
month. It's probably not accurate. we probably need to change that to, you know, primary insurance amount or the actual benefit age. Um, so making
28:48
updates here, making changes, so that way when you create the plan, it's all clean and ready to go. Um, and if you do
28:53
need to make changes, again, you can always go back in and edit that plan. But, uh, just a good option for you to review all the data points here and then
29:00
create plan. And then we'll see that just from that simple PDF, it's going to
29:05
land us here on a finished LifeHub product um, of that plan build out based
29:10
on those inputs. And then we can see just a quick button option here. Here's all my investment accounts income,
29:18
future social security. We can jump to that year and say, "Hey, there's John's social security on the timeline." So, yeah, just again hoping to help save you
29:24
time on that data lift. Uh, it's been a game changer. I think just hearing from all the advisers, uh, you know,
29:30
especially working in other platforms, you know, being able to to copy over a PDF and and pull that household for
29:36
income lab should save you some time. Derek, are you uh kind of using this
29:42
quite a bit more than as far as, you know, even integrations wise? I mean, does it save you time as far as, you
29:47
know, uploading other plans you have? Yeah, I mean, for me, it's a great way to get a plan started, especially after
29:53
a initial call with a client um or prospective client and um you know,
29:59
really just jumpst start that process of now I've got a good baseline in there.
30:04
Um, it is something that as I'm getting more experienced with it, I'm I am being very intentional about the way I ask
30:11
certain questions or say things. Um, you know, I think I' I've mentioned it before, but even things like if it's an
30:17
in-person meeting and somebody hands me a statement, right? You know, very easy to just, you know, look at it and see,
30:24
okay, yeah, they've got, you know, 1.1 million in their 401k or whatever it might be. But, you know, really trying
30:30
to get in the practice of like making sure I'm verbalizing that like, okay, I see, you know, in your 401k here, you have 1.1 million. Really just talking
30:38
through um, you know, what I'm if things are being shared in a non-verbal kind of way in the meeting uh because you know,
30:45
I'm I'm using like AI noteakers and things like that. So, they're not going to know what uh I don't have for it.
30:52
Now, if something does get missed, there also is like the text entry where you can just go in and you could put in some
30:58
details, um, some additional information to help the AI build the plan. Um, and
31:04
I've had some success too, even sometimes if I know something's old. So, like if it's an old plan output from
31:11
another planning software, um, and maybe like some planning software I found actually doesn't have a great, uh,
31:18
detailing of like what somebody's primary insurance amount is or, you know, their social security benefit. might show their options, but in a way
31:23
that might be kind of hard for the computer to to read and figure out the exact dollar amount to put in there. So,
31:30
I might put in a little note like that if I know that's something that um you know, we've had a further conversation about or has changed since we last did
31:37
that. Um and and for the most part has done pretty well at uh picking that up. So, yeah, still feel like we're in the
31:42
very early stages of figuring out how people are going to use it. Um the the
31:48
other thing I've mentioned before, but I really like um just like even a quick uh voice note, right? So if I'm building a
31:54
plan, like I can pull up something like Apple Notes on my computer, just hit record, can talk through here's what
32:01
their primary insurance amount is, here's what their account balances are, here's what that that information is.
32:06
That'll give me a transcript of it. Just copy the transcript, paste it in here, and does a pretty good job of building
32:14
me a plan just from that. So, I mean, it's uh really um
32:20
really loving to see the development here, but uh definitely curious to see how our users choose to use it in ways
32:26
that, you know, we're not even thinking of quite yet. Yeah. Yeah. Great point on that
32:31
transcript. I think that's been kind of the go-to as well is, you know, they don't have a statement, they don't have a plan built out for them, but maybe
32:38
they just read out their notes on a a note taker and then boom, you're copy and pasting that in and they got a plan.
32:44
So yeah, thanks for sharing that one. Perfect. All right, so those are the two
32:51
ways you can build plans, right? So the the plan builder, the interviewer. Um the other awesome AI tool we're really
32:58
excited about is the AI assistant. So this one here, so the blue question mark, um you'll notice some changes here
33:05
on the support side. Uh you know, self-guided training, help center. Um all of that's now under this self-guided
33:11
training. So, just a heads up. I did want to make a point of that because that seems to be getting uh mixed up on
33:16
some of our calls. But here's where you can contact uh you know support, schedule a training with us, contact us
33:22
that way. Um but up here at the blue question mark, that's where we really put all the the support features. So,
33:28
the AI assistant um loved this one because it essentially is taking all of
33:34
our knowledgebased articles, all of our webinars, you know, talk tracks that we've had put into our help center. Um,
33:41
the AI tool is capturing, you know, the objects and those keywords and building out explanations for you, going to build
33:48
out uh a really kind of a fine-tuned search for you because you'll notice if
33:53
you're searching in the help center, you're like, "Okay, how do I enter? What am I looking for?" Um, and you kind of see everything in one spot. Whereas the
33:59
AI assistant really really scopes in on maybe a particular question. Now, we did get some presubmitted questions and
34:06
Derek, I'm I'm going to have you kind of take away on that Gite and Clinger one, but I just wanted to show you just what
34:11
we can do here um with the AI assistant, you know, how can wristbased guards I
34:17
can type here compared to
34:23
Git and Clinger. We got this question, these presubmitted questions here.
34:28
I could type, you know, something like riskbased guardrails, tax strategies, Roth
34:36
conversions. And what it's going to do is it's going to pull out some information on just where we might be similar, where it may be different,
34:42
getting you some talk tracks of, you know, how we're, you know, showing in this way in comparison. Um, and also
34:49
some resources, um, that we have in our help center. you know, whether it's Derek or Justin's kitsus articles,
34:55
whether it's webinars, it's going to link those through for you, so you can access those through um the help center
35:00
based on that topic. But um I think this has been again a gamecher for support
35:05
because now you have at any time 24/7 whenever you're in the app to be able to just ask it a question based on income
35:12
labs methodology. How do I enter an annuity? How do I, you know, create a
35:17
talk track on, you know, on Roth conversion strategies? you're going to have all of this uh this information for
35:23
you through that AI assistant just to really speed up the search process um and hopefully get you running with those
35:29
plans. So, um Derek, do you want to maybe touch on how, you know, maybe you're using this in a similar fashion
35:35
and Yeah, I mean I would say, you know, for me personally, I I actually haven't
35:41
jumped into the to it too too much, but if I if I ran into something technical, that would be the first place I go like,
35:47
wait a minute, like I lost the ability like where do I find this? where do I do that? Um, and definitely for like team
35:54
members of mine, so bringing on employees, things like that, like like here's a great resource to go to if you
36:00
have a question. Um, you know, good place to go. Um, rather than coming straight to me with a with a question
36:06
that the AI probably answer pretty well, as well as point you to some resources where you can go read more about it. um
36:13
you know so I'd say more for me it's probably been a little bit more of a for my team hey here's a resource to use
36:18
than something I've been in using quite regularly but it um definitely I think
36:24
is uh nice to have that little assistant sitting next to you in a sense ready to answer a question if you have one and
36:30
specifically you know focused on the actual way we do things at income lab rather than you could open up chat GPT
36:37
or any other tool and it could give you some information but it's probably not going to be narrowly confined to how we
36:44
do things at income lab. Um it might just make stuff up, you know, kind of hallucinate and this is a tool designed
36:49
to not do that to give you more more accurate and reliable information. So yeah, definitely really excited about
36:55
about that as well. Yeah, and I think that's a good segue though too because we get we do get some
37:01
presubmitted questions. So yeah, any questions that we don't get to on, you know, we have about 20 a little over 20
37:07
minutes here um to kind of cover uh you know, questions that are submitted, but when we get presubmitted questions, we
37:13
did get one on the Genon Clinger, and I know Derek, you did plenty of research and articles around this discussion. So,
37:20
um I just wanted to, you know, get your take on, you know, how how should they be income lab users be using, you know,
37:26
riskbased guardrails compared to maybe a Gite and Clinger guardrail system. Yep. And I think the the most important
37:33
thing to realize is like what what is driving your guard rails overall and in
37:39
gite and clingers it's very withdrawal rate based right so we're looking at withdrawal rates we're looking at how
37:44
much are you taking out of a portfolio um and that's really the driver but you know a lot of this stuff like um you
37:51
know Justin and I talk about the retirement distribution hatchet right this kind of shape to spending that a
37:56
lot of people are distributing more on the front end of retirement so if people are taking out maybe initial
38:03
distribution rates of 7 8 9% and those you know especially if they're delaying social security and then social security
38:10
kicks in and that distribution rate drops maybe to a two or 3% distribution rate right that's that's something that
38:16
gentle cleaner just isn't built to really handle uh because those distribution rates are so so variable
38:23
and we do see that you know even beyond just kind of those hatchet dynamics there's also things that come up when
38:29
it's uh maybe somebody has unique goals goals, right? You know, they know 5 years from now they want to take a big trip with their family and you know,
38:35
like want to buy a new car every certain period, like whatever it might be that is unique to somebody's financial
38:40
situation. That's something you can actually build in. And one of the real power the the nice things about you know
38:47
more traditional planning software um I'm not a fan of Monte Carlo simulation as a the end result that it gives people
38:54
but doing a Monte Carlo simulation um in terms of like actually getting the analysis to take into consideration all
39:02
those relevant unique factors for an individual is really nice and riskbased guardrails really gives us a nice middle
39:09
ground I think between those two. It's taking the communication benefits of guardrails like the guide and cleaner framework and saying, "Hey, this this is
39:15
actually a really good way to communicate it. Maybe not the best way to calculate risk because it has all
39:21
these quirks." Um, and one of the things it does is it actually overreacts. So, a
39:26
lot of times it it'll call for cuts that aren't really needed. Um, and if you think about even things like getting
39:33
later into retirement, um, and there are some crude ways, the
39:38
goner kind of tries to account for this, but you know, you get somebody who's later in retirement, you should have
39:44
normally higher distribution rates. Like that's that's a normal okay thing because the time period has has been
39:49
reduced. Um so the um you get you know the communication benefits though the
39:56
guardrails I think that that's really the the useful innovation there was how how well they communicate especially
40:02
getting that into dollar values and talking to people in terms of pay increase or decrease like they've
40:07
experienced their whole life. But then also looking at um kind of the the
40:13
analytical benefits of running a simulation that actually does take into account taxes and all the unique
40:18
circumstances whether somebody is Roth or traditional or taxable brokerage account or annuity like you can factor
40:24
in all those nuances to somebody's plan and then get an actual risk evaluation
40:29
that's based on their plan. So that's where the risk based guardrails come in. um you it truly is unique to the actual
40:35
risk that individual experiences. And then we're basically just saying, okay, set the upper guardrail where the risk
40:41
has gotten so low that we can now increase spending or set that lower guard rail where the risk has gotten so
40:48
high that maybe it makes sense to cut back. And then we can even vary those risk settings for people that might have
40:53
more of a preference for taking higher income today and leaving less of a
40:59
legacy. Or maybe somebody says, "You know what? I I really want to guard against the chance that I'd ever have to
41:04
cut my spending." So, starting that spending out lower um but with more chance of an upward adjustment. So, u
41:12
that that's kind of the big difference between the two um is really that how
41:17
are we looking at risk? Are we looking at it holistically based on like all the unique factors of someone situation um
41:23
or are we looking at just based off of kind of crude withdrawal rates that we're trying to apply?
41:31
Yeah. Yeah. No, thanks for that Derek. I think I mean this this is a common question whether new users or you know
41:36
hey how do we just kind of wrap our minds around other different um no guardrail systems but Monte Carlo
41:42
analysis right? is really a you know a way to use income lab as you know the
41:48
new phase right it's the it's the new retirement spending capacity risk based guardrails right there's um there's just
41:55
a lot of change and dynamics within a plan and with income lab I mean we're able to to show that risk involved but
42:02
when we start talking about you know you talked about a little bit about the stress test I mean is that something
42:07
that you incorporate when you're talking this this guardrail system yeah absolutely for me. I mean, I I'll
42:14
often kind of explain the guardrails first to a client. So, you know, maybe land on like the the dashboard page here
42:20
where we're talking about, okay, here's what these numbers are, right? Here's when the risk has gotten so low you could spend more. Here's when the risk
42:27
has gotten high enough that we would say, okay, maybe it's time to cut back. Um, and then kind of transition into
42:35
looking at the stress test to say, okay, well, you know, let's say somebody actually used this exact set of
42:42
parameters historically to to set their spending. You know, what would that have looked like for them? You know, what was
42:48
that kind of income experience they would have had? And let's throw you through some of the worst markets in history. and then showing um you know
42:56
particularly in cases like this where we don't actually see um basically one some
43:02
minor spending decreases but you know nothing major relative to the initial planned spending level. Um I often will
43:09
also unless I unless it's a situation where the client is really wanting to or
43:16
really needs to have kind of the the spending smile applied to it. I'll often I just like the simplicity of
43:23
illustrating like a flat retirement spending to start with. Um and so that's
43:28
you know in the advanced settings you can go in there you can adjust that but I just like how clean it is to see it's
43:34
flat and then to see okay you know was there inflation adjusted spending above or below that and particularly if it's a
43:40
very conservative riskbased guardrails plan. Usually the story is like look, you know, we set these guard rails so
43:46
low or so conservative that you really historically would not have even had to
43:51
make adjustments going through some of these worst times in the market. Um or maybe somebody did have to make
43:57
adjustments and we could kind of quantify okay well it was a 10% reduction or whatever it might be in
44:02
terms of total spending. But for me that's a um you know really powerful way
44:07
to look at that and we don't have a great way in the app to demonstrate like
44:13
um you know side by side with git and clinger but that's another one of the the limitations there is historically
44:19
sometimes gon clingers called for like 50% or more cuts in spending um again
44:24
what's interesting about that is you actually didn't need to make those cuts in many cases they were kind of a false
44:29
positive overreaction to a negative market scenario. Um, but it for a lot of retirees, I
44:37
think they look at that and say, "Wait a minute. I, you know, I would rather adjust my spending on the front end, so I don't have a risk of needing to cut
44:43
spending by 50%." And that's really a conversation you can only have by running somebody through the stress test
44:50
because otherwise, these are just numbers on a page that don't really make a whole lot of sense. But I think you
44:55
really start to be able to have a much more nuanced conversation around, okay, if we're going to use this particular
45:03
set of risk settings, here's what that actually looked like historically and here's what we might expect uh kind of
45:09
going forward. Awesome. Um the other question we had
45:16
were around handling of variable expenses. So how do they impact a plan? You know, when we talk about expenses in
45:22
income lab, it's a little different than most planning softwares, but uh if you're looking at, you know, the kind of
45:29
the inputs that you're putting in there, expenses aren't really required in a plan. If you just want to get to a
45:34
spending capacity, a retirement paycheck, right? We just need to know what's going to fund retirement. So, portfolio, non-portfolio, income
45:41
sources, that will get you to a retirement paycheck. But anytime you put in like those desired spending goals,
45:47
right, travel, u maybe you have long-term care you want to build in, um are they, you know, paying for the kids'
45:52
college, right? Those those type of expenses that may be, can we do those? What can we spend lef over? That's
45:59
really what the the software captures and handles expenses just a little differently. But when we look at a plan
46:06
that has variable expenses included, um to see that any d in your dashboard plan
46:12
and even in stress test, uh you have this option here, the little soundbar button, um to include variable expenses.
46:19
So to toggle that on. So if you don't want to see variable expenses, we know they're in the plan. We know that's
46:25
going to be included in our spending capacity. Um, you can always toggle that off of saying, "Hey, this is what our
46:30
leftover spending is going to be, kind of our baseline projected spending once those variable expenses go away, right?
46:36
Maybe they paid off the mortgage, maybe they're done traveling. What's that spending left over knowing that's taken
46:42
uh taken away?" So, that's just a way to think about, you know, entering variable expenses and how to, you know, handle
46:48
those conversations around that. Derek, I mean, do you come across this as well as far as entering, you know, variable
46:54
expenses? Do you put a lot in there? um like mortgages or travel, anything like that.
46:59
I mean, for me, if it is an expense we know is going to drop off, like a mortgage or something like that, especially if it's a fairly sizable
47:06
portion of somebody's spending, definitely can make sense to build that in there. I do tend to lean a little bit more on the side of like I like to keep
47:13
my plans really simple. Um, and so I don't necessarily get super detailed and like here's a travel expense versus a
47:18
healthcare expense versus like all these different things and just kind of get to more the question of, you know, what's
47:24
the total amount we can spend and then from there I find my clients are pretty good at they can carve out, okay, well
47:29
then this is going to go to tra, this is going to go to healthcare, this is going to go to expenses. So I I do try to keep
47:35
it high level. Uh, but you obviously have to meet your clients where they're at. And some clients are going to be very, you know, particular and want to
47:42
see something built into the plan in a certain way. Um, and it's nice to have
47:47
the ability to do that. Uh, but but I personally do like more of a simple plan. Kind of tell me how much I can
47:54
spend. If it is a situation where, you know, it's saying somebody can spend 12,000 a month and they only want to
48:00
spend six. Okay, fine. we can go in, we can say, "Okay, instead of solving for how much to spend, just show me how to
48:05
spend 6,000 net of taxes." And we can put that in there. Um, but I I I do lean
48:12
more on the keeping it simple, uh, just as my own personal style.
48:18
Yeah. Know, I like that what you said of keeping that base plan, that kind of main master plan, that household
48:24
fallback plan, right, of as simple as possible, right? putting just in their income sources and investment accounts
48:30
and finding what that benchmark could be of what they could spend given their resources and then maybe in a copied
48:36
scenario running in a more detailed expense plan if if you wanted to to map that out for the client. Okay, nice.
48:44
Um I know we got about 10 minutes here. uh we can go through some of the questions that uh let's see we got
48:55
and Q&A. There we go. All right. So, I'm going to
49:00
go with uh looks like we could use some up votes here. So, I'm just going to go
49:06
in the order that we received them. But as you start to upvote some of these questions, um we'll make sure to capture
49:12
uh the ones that are volumewise wanting to see. Okay. So, how
49:18
do the amounts of funding sources show when the stress testing before, during, and after relate to the current amount
49:24
of funding resources? Um, so you're talking about savings and
49:30
contributions, I believe. Let's see.
49:35
So, if I were to come into my edits and under my savings.
49:43
So, my contributions on my plan, right, this is what's built in. If I were to clear these out, we're starting with a
49:49
less portfolio balance obviously, right? To grow. So, you're you're starting at a different number, but um
49:56
is that kind of thinking that's how I answer that question. Derek, do you have any
50:03
on that? Yeah, I don't know anything to add to that. I think that'd be good. Yeah. So, let's uh maybe circle
50:09
back with our support team. You can submit that. We're going to end uh end the call with a survey that'll give you an option to submit some questions that
50:15
maybe we don't get to. Um so, make sure you stick on at the end so that way, you know, if we don't get to your questions
50:20
or maybe we just need to clarify with uh with our support team, we can jump on those. Uh let's see.
50:27
Um, yes. So, with the additional tools beyond pre-retirement
50:33
planner here, so under decision lab, yes, you're going to start to see this fill up, right, with different types of
50:38
strategies. So, really just kind of keeping it as um as a home base of all types of decisions. I trying to recall
50:45
some of the ones um we're going to add here. I think like long-term care events, like healthcare costs, um
50:51
building in those type of scenarios. um you know, you'll see this list start to
50:56
start to fill up on this page, but yes, coming soon we're going to have more tools there.
51:02
Um see,
51:07
monthly spending capacity versus monthly retirement paycheck. So, they're one and
51:13
the same. So anytime you're using the default setting of which income lab is saying well how much could I afford to
51:19
spend based on what I have given my my my income resources. So retirement paycheck and spending capacity are one
51:26
and the same. Um you can change that uh that display view. Let me go to the
51:31
settings here under customization. Nope, it's under
51:37
it's actually under my display settings. So under the display settings, you'll see the plan wording. How much can I
51:43
spend in plans? So, this is one and the same. So, spending capacity, whether you'd like to see that as the verbiage
51:50
or retirement paycheck, you're using how much could I spend when you see that.
51:55
Now, if you're using Derek kind of touched on this um a little bit is when
52:01
you're solving for say a 6,000 net spending target goal, maybe that spending capacity is just too high um or
52:08
maybe too low, right? maybe we need to spend more and show a plan of you know taking that risk involved. Um that is a
52:14
different way to um ask the question. It's asking how can I spend a particular
52:20
net spending target. Now you would need to enter uh baseline expenses but you'll see that it changes to a budget me it
52:28
changes to a budgeted spending versus spending capacity or retirement paycheck. So, um, to do this setting
52:34
change again, it's solving for my baseline expenses. As you're building
52:40
your plans out, you'll see a little plus sign over here to add in additional insurance expenses, savings,
52:45
liabilities. Um, you'll need a baseline expense in there, but there's a great qu
52:51
or paragraph here that says, "This plan's primary question is, how can I spend$7,000 for or 456?" Now, that's my baseline
52:58
plus my Medicare premiums that I listed as baseline. So here's where you can change this. You know what can I spend?
53:04
Retirement paycheck spending capacity. How can I spend? Solve for this net number. So that's where you can make
53:10
those changes that
53:18
um custom CMAs in the investment strategy section. Do the model portfolios use customized CMAs or the
53:25
default income lab Cas? So, when we're talking about capital market assumptions and applying those to the plan, you can
53:32
certainly control that and and customize um any of our um analysis methods, but
53:38
you'll first want to come through here under your settings under capital market assumptions. And then here's where you
53:45
can select which analysis method you want. Now, if you're looking for a return assumption, you want to control
53:50
it, using one of the Monte Carlo methods is going to be the best way to go. And you can customize these and make
53:55
changes. Anytime you make changes or customize them, they're going to stick until you move it back to default. So,
54:03
um, and those will apply to all plans using any one of the Monte Carlos. So, um, this is kind of diving into it, but,
54:10
um, you can control it and you can customize it. If you're not using any of the Monte Carlos and using which is our
54:16
default um analysis method which is the historical analysis method um we're just
54:23
using average historical returns and CPI index. So that's a moving target. It's getting new data every month that we go
54:29
through the plan. So um it's one we it's one we kind of lean on here which is the historical. But yeah, if you did want to
54:36
change to any one of these other two analysis methods, any plan that you have selected would take on those
54:41
assumptions. So something to keep in mind if you if you do go in and adjust those. And and one quick note on that, I mean,
54:47
one reason why I like using historical as the analysis method, um is that you're going to get more consistent
54:54
results. So um it's actually going to be um you know, based on historical
55:01
since we're running people through historical sequences, right? It's going to be consistent unlike Monte Carlo where the numbers are going to change.
55:08
So you can play around with things, change them, change them back, and you'll actually get back to the same answer. So just kind of a technical note
55:13
that um that's one reason I I actually prefer that. And we've done some testing in historical and regime based Monte
55:19
Carlo really performed the best, but I think historical is even simpler. Um and
55:25
then just quick note too, you might want to I think if you refresh the uh the comments, some of some of we have had
55:31
some upvoting going on. So let's see.
55:36
Um, and I can Robert Duffy's I think here is at the top. Uh, will you allow for a tiered spending plan in
55:41
retirement? Uh, for example, retirement spending smile, go- go, slowgo, no-go plans. Uh, you know, where it might
55:47
change over first decade, second day decade, third decade. Um, to answer that, I mean, we can already do the
55:53
retirement spending smile. So, that's very easy to apply to a plan. That's basically the age-based method. Um, if
56:01
you go into the advanced settings on the plan and select whether you want age-based or flat. So, so that one's
56:07
very easy to apply. Um, for kind of a chunking or like age banding approach
56:12
where you might want to do like one decade, two decade, three, I don't know that there's anything currently in in
56:18
progress on that. That could certainly be something we could look at. But I would say that if you are doing just
56:23
chunked out by decades, it at least becomes a little bit easier to manually build that in. If you wanted an extra
56:28
like variable expense for the first decade, then one for the second decade, then the third, that could be how you
56:34
could kind of fine-tune that. And I I do find that's a fairly practical way to um at least for a three period process.
56:40
Like it's more difficult if you're trying to get really granular with it. Yeah, if you do the phasing out,
56:45
definitely have this toggled on. Um I'm going to get my mouse here. the variable expenses toggled on because if you bill
56:52
in, hey, I want to do $10,000 a month, right? And you toggle that off, it's going to show zero spending. So, make
56:57
sure you toggle that on um if you are going to do the variable expense breakout and tiered spending.
57:03
And yeah, I did refresh it. So, thanks thanks for that, Derek. Um it says, "How do I limit the accounts the software
57:09
pulls retirement income from?" Um yeah, so as a default setting on your plans,
57:15
I'm going to go back to the advanced plan settings under taxes. Um, as a default, unless you make a change here,
57:21
I changed mine to order by tax treatment on this particular one. It's going to be a pro rata, so it's just going to proportionally take it out of all of
57:27
accounts based on the balance. There really is no withdrawal order strategy there. You just see a little bit taking out of all of accounts. Um, you can
57:33
rearrange that order whether you want to do an order by tax treatment. Most planning softwares run the taxable, tax
57:39
deferred, tax-free. Again, you can drag and drop these. don't recommend putting a bracket
57:45
management Roth conversion as a default because then it just kind of pigeon holes you into that Roth conversion and you're always doing a Roth conversion on
57:51
your plan. But when you do a maybe a tax efficient strategy and using the tax lab um than maybe having a scenario that's
57:57
doing a bracket management um but that's going to what that's going to do is um we'll go and keep that as the the
58:03
withdrawal order. The best way to see that is going to be in LifeHub. So, LifeHub will show us, you know, how that
58:08
distribution strategy is actually taking place based on the recommendations, based on those balances in the account.
58:14
Um, and then when we get to retirement, we could say, hey, we're only pulling from taxable. Even though we have an
58:20
IRA, 401k, if you had it on Pro Rata, it would just take it out of all three. So, that's that's how you can change that.
58:27
Okay. Um, will you allow for tier spending? Thanks to that. Plan to roll out any
58:34
additional tools. Yep, got that. Customize Cas. All right. I know we're
58:41
coming up on time here. I'll try to find an easy one. See if we can get it. Or Derek, if you have any closing remarks
58:46
that Oh, I mean, I think yeah, maybe it's more a closing remark. We do have um
58:53
December 2nd I'll be presenting on social security um and really how you
58:58
know um you maybe there's some additional things we might want to think about when it comes to risk and weighing
59:04
you know I think there's good times to delay good times to claim early just kind of how we sort through that decision and maybe some of the
59:10
underappreciated risks that aren't um always covered. So um and then some
59:15
practical takeaways for how you can you know do that actual analysis and help clients with that in income lab. So, if
59:21
you want to uh join us for that, I think there's a link that uh just got shared in the chat. Um but yeah, that uh I
59:28
think we'd be I'm excited to present on that and hope we see a lot of people there.
59:33
Yeah. Oh, great, Derek. All right. Well, that's going to conclude this one, this Lab Talk
59:39
Tuesday. Appreciate your time and questions. And again, we probably didn't get to a lot of the questions in there.
59:45
So, yeah, there's the there's the link there for December 2nd uh in the chat. Um, but yeah, submit the questions.
59:51
You'll get a post survey here. Uh, let us know how it went. Let us know what went well, what went bad. Um, we'll be,
59:57
uh, we'll be reaching out from our support team on those questions we didn't get to. So, maybe scheduling a one-on-one just to really dive into some
1:00:03
of those really particular questions. Our team is happy to assist there. So,
1:00:09
yep. And the recording will be sent tomorrow morning uh, for those that were requesting that. So, all right. Well,
1:00:16
that concludes it. Thanks, y'all. Thanks, Derek. Thanks, Shelby. Thanks, Ashley.