How Life Hub helps advisors cultivate deeper relationships with clients and grow their business

good morning everyone and Welcome to our retirement income Intel uh we have two

0:10

panelists today Matt Smith and Ed Smith and Justin our moderator and host um I

0:17

guess I'm moderating Justin's host so just a couple housekeeping items as everyone joins this morning we will have

0:25

um a discussion with Ed and Matt and Justin and please any questions that you

0:31

may have along the way in the Q&A uh if you see a question in there that you'd

0:37

like to get answered please like it so the ones with the most likes or thumbs up will get addressed first we sometimes

0:44

do run out of time so please uh we'll address the ones that are most thumbed

0:50

up uh along the way and then we also have next month we have a uh retirement

0:56

income Intel on the fourth Tuesday of the month and this is the fourth Tuesday of every month and then we also have lab

1:02

talk Tuesday on the third Tuesday of every month specifically for our user base so with that I will pass it over to

1:08

Justin and we'll get started all right thank you Taylor thanks everybody for joining us and

1:13

special thank you to Ed and Matt for joining us so we have today Ed Smith from Valor Wealth Partners in uh well I

1:21

guess sort of a mix of Boston and Washington DC right Ed I don't know where are you actually in DC today I'm

1:27

in DC today yes we're we're almost fully moved to DC we're finalizing the legal transition so great great and Matt Smith

1:35

no relation um from wealth distribution as far as we know uh from wealth

1:41

distribution strategies near Madison Wisconsin and what's that I say yeah just outside

1:48

in Verona Verona yep yeah um so really happy to have both of you here with us

1:55

um these advisor panels are are just super helpful for um for every everybody to see how you you using income laab

2:02

software in your practice getting best practices stories from you uh it's going

2:08

to be it's going to be great um so I'd like to start this out um just asking you a little bit about your firm um

2:15

maybe a little bit of your background how you use income lab in your practice and in particular I know

2:20

we're going to focus a fair amount in though not exclusively in this webinar on life Hub but how you use those pieces

2:27

in your practice and really kind of what the role financial planning retirement income planning have in your practice so

2:32

maybe we'll start with with you Ed sure um so Ed Smith I president of

2:38

valy Wealth Partners we specialize with federal employees uh that's why the move down to DC because there's a lot more of

2:44

them down here uh I've been in the business for over 24 years started off as a stock broker went to Insurance went

2:50

to a credit union so I have the gamut of almost everything out there at all different areas of the business and um

2:56

we are subscription model and we do some uh a it's not required so just uh the

3:02

model that we're under interesting anything else on that Justin that's great no that's that's

3:08

perfect um Matt how about you yeah so my background uh actually goes back to uh

3:15

Justin I I actually go way back uh along with Taylor and some of the other people at income lab I was at Jackson National

3:22

as a regional vice president for almost 16 years where I spent most of my uh beginning of my financial advising

3:27

career here um as a wholesaler for an insurance company um and so you know I

3:33

have a focused on retirement income honestly uh and so um when Jackson had a

3:40

restructure at the end of 2020 um my dad is a financial adviser uh has been for

3:45

45 years um we uh basically joined forces and then I joined wealth

3:51

distribution strategies as well as a senior partner um and uh you we have 12

3:56

advisers there um and I just just under a a billion dollars of assets there um

4:03

my dad and I's book of business is just over 100 million um you know my dad um

4:08

historically just used things like a there was a software called spending game um it was basically just a

4:13

spreadsheeting software that he used with my clients um wealth distribution strategies uh uses money guide Pro uh

4:21

holista plan um we've now added income lab uh riskalyze or nitrogen um so

4:28

there's a lot of software being used uh at wealth distribution strategies and so

4:33

um I've tried to adopt um a lot of that with my dad's clients and so where I'm using personally income lab is with my

4:39

dad's clients um and my dad historically um basically did mutual funds um and

4:47

annuities um were the majority of his book of business and so trying to transition more to AUM asset Center

4:53

management um you know Fe based advising um but also getting to the point where

4:59

most most of his clients are retired um and turning on income and so we're kind of at that really key point where income

5:06

lab is going to step in and help us and turn on that income and kind of show them um what that picture looks like in

5:11

a more Dynamic way than the way he was doing it so and let's actually let let's lean

5:18

into that that part of it I know you know Matt you've been using income lab for uh you know years um and and you Ed

5:28

as well I know income last we become more and more a part of your practice kind of what were the things that led

5:34

you to use the software and what was that transition like so Ed maybe we'll go

5:40

back to you sure uh so we've tested out everything we we're using e money and money guy Pro as a testing them both out

5:47

simultaneous and I've used them both for many years and then we just weren't getting the clarity that we needed the

5:54

def finess in the um the software so we're starting to look for something else we did find an income lab we liked

5:59

the analysis and we actually moved to the Orion platform and so we were using Orion planning on top of that but we

6:06

were we were finding is it was sort of like uh you're preparing for a snowstorm and then you have these seven models

6:12

that are out there and we were confusing clients by having one answer here and then one answer there so we actually

6:18

just moved almost exclusively to income lab as far as the analysis of what we

6:23

share with clients and that's just because of the confusion that was out there if we say oh you're off by $100,000 and the client's like but wait

6:30

am I good or am I not good and so we just use income lab and we have about 85% adoption of our client base and it's

6:37

increasing a little bit more as we're doing annual reviews right now I mean there's going to be some people that we're just never going to use income lab

6:42

with you know the the person that's 85 years old that is perfectly fine that doesn't need the answers they just want

6:49

us to be there as a support but for the majority of our clients we are going to be using it but we do exclusively use

6:54

income labs and a lot of other softwares as well uh you know Matt mentioned holista plan we use that uh we use a lot

7:00

of other softwares that bring in other things as well so nice um so let's let's

7:07

um pivot a little bit to specifically life Hub since I know both of you have had some um some success stories there

7:14

or just some stories about how that's really helped your clients um and your

7:19

practice um I know let's uh let's go back to you Matt I know you you've um

7:25

you know just just had some success I think sometimes people come to income lab looking for that you know kind of

7:30

Cutting Edge analytics and so on which is great and and and obviously we're that is a a key part but also sometimes

7:36

just the clarity that you get from things like like life Hub have been helpful in your practice yeah no

7:42

absolutely um you know uh I so I've been using income La income lab for three years and I mean what initially drew me

7:49

to it was you know the guardrails approach adjusting for income instead of

7:54

probability of success which let's be honest most clients when they see probability of success of 70 80% they're

8:02

they don't see 70 or 80% they see 30 or 20% of failure um and you know that's

8:08

kind of the risk of say money guy Pro or e- money and some of those softwares is that you know it's it's like put the gas

8:14

pedal to the floor and just go Um and we're not going to adjust along the way so that was initially what really drew

8:20

me to income lab was was was the guard rails and I've got some ideas later if we we have time I'd like to share just

8:26

kind of how I talk about those guard rails but um um yeah so then then the life Hub came

8:33

along um and I would say that a lot of clients enjoyed income lab before life

8:39

Hub um in the sense that they liked the you know how often are things going to adjust what's the you know probabilities

8:46

of adjustment over time and you know the long-term income plan and the the income sources and that there was really kind

8:53

of somebody behind the scenes helping me along the way uh account for retirement income you know like it's just somebody

9:00

not just me making those decisions how are you going to make those decisions I have I have income lab to help me do

9:05

that um you know I I follow kitus and Carl uh kitus is Carl's big on a onepage

9:12

financial plan and I so uh there are there was another software out in the industry that I was looking at um I

9:19

won't name it here but uh it um it was super attractive because you could kind

9:25

of see somebody's full Financial picture on one page uh uh and so when life Hub

9:30

came along it was like ah well this is I'm already already paying for income lab and now we've got a one page picture

9:38

that we can go to um to to show somebody and it I would say that most clients

9:44

that I meet with this is their favorite part I mean they just love seeing their

9:49

entire picture on one page um and so you

9:54

know I guess yeah that that there is um like I I like when you blow it out because it it obviously gives them a

10:02

full picture of what they have um and I've actually found you know when you're

10:07

going through inputting the data and doing data collection they're they're always going to I don't say always uh a

10:13

lot of clients will hold assets back um usually it's bank accounts CDs things

10:19

like that um you know just random amounts of cash and at this point um I

10:25

find that there's a lot of clients just hoarding cash um but when you actually show them this view right here um they

10:33

want to fill it in uh and so it's like they're competitive about it or I I

10:39

don't know what it is or maybe it's just somebody with their brain and they want to fill in the picture and make it complete um that you end up finding more

10:46

assets um through the life Hub and just in the sense that they want to fill in that picture um I mean I'll give you a

10:53

perfect example I have a client that's a CPA um he he was going to give me about

11:00

$250,000 to invest and so I started running him through income lab because I knew that there were other assets and so

11:07

um long story short uh that 250 turned into $4.3 million of assets that we

11:14

uncovered or I uncovered um through the use of Life Hub and obviously putting

11:19

the data in um because he wanted to fill it in and he thought it was super cool

11:24

um now not all of that's investable assets There's real estate and things like that but um certainly uh it's

11:31

something that I like you should have shared that with me without me having to dig super hard anyway but um it it just

11:37

naturally came up in the conversation um so I I'll stop there and let it go that is really

11:45

interest there's something psychological about this picture I I agree it is like hey if this is a picture of me of my

11:51

financial situation like I I want it to be accurate I I don't you know I I I want I want to fill out as many leaves

11:58

as possible and so I've heard that story many many times so it is a great kind of Discovery um

12:04

vehicle um Ed let's let's shift back to you um what sort of role does life Hub

12:10

in particular um play in your practice we'll definitely get back by the way Matt to to talking about guard rails and

12:16

things I know people want to hear some of those best practices but let um Ed uh I know we've we've talked about some

12:22

some places where it's been really useful for you as well right so when we develop an initial plan or we onboard a

12:28

new CL we always do an initial plan so we really get a good picture of where they are and that's generally a four to five

12:33

meeting process depending on if we do federal benefits for them and in the second meeting we're using life Hub so

12:40

between the first and the second meeting they're uploading all of their documents so we can we build it together for them I like to see and I like to put it in

12:46

there for them and we really get a good Clarity of what their resources are so

12:52

we can actually start giving them the best answers on that and like Matt was saying people like they want to be able to say oh no I'm missing this or missing

12:59

this and it's a great way to visually look at that and what I've seen in the past in many years that people are hold

13:05

back those assets because they're concerned about you trying to get them or you trying to go after those assets

13:11

and here they're really they want to make sure you have a complete picture and so it's really helped on that

13:16

visualization so we can give really good answers uh because we work with federal employees we're working a lot on the

13:22

income side in addition to the asset side which is very important because their federal pensions are huge for

13:28

their long-term Revenue um and really making sure that they they have them captured uh and I'll talk about another

13:35

story later on of how just this morning I use this to to help ease some pain for some clients but when we're looking at

13:42

the assets and we see that full picture we're able to really drill down on all of their guaranteed sources that are

13:48

going to be really good so with federal employees the income side really helps out on the other assets um I really want

13:53

to talk about another story here we had a client pass away a little over a year ago

13:59

uh the wife that passed away she was the person that did all of the finances and the husband was clueless he had no idea

14:06

where where it was and when I say he was clueless he called me a couple months ago and said hey I got an electric bill what should I do and I'm like well do

14:12

you like electricity he's like yes I was like then pay the bill and um he really he has no idea what's going on with the

14:17

money and the daughter-in-law was helping him go through all the old files from the wife and she says oh we have

14:24

this credit card from this Credit Union and she's like um is there anything we need to do I go no I go but according to

14:30

our records which was life Hub there's aund over $100,000 at that credit union and she's like no no there's just a

14:36

credit card and I'm like call a credit union and find out how much is there and there was $110,000 to the credit union

14:42

they would have never seen this if we didn't have that Clarity of where their assets are and part of this goes to how

14:49

we've changed over the last 15 years or so that we don't get statements in the mail or most people do not get

14:55

statements in the mail they get them bya email and so when a client would pass away 20 years ago we would get a

15:01

statement said oh you have $10,000 or $100,000 at this bank or this institution and then we'd call up there

15:07

um since it's not happening as much today we need a place or a person that's at conduit that knows it and that's a

15:13

really good thing for us when we looking at our older clients and a selling point for them to really make sure we have a good Clarity and we tell that story to

15:20

almost every client now and they really want to make sure that we're there and we can help their family at the last uh

15:25

their last days so that's was a really powerful thing for us yeah that's a that's a really good point

15:31

about the shift from you know in the path you might at least you know a daughter or a son or something might be able to go through a pile of papers and

15:37

now that that pile of papers isn't there or it's not up you know it's 15 years old right um I I know you mentioned also

15:44

you have a couple best practices for using life Hub um and I like how you talked about um how you kind of focus at

15:52

least initially on kind of the resources making sure you have all the resources there to build their income plan and so

15:57

on um but you had a couple best practices just for data entry you know even if like you know something's there

16:02

but you don't know the amount or or or showing things by using the timeline I

16:07

wonder if you could share those sure so one of the things with the timeline is we're seeing people look at the year

16:14

that they get say like Social Security and that number is wrong A lot of times because one of the things that income

16:20

lab does is they use a monthly calculation so you might have an August where you're going to have some of your money as salary and some of your money

16:26

is going to be Social Security or or no salary at all and so we always go the year after when we're looking on the timeline and that

16:33

will bring up the full amount of the Social Security or the pension amount and really help to get a good Clarity um

16:38

so just knowing that because when people see that they get a little bit wait I'm going to start Social Security why is the number so low and that's one of the

16:44

things that we see a lot on on that timeline that's really really big for us to be able to look at these numbers and then also because we deal with Irma a

16:51

lot seeing that rmd and and showing them how big that rmd is and how much that's going to impact that that's another big

16:57

thing in the timeline that can really stand out on there so that's how we use a timeline very much I know Matt you had some other ideas too

17:05

so yeah and and I I think you know so it's pretty easy to see if you mess something up in here as far as the

17:11

income putting in the income streams and you know you put somebody's annual income in and it's a monthly

17:16

distribution and you know all of a sudden they've got a you know $3 million worth of income for the year um but Ed I

17:23

think you were talking about I think you had mentioned which I think is a great idea putting just a dollar in there and making sure that you kind have got um

17:30

you know you take off all your boxes and then go back in and and make sure that you know um and so um yeah the so one re

17:38

one thing that I like to do with clients on life Hub um is you can almost go back

17:44

um and just start along the way and again like i' said Social Security you

17:50

gota you got to go the next year and same thing with rmds and um you know

17:56

annuity income whatever income sources or rental properties ending starting um

18:02

and even just at the top having the timeline of you know when life insurance

18:07

uh you know policy is going to come due right so a 20-year term you can see when do when does that end on the timeline

18:13

because it highlights it there there isn't any on there right now but um you know it's I think visually it's easy to

18:20

see um you know just what does the timeline look like and so what I'll do is I'll I'll actually run them through

18:27

you know if they're going to re higher in three or four years I just kind of click on the next three four or five

18:32

years and just have them watch that income column and the assets just the

18:37

green and the blue um you know and so um I think Justin's just adding in some

18:43

life insurance there but [Music] um so it's kind of like you know obviously you can use the cash flows

18:50

diagram where it just you know has the all the different colors and the different layers of of when income's

18:56

going to start but I I don't know I I think I think a lot of clients just love kind of living in this space here where

19:01

you can just click through and say okay Social Security here is 12,800 well that's a partial year now full year

19:08

you're at 54,000 and you can see Jaxon is going to kick in and and as you kind of go along where are these income

19:14

sources and what is it you know you can look at that 243,000 but what is that comprised of um and where is it coming

19:21

from how much of that income that 243,000 is guaranteed right um you know

19:27

and what what's our fallback position how much is how much is coming from selling Investments or you know the

19:33

investment accounts um so you know I I like just kind of going through the

19:39

timeline what are the highlights of when things happen even putting in like cars and vacations I mean I I look at income

19:46

planning kind of as a I think a lot of people underspend in retirement um they just because they

19:53

just don't have the confidence and that's kind of that guardrail we can get to that a little in a little bit but but

19:59

how do you help people create memories and experiences of their life and be able to spend their money because there's only two things you do with your

20:04

money it's either you spend it or you die with it um and then somebody else

20:09

will spend it right um so how can you create memories and experiences with that money whether that's with you and

20:15

your spouse or maybe with you and your grandkids and kids um and being able to spend that money but having the

20:21

confidence to spend that money um knowing that you know obviously you know

20:27

I think income lab can really help with that if you put some of those things in there like let's let's do a big family trip and let's put that in here what

20:34

does that look like in your plan um you know drawing up different scenarios um

20:39

so you can go and on that dropdown instead of just doing the household plan you could do a Hey listen let's do a

20:45

vacation every 10 years uh big big family you know blowout vacation where we take everybody and we pay for it um

20:52

what does that look like in your plan um because you know I I read a book called

20:57

da was Zero by Bill Perkins uh highly recommend it uh for for people to kind

21:03

of get the concept of um creating memories and experiences your life and

21:08

and the earlier you do it the more memory dividends that you'll create in your life um because when you're gone I

21:14

my view is is that um that's what lives on um is the memories and experiences that people had with you and so you know

21:20

income planning and financial planning is all about for me helping people do

21:25

that create memories and experiences so th this is just again the timeline I think just running them through this

21:32

visual of what their life kind of looks like obviously the farther out you get

21:38

the less accurate things get um and I try and tell them like listen it doesn't mean that you're gonna have you know $30

21:45

million um when you're because you know we may start gifting and doing other

21:50

things uh farther down the planet if things go really really well um you know

21:55

so anyway I don't know if you want address that Justin but yeah well I

22:00

think a couple couple things there so just for those of you who aren't as familiar with the software um what Ed

22:05

and Matt we both saying was because these are these are summing up everything for the calendar year so like

22:11

2027 this is the total amount of social security for 2027 it's just that it's a

22:17

partial year um and then same for Mary because I believe both of them are starting mid year um and so helping

22:24

people understand yeah so yeah March and April um that you know this kind of ramps up

22:31

if you're looking at it from a calendar year and that's why clicking past it is kind of a nice way to see it sort of

22:37

fully having taken effect um and then yeah it's it's really interesting and we

22:42

maybe we'll shift now to talking a little bit about you know guard rails and and income planning um in other

22:48

parts of the app but it is interesting to think about that challenge of giving people permission to spend or helping

22:54

them sort of make the shift from saving to spending which I know we've talked other webinars about how that's actually

23:00

a a pretty big kind of emotional psychological challenge you're told your entire working years you know save save

23:06

save save save save and then suddenly that it's just you expect people to flip and spend spend spend um so what I hear

23:12

what I'm hearing you say Matt is one thing you can you could sort of use life Hub as like a I don't know vision board

23:19

or something like hey let's put some things on that timeline um that use those resources

23:24

because right A lot of times people expect their the sort of the the

23:30

spending they're hoping to get is actually less than their resources would would uh support not always there

23:35

certainly are those cases where you got to do some coaching to to spend less but um in those other cases it's not like

23:41

you're just wanting to say hey just you know buy the nicer wine or the night like hey how about let's let's really

23:47

think about some real more tangible memories and things that we could that we could do um so I I love that idea of

23:54

just using the timeline in that way um so it's not just rmds it could be fun things like uh vacations and so on

24:01

vacation yeah no I totally agree now I would say before you leave um for some client they want to see like what do I

24:07

have what does my spouse have you can you can uncheck up at the top there like you know if you want to see like what

24:13

does Jack have what does Mary have kind of in buil what's joint built into the plan um I don't use that a ton but I'd

24:20

say that's just something that if you don't know it's there um that's a good point Justin were

24:28

asking about the the dollar you were showing about how adding on the um life Hub I actually add most of the time in

24:34

the normal dashboard of normal adding all the Assets in right right there there and so when I go to assets I go

24:41

through and the new this new format allows you to just keep adding assets and I just put the name of the account

24:48

the type who owns it and then the balance I just put $1 and then I come back and finish it so I know all of the

24:53

assets it makes it very easy to now go back and so I don't miss any o did I get this one did I miss it on all of these

25:00

things I know I have a good clear picture and then I go fill in all the balances and the details yeah I thought

25:05

that was a nice nice hack because if you see a dollar you know well I I knew that the ex account existed but that's almost

25:10

like a hey remember to go figure out what there's not there's probably a million there not a$ one dollar yeah

25:16

exactly yeah I really like that uh just as a little best practice um so yeah I'd love to to shift

25:24

a little bit now and just ask um I know a lot of people on this webinar and we

25:30

get this question all the time um you know kind of how do you talk about

25:36

income planning using income lab because it really this is a major shift in thinking it's away from probability of

25:42

success like you said um and into a what can I spend what would make changing

25:47

that a good idea and what would the changes look like um so I'd like to ask both of you kind of how do you talk

25:54

about that did did making that shift you talked about the like seven weather

25:59

models and then you know maybe as things get closer you kind of want to hey let's go with this model um like how does that

26:06

transition um work or how did it work for you it was very easy I mean it was just

26:13

a when we say you know like there's GNA be a 78% chance of success we know there's going to be 100% chance of

26:19

success it's just when are those changes going to happen and this gives us the clarity to really say hey if the markets are doing really well we can add income

26:27

if Mark Market are doing poorly we have to start seeing it but we can see it well before that happens if it says

26:32

we're going to have to make a change at 29% let's start looking at 15% and saying hey let's start slowing down

26:37

income at this point so it's not a huge thing or a huge number um and that's how I looked at that transition but I

26:44

actually look at the cash flows page first before we do with the guard rails

26:49

and the reason why is because for a lot of the federal employees we're seeing the sources of income are so powerful

26:56

for them um this morning I had a meeting already and the clients were I we do a

27:02

worries sheet of you know what's worrying you or what's going to be a concern for you in the future and they were saying running out of money no more

27:08

paychecks and they're already retired and I'm like I saw this guys and I have to question you what are you thinking

27:14

and I'm like I go I I don't understand why you're concerned and they're like but you know just something could happen

27:19

I go all right so let's go and we went to the page and between their two federal pensions their two Social

27:25

Security checks and the investment income they have from a real estate property it's like $14,000 a month and

27:32

the husband had already clarified that their net is about $10,000 a month and I'm like all right so even if taxes are

27:38

$4,000 a month we're still really good at the 10 10,000 like yeah I go and

27:44

let's not forget the $3.4 million in assets I go so you have plenty of money

27:49

I don't know where the concern is here and they're like Ed this is why we really like working with you is because

27:55

you take that fear and you show show us that we don't have to worry about this and they were like they were worried

28:00

should they go on another big vacation with their family I'm like yes take that other vacation because if not the kids

28:06

are going to take it when you pass away I go I go they're actually probably gonna buy all buy houses with the amount of money you're going to give them I go

28:12

so go off and do these things you know and and we use the same thing memories over money is a big thing for us making

28:17

sure people are spending the money and creating memories with the people they care about and just with that same

28:23

couple they were saying you know we we're going to spend on our vacations the same amount we paid for their daughter's wedding and I go how many

28:29

people go on the vacation they said 10 I go how many people were at the wedding and they said 180 I go so you spent that

28:36

all that money on 170 people that you didn't really care about I go because the 10 people you really care about are going on the vacations with you and so

28:42

it's just really putting in perspective enjoy the people in your life you know and this really helps us it helps them

28:49

see that they have the money to spend and that's that's the power of this um so I love this screen when we're looking

28:55

at the um where their cash flow is going to come from and with federal employees it's just so big we never have to worry

29:01

about the running out of money so that's most powerful for us Matt I know I've heard a similar some

29:09

similar stories about from you for people kind of a few years out um I think you called it the corridor of

29:15

worry um you know a good a good name for it right and and I get it I get where it

29:21

comes from but you know what what what kinds of things do you say to to communicate the same kind of thing well

29:27

so you know obviously switching from you know my dad didn't do a lot of money guide Pro e-money he he uses e-money for

29:35

electronic filing cabinet but never really put plans together as far as so my clients didn't really know the

29:41

probability of success or failure I I was just intimately aware with aware of it and so it was kind of like I I've

29:48

just started with income lab um instead of using uh money guide Pro with a lot

29:54

of clients I think it gives me what I need I it gives me enough of what I need to provide them with the plan um but you

30:01

know like I said a lot of my dad's clients are older uh and so they're at or in in retirement and so I think that

30:08

that Corridor of worry is you know anywhere from two to five years out of

30:13

from retirement you know can I do this what am I going to do in retirement you know I mean there's am I going to run out in retirement I mean there's just so

30:20

many things to think about and you know it's kind of like okay my role here is say I've got your

30:28

back on the financial end of things I'm I'm actually more probably of your behavioral babysitter babysitter in

30:35

retirement to try and encourage you to do the right things um you know and and

30:41

give you my opinion on what are the right things and you know kind of give you that pillow power sleep at night

30:46

whatever it takes for you to enjoy your retirement and not be worried uh and like I said create those memories and

30:52

experience and spend and so um for me what I love about the guard rail

30:57

approach is that it gets the clients to understand that um you know I just think

31:03

about if you're driving down a highway right now going 55 miles an hour and there's no guard rail I kind of refer to

31:11

that like well listen that's just you and your 40s working living life um you're not thinking about guard rails

31:18

right you're just driving down the road so whether there's a guard rail or not um you don't even think about it right

31:25

you know I mean again if as long as you're not living paycheck to paycheck uh you know for clients that are saving

31:30

and doing those things they're just kind of you know living their life but as they get closer and closer to the

31:35

retirement Bridge you know where they're going from working to being retired

31:42

um the road starts to lift off the ground and by the time they actually get

31:48

to retirement I just draw the picture that now you're a 100 feet that road is 100

31:54

feet off the ground and if you have no guard rails on a bridge

32:02

100 feet in the air are you going to naturally probably hit the brakes and slow

32:07

down I mean that's just to me it's a visual for them to say okay yeah that's

32:14

it's fearful I'm fearful well how often have you gone off the road how many times have you hit a guardrail on the road truly right very

32:22

rarely and so you know in retirement what income lab does for us is that

32:27

basically we can set guard rails to help us increase and decrease our spending

32:33

right so are we spending too hot or we spending too little right um I think I've heard you use the furnace analogy

32:40

um or I don't know some guy was talking about the goalie loocks the porridge um all good you know you know too hot too

32:46

too cold just right um that we set this you know income guard rails and

32:52

basically you know so now we've set up and I I actually will fold a piece of paper and you know like do you want to

32:58

live on a bridge like this you know fold it the two ends in so like this and then

33:03

income lab is actually putting guardrails uh you know kind of so just a little visual for them um but then

33:11

obviously flip into the software I use I like this this right here um so it kind of just shows you hey you've got $2.3

33:18

million um your current you know income levels um the dotted blue line and then

33:24

if the portfolio grows to this level we're going to increase by this percentage if the portfolio drops it's

33:31

going to you know decrease by this percentage and so in a sense what income lab really is is we set the guard rails

33:38

and then you know they're more of the lane assist right like they're helping steer

33:45

the car back into how you know so that we don't actually we could hit a guard

33:50

rail but let's try and get a do we need to adjust before that actually happens

33:56

now I I know mechanically you actually have to hit the guard rails for it to adjust but just more or less the concept

34:02

here that you know I'm helping you manage your behaviors put the plan together give you ideas but income lab

34:07

is behind the scenes more or less is like our our lane assist along the way if anybody has that in their car at this

34:13

point you you know what I'm talking about um and I mean most cars have them now so um so not only do we have guard

34:19

rails we have Lane assist on our Bridge um and so we can drive at the speed and

34:24

you can spend have confidence to spend at this the the speed that the spending capacity that income lab is telling us

34:30

we can spend yeah and let me hit on that you both talked about that a little bit for those who aren't as familiar with with

34:37

that approach so because kind of like Ed said we're starting with resources you can certainly add spending goals and and

34:44

Legacy goals and things as we talked about with the timeline and so on but that what we're looking for is like what

34:50

could I afford to spend and what you're seeing here is it's a range from you know if I'm if I'm kind of more fearful

34:57

or just you know prefer to live a little more frugally up to you know I I want to

35:03

live a little and and this is really all about balancing the two risks in

35:08

retirement which are the risk of overspending and the risk of underspending um and you know that's why

35:15

this is such a big shift is if you're if you're using probability of success you're really just looking at the risk

35:21

of overspending um and so if you had 100% probability of success you have 100%

35:27

risk of under spending right and so so you're basically by only paying attention to that you're not balancing

35:33

anything you're actually just you're lopsided right which is not how we usually deal with risk in in life it's

35:38

certainly not how most people deal with risk in investing right otherwise everybody would be in tips 100% but um

35:45

but that's that's what this is all about now you can do all sorts of really fancy things and Target a particular spending

35:51

levels and so on but this that's when when Ed and Matt are talking about spending capacity that's what's going on

35:57

and then these guard rails are saying either hey you're running too cold that's if you hit the upper guard rail

36:03

you know live a little or you're running too hot that's the lower guard rail um

36:08

and you know like and actually just if you click on the retirement stress test I think just my analogy of driving down

36:13

the road you could see your retirement income car driving down the road uh you know down below the next one yeah if you

36:19

open it up yeah so I mean there there you've got your kind of you know there's your guard

36:25

rails and your your car is driving down the road you can see very few times did were you at risk

36:31

of reducing you know or hitting that lower guard rail I mean honestly in this plan and I would say

36:37

that you there are certainly differences in plans um and to Ed's point I we don't

36:43

do this with everyone I mean obviously I think they have to have a certain level of assets to kind of justify um using

36:50

income lab and income sources and you know but yeah so I think that

36:56

visual is also good for clients as well and in kind of showing them Great Depression you know mean different

37:02

scenarios um you know financial crisis yeah and actually maybe before we

37:09

get to questions I'll I'll I'll open that question up to you the app or what reports what what

37:16

things do you show to clients um Ed I know you have kind of a a philosophy on

37:22

report that I found pretty pretty interesting and and helpful sure um and yeah just to clarify what

37:29

Matt just said we actually use this for most of our even younger people even without a lot of assets because of that

37:35

pension income because we're trying to be able to show that difference so it's again all different practices are different of how you're doing these

37:40

things um one of the things that we use going back to the reports question is that we were using the life Hub report

37:48

right in life Hub uh to generate that but what we switched over to was we switched over to the custom reports um

37:56

instead of of using this which does give a really good snapshot and again can get some good Clarity um we use the custom

38:01

reports page and we have a couple different things so we can have a balance sheet we can have the life Hub

38:07

the tax diversification and also the asset allocation so we create one that has those different things yeah so

38:13

balance sheet uh life Hub and then the two under Investments asset allocation and tax allocation and that's just a

38:19

really quick custom report and it's also a snapshot in time so we can come back

38:24

to 2023 or 20202 for and see what their assets were or the question we get how are we doing well it really doesn't

38:31

matter but again if you want to see we'll show you where you were at this point um so it gives us that that locked

38:36

in values versus it always changing down the road um we actually use used to use

38:41

one big comprehensive report that had a lot of the stuff in there but we've broken it down into assets to income and

38:48

then to tax or projected tax and so we found that we we know that most people

38:53

AR going to read these anyway but when you have such a big report they're definitely not going to read it and so we just wanted to have more reports so

39:00

they could see it but it also helps clarify when we're looking at what we're delivering for them and when we say

39:06

we're going to do you know nine reports versus four reports they're like wow we're getting a lot more value from this

39:13

so you're really showing the amount of expertise and knowledge you're bringing in different areas versus just oh we're

39:18

going to give you one big report and I think that sometimes people don't see all the value that's in that because

39:24

they're never going to look at it because it's just too much work to do they want to see the summary so do you spread those out like through the year

39:30

do do you redo them once a year how how does that work sure so the um the initial plan we do the the asset report

39:38

will be in the second meeting and the um tax and the income reports are in the

39:43

third or fourth meeting um so it depends on on that and then when we do the annual review we'll just do them with

39:48

the annual review we'll just do all three of them because they're very very quick to to look at those so we because

39:54

we're looking at the asset reports when you're clarifying everything the income reports are shown they're good and then

40:00

the tax report we're looking at a lot of times in the annual review but we're also coming back to it when we're

40:06

looking at the year on tax planning uh for us we use um we're very big on

40:12

answering the question of should we do a ro conversion or not especially with the federal employees in their Irma um but

40:18

what we've we've been using holista plan for a little bit longer but what we found was we have a good clarification

40:24

with how much you we should be able to or when those Cliffs are be able looking at a Roth conversion but trying to

40:30

decide when that was that was a huge question and income lab answers that question for us and it really helps us

40:36

show the client on the tax lab what levels they should be doing and sometimes we'll see like and we were

40:43

talking about this yesterday you know 32% is the ideal tax bracket for them to

40:48

do a Roth conversion in but at 24% it's only a $200 difference and saying yes

40:54

the ideal is 32% but let's use a little Common Sense here and say well let's do 24 and we'll take advantage of you know

41:01

the what the tax code is today and we'll see where it goes in the future so this is very powerful with with showing

41:07

clients on how we do those things but that tax report comes back and I would say October time frame as we're looking

41:13

at holista plan and doing scenario analysis and using them together so yeah two really good points one is

41:21

especially for this asset level we often see 22 24 and 32 grouped extremely

41:26

closely together as you see though here technically 24 is a little better than the other two um but as you said I mean

41:33

we're talking a six basis point couple1 difference here or thousand difference

41:38

over over 30 years so yeah definitely uh plenty of folks are you know using some

41:44

some art here and and to choose the brackets and you're basically saying so you'll use income lab to kind of hone in

41:51

on okay we're going to do 22 or we're going to do 24 and here's the reason why and then you'll ship to holistic plan

41:56

for the Tactical you know okay right the income lab is the why holistic plan is the how or or the the granular of oh

42:04

you're going to be paying you know we do 400 like $400,000 Roth conversions which are crazy and showing people hey you're

42:10

going to pay $150,000 in extra taxes this year and we do that earlier in the year to freak them out and then when it

42:16

when it settles down and they're like okay we understand now that we're GNA pay it at some point it's just choosing

42:23

when and this is the most ideal way to be able to do it so um the hostal plan really scares them when we show them how

42:28

much they're going to pay in taxes but this shows them the why of how you know why we're choosing one over the other so

42:36

yeah for those of you who aren't aware of this what this is doing is it's taking that plan we're looking at in life Hub and and so on and it's just it

42:42

looking at it 14 different ways doing different levels of Roth conversions and and trying to estimate the the the tax

42:49

savings over the over the life of the plan right and we'll even ask clients which way are you planning on doing it

42:55

and they're like I have no clue what do you mean you know and and it puts him in the situation I don't have a plan I

43:01

don't have a strategy which just elevates what you're trying to be able to do for them is well this is giving

43:06

you a strategy we have you at this point let us do it let us do our work you know right

43:12

right um Matt how about you just to close up before we take some questions are there other parts of the of the app

43:18

that you use with clients um so as far as reports go so what I'll do is I I actually I do the snapshot report um

43:26

kind of and just put it in their their electronic filing cabinet every time that we do a review that way it's we

43:31

have a their date of their meeting and just kind of a snapshot so that we can go back in time and just say hey well what did it look like back then if they

43:38

want to um and then um I would say on the custom so yeah just do a snapshot

43:44

report there and then um the customer reports you know they kind of so that would be like an ongoing maintenance

43:50

income lab client on a on the outset I like to do the custom report where we do

43:55

uh you know life Hub and then do the short-term income long-term income Outlook so it's kind of that probability of

44:01

adjustment um kind of guardrail stuff um and then the income

44:06

sources yeah so they kind of have their cash flows just kind of as a outset of hey this is what income lab is actually

44:13

doing behind the scenes to have that kind of starting point um you know again and I you know I I

44:22

want to think that everybody's looking at these things after the fact but um some some are some aren't um as far as

44:28

access to income lab itself um there are some clients that want

44:35

access to it um I don't give them access to changing anything they I give them the view access um but then you know if

44:44

they don't ask for it it's not it's not something that I I I want them in there kind of looking at it all the time um

44:51

because generally speaking it's kind of like during our meetings if they have questions great if they have they look at the reports afterwards you know call

44:58

me with any questions but if they're in there kind of digging around all the time um you know not that I'm not happy

45:05

to answer questions but you know the delu of questions that that can come out of it um what does this mean what does

45:11

this mean what does this mean um happy to answer it with any client but you know again just some clients that really

45:17

want it I'll I'll share that access so can I just jump on that Justin real

45:23

quick I know we have questions here but yeah we we've probably given access to two clients for to edit stuff but most

45:28

of it is the um the just the viewing of it and one of the things that I really want to stress here is that there is so

45:35

much data in here that a client can really go down a rabbit hole um with looking at all this type of stuff which

45:41

is really good we're trying to maximize as much as we possibly can from income lab and these these types of webinars

45:47

really help us out I mean for us we're not getting this anywhere else from any other software program so we've been

45:53

able to maximize our usage and and capitalize on some of these things where I think that a lot of other programs

45:58

don't let you or don't give you the information to how to be able to use these things so we know these things

46:04

inside and now again clients will just be spinning their heads if they try to see everything that we're possibly doing

46:09

so you know yeah like Matt was saying give it to him with a you know a little

46:14

Carro of saying hey you can look at this but look at the summary don't look at all the stuff we got you so

46:21

yeah well I again we got a few minutes for questions Taylor if you want to yeah

46:26

so on that yeah there's kind of like three groups of questions that we have collectively and a lot of people have

46:32

asked about data entry uh about someone who has you know2 to five million do in

46:38

assets how do you create the life Hub plan and how much does that how much

46:44

time does that take in comparison to e-money or money guide Pro um so there's a couple of questions that all hit on

46:51

that and how easy is it to create so could you all talk about

46:57

that sure um well so I don't have a lot of stuff inputed into money guide Pro so

47:04

I can't make a comparison there um but um you know again as long as we have all

47:11

of the data um it really does not take that long it's super intuitive to put

47:17

the data in I feel um and so I mean depending on this this the amount of

47:24

assets and the different accounts and income streams that they have uh I mean

47:30

an hour two hours you know I mean depending on how sophisticated the plan

47:35

is um yeah for for me I I just don't feel like it it it's super intuitive and it

47:42

does not as long as you have all the data um it doesn't it's not it's not

47:49

terrible a lot lot less than that then yeah yeah I mean I I don't even know two

47:56

hours would be extremely long I mean that'd be like a a lot of them it's

48:01

probably a half an hour honestly right yeah right I think it goes start to

48:06

start with the organization so like when we prepare for entering data it's partly starts with that so like we open up PDFs

48:14

and we open up income sources first like Social Security pensions paychecks so we have all of our income in one place then

48:19

we open up our 401ks our investment accounts and we open up bank accounts and we open insurance accounts so

48:24

they're all grouped in those sections and that's how I run my meetings so when I have 30 different PDFs opened up I

48:31

know exactly where they're going to be oh income's going to be in the beginning this is going to be here notes are going to be at the very end and so when you do

48:37

that you I go right to income first and I go through all the income sources put them in then I go to assets and then I

48:43

put them in and then we'll go to Insurance programs so very I mean this is very easy and then after we have all

48:50

that then you'll come back and massage things like put in the savings rates go back to their pay Stu and find out what

48:55

the percentage of income is going into their savings is it going to their Roth 401k or their traditional 401K um so

49:01

some of those things if you put them in or when you put them in they can add some more time but yeah we can get these

49:07

things done in a half hour 45 minutes just by the organization and you're not trying to find things it's all all built

49:13

in there real quick but yeah it's it's super easy to be able to do this stuff and I don't know uh there are a

49:20

few other I know Ed you mentioned you use this the kind of kind know traditional you know

49:26

entry of data um you can also do it on the Fly and life Hub as we kind of

49:31

showed you with the insurance there's there's a few other places you can you

49:36

can do what we call Quick create which I don't know if either of you use this but this is where you know you're just you

49:41

know you're typing along and getting getting stuff going I guess I probably need somebody's name on here um and just

49:49

adding adding pieces this is where your $1 thing might work right so there there's quite a bit of this and then

49:55

with certain Integrations you can even do household Imports um and I know we just added uh a

50:04

precise FP integration which I see already a ton of people have started to use in that one you can actually bring in things like Social Security

50:11

liabilities assets and so on um so lots of different ways you can you can do it and yeah I've heard I've heard estimates

50:17

anywhere from you know 15 minutes to 45 minutes yeah I mean I haven't done the

50:23

quick create I've done more just the traditional out and then you know we're in income in the in the Life Hub I'll

50:29

adjust from there as well sometimes right and back to Ed I know that you are

50:34

using other softwares is there any uh advice you have for like avoiding extra

50:41

data entry or have the connectivity of any way do you want to touch on that

50:46

yeah so we we only use income lab for planning we got rid of money guy prony money and Orion so we were just using um

50:54

income lab for financial planning um but yeah we use solista plan but again there's not a lot that's over overkill

51:00

on on those different areas there's certain things like when we're we're putting into Orion hidden levers that

51:05

we're just that's where we get granular on the specific assets where we're not putting those assets in here but we're

51:10

double-checking the balances you know does the balance on income lab match what was on their statement and what

51:16

we're putting into hidden levers um so it's just a a double check sometimes and it's not necessarily A we're we're

51:22

having to do a lot of double double data entry on those different type of things okay and there are some questions about

51:29

the Sand Key or finf flow uh option within life Hub uh do you all use that

51:35

and how do you uh there's there are questions about shortfalls and

51:42

surpluses um so do you want to touch on this at all on how you all use it and then Justin maybe touch on the

51:49

shortfalls or um I'll touch on that because I believe yes we were talking I

51:54

I don't think either of you use this is that right no I don't use this no yeah so I'll touch on it because some some

52:00

people do and if so for a client who really wants to see you know what this is showing is how how what what are the

52:06

income sources how they come together to form all of your income and then where's that going how are you spending it or how in

52:13

this case are you you're really just moving moving money from one account to another because you're doing Roth conversions um so the the Surplus the

52:22

the idea of a surplus or a shortfall is is again that's that comes from the idea

52:27

that with income lab by default you're saying here are my resources what can I spend now notice that question never

52:33

asked what what do you spend it never asked that at all right it was just saying what's my capacity to spend and

52:40

then you can go in and and start specifying how you're going to spend it you can put in Baseline expenses you can

52:45

put in these variable expenses you can put in Roth conversions we're going to estimate taxes for you right so that's

52:51

not an input um and then you'll see you know have I kind of allocated ated all my possible spending yet if you have a

52:58

surplus then the answer is no you're living within your means if you have a shortfall then then you've overallocated

53:03

it and you might want to consider making some changes um I know part of the

53:08

question was hey can I just create a plan where everything matches up yes you can um and so that's a different kind of

53:15

a plan but it it if you go into the expenses section you'll see right here this plan is saying hey how much can I

53:21

spend if you want to change it to say build me a plan that spends $8,000 net

53:26

of tax every month you can you can do that here it's it's often a good idea to

53:32

start with a what can I spend plan so that you know that $88,000 is reasonable for these folks not too little or to or

53:39

too much especially not too much um but that's that's how you do that and Justin

53:45

the question was how do you explain income shortfalls to the client um so and how do you ensure that there are no

53:51

income shortfalls yeah so if you did have a shortfall and I don't I don't know if

53:57

this one does first of all I would make sure okay well you know it's $951 so not you know

54:04

this is not one to make a lot of of uh you know talk a ton about but if you did

54:10

have a shortfall and and you really thought it was kind of a pervasive meaningful shortfall right it

54:16

wasn't like a rounding error then yeah maybe it is time to either consider a lower Roth conversion or lower Baseline

54:22

expenses or you know if there are maybe that million dooll Legacy portfolio isn't really something they want so

54:28

there's a bunch of Leverage you can pull to get them more toward a surplus if it's more of a rounding error thing I'd

54:34

either go ahead and and create a plan that that just Nails a net spending amount so that you just get rid of

54:40

surpluses and and shortfalls entirely um but uh yeah those those are a couple

54:46

ways to do it you want to make sure that if it's a shortfall it's a really meaningful shortfall like it's one that shows that they would be trying to

54:52

overspend their resources okay um the next question is about

54:58

implementing plans um the can you talk about how you

55:04

use the implemented plan and how you would make changes to an implemented plan as they occur for example a new

55:09

large Financial goal that needs to be added after implementation do you unimplemented the plan to make the

55:16

change or make a copy of the implemented plan and preserve and preserve the

55:21

implemented plan uh a lot of implemented going on here and then uh someone says

55:28

uh yeah that's it um do either of you you know use that

55:34

feature and you have ways that you talk with clients about it I don't use it that much we've done it a couple times

55:40

and we've un un implemented to uh make some adjustments that's how we've done it but we don't do a lot of it most of

55:45

them we don't implement the plans yeah I I don't either so if you do and there are lots

55:52

of people who do uh thousands and thousands of implemented plans um what

55:58

you're essentially doing is you are setting off on this journey right now a journey into the future not into the

56:03

past but uh what you would see is over time your guard rails your balance your spending all that is tracked and will

56:10

change and you'll know you know am I getting closer to a guard rail am I getting you know closer to a cost of

56:16

living adjustment things like that so that's this the retirement stress us is a great place to just see what that you

56:22

know experience is like of living plan if you have an implemented plan um

56:28

typically and I can I can Implement one here so that you can

56:35

see what this is like um you typically will if it's just a small thing like you

56:43

have some account balance that isn't integrated and you want to make sure it's updated you can just choose to

56:49

reconcile the plan think of it like balancing your checkbook um and then that's just gives you a quick uh

56:55

um a quick uh like table to make adjustments if you want to make a huge

57:00

change that's fine too you can copy the plan and then Implement that one and when you implement a new plan It'll ask

57:07

you hey what are you trying to do here are you trying to just wipe the Slate clean and start over or are you trying

57:12

to reconcile the plan are you trying to say yeah same plan but we're going to go on this big vacation that kind of thing

57:18

and typically you're GNA want to reconcile it if you're just trying to continue that that story going forward

57:25

um but sometimes wiping this late clean is is what you want okay we have time for one more

57:31

question that has the most votes here and is about uh reverse mortgages are

57:37

reverse mortgages in asset and income source that income lab can accurate it

57:43

that income lab accurately portrayed so there are not we don't have a reverse mortgage option it's uh we've

57:50

had a few people ask for it though so definitely something on our road map

57:55

all right any last words on our last few minutes um there is a survey at the End

58:02

by the way for feedback on today's webinar and some of the questions that we didn't get to I know that uh we will

58:08

get back to you on those so ma Matt Ed anything

58:14

else no I I love the comment about my guardrails and it's not totally accurate

58:20

in the sense that one guard rail is telling me not to spend and the other guard rail is like welcome to Disneyland

58:25

um so yeah I me absolutely I love it so course fall apart at some point Matt so

58:34

right gu Ed there is for you by the way there is kind of a

58:41

follow-up question do either one I know that you had mentioned this dead do either one of you use income lab with clients who are decades from

58:47

retirement yes I do do you want to have do briefly well I

58:53

think for me because I'm working with people that have a lot of Pensions then we know where those pensions are going to be or we can calculate them pretty

59:00

good and we can show how comfortable they are going to be on that way when you what Matt was talking about earlier

59:05

when you're looking at 30 years in the future for an ass asset level it's hard to be it's a lot harder to be able to

59:11

say oh you're GNA have $3 million and and none of us want to be able to say that or have any confidence but because

59:17

we're using guaranteed income sources as long as they're staying in a as a federal role which most federal

59:22

employees stay for 20 30 40 years um we can we be a little more confident with using it a lot earlier in the

59:29

situation but for somebody that is not a federal employee I would be a little bit hesitant to do that just because there's

59:34

too many variables that are out there that are going to really shift that income level so for us it makes sense

59:40

but I wouldn't say for everybody it does so I like life hub for somebody that's

59:46

younger more just and just seeing their life events and plans put on there the

59:51

Milestones um not necessarily the income side of it because you know if they're 40 years old and income's not going to

59:56

start till they're 60 in their 60s um I I don't even really go through that part at this point you know we'll hit that

1:00:03

when they hit their Corridor or worry um but I yeah I like using the timeline and just kind of putting their

1:00:08

assets on here and getting their their map Financial map

1:00:14

together understand that listen if I click on this 30 years from now it's those numbers are not don't don't go too

1:00:21

far out on this I want to say one more thing about that reverse mortgage thing um this is one

1:00:29

probably one of the best reasons why I like income lab is when there are these ideas when we come up of how we can make

1:00:34

this better you you guys listen to us and that's really to us very powerful you know with the other softwares that

1:00:40

I've used they could care less about what I'm asking they're like yeah we're not doing that that's not even on the drawing board but when things come out

1:00:46

and Justin I'm not saying it it has to be reverse mortgages so please not putting you on the spot there but but they do listen and they say can we do

1:00:52

this is this reasonable or enough people asking for it and they make those changes or saying hey this is what we want to be able to do and you know these

1:01:00

comments really do make a difference and I've seen that over the years that not only that but the support that we get when we have a problem uh the team is

1:01:07

just phenomenal on that that's why I recommend income lab so many times to so many of my friends because it it

1:01:13

actually is a responsive system for us which helps us so I would absolutely concur there I mean income lab has

1:01:20

changed drastically since I first signed on I mean and it's through users putting

1:01:25

their inputs in and and Justin and the team really getting after it and and upgrading this thing um I mean life Hub

1:01:32

was not a thing and now it's one of my favorite pieces so who knows what the future will

1:01:38

hold awesome way great great way to end thank you Ed and Matt and everybody for

1:01:44

for joining us really appreciate it speaking of that by the way we do have new features that are coming throughout

1:01:49

the year so please join our lab talk Tuesday if you're a user and our retirement come Intel I'm sure you'll

1:01:55

see the software change as it goes so with that Justin have a great week

1:02:00

everybody thanks all right thanks you too byebye