Altruist + Income Lab - Empowering RIAs to drive better client outcomes through retirement income planning

okay welcome everybody to our webinar today thanks so much for joining us um

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really excited to uh to have a webinar together with altruist uh one of our newest

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integration Partners at income lab um you know in today's ad iser Tech

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World Integrations are are key and kind of connecting the parts of your Tech

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stack can really help um the efficiency of of a practice and even client

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experience so that's we're going to be talking about today um so joining us today um we have Ted Jang from altruist

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he's the uh group product manager over there um Ted has a has a long background

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in in project management he's been um very involved with with a lot of what altruist has been doing and uh the way

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we're gonna we're gonna kind of handle today's webinar is um give Ted a chance to kind of um tell us all a bit about

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kind of the altruist uh vision and um you know how how they work with with

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advisers um then we'll do um a demo also of income lab talk a little bit about uh

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income planning which as you can see from the the title here that's that's really what um we're uh we're we're

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focused on today and then we'll take some some Q&A make sure that um that

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you're dropping your questions in the Q&A um section of the webinar and then

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you can also upvote those so that um so that we know kind of um often we don't

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have time to to handle all questions so definitely helps if you if you upvote things and we will be running a poll at

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the end of the webinar as well um so please uh please answer that that that helps us a lot um so with that uh

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welcome Ted and um uh let's go ahead and dive into um

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into alterist so I'd love to hear kind of um you know kind of the the mission and vision alterist and some things about how um you work with clients and

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then um of course dive into a bit of a demo

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think Ted is on mute let me see if I can

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uh Ashley are you able to oh there we

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go Ted we are not able to hear you um I

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don't know if you can hear hear

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me oh Ted dropped off okay well so as not to um delay uh we'll just we'll just

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flip things around and um we'll start with the uh with the income lab demo and we'll we'll get back to alist um so as I

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said we're we're really excited to get um oh here's Ted

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again I we can hear you now I

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believe you know maybe not I thought I heard you for a second

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there all right well while Ted sorts out the audio we'll go ahead and uh and jump

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to the income lab demo um and then hopefully we'll we'll get all that sorted out before we

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uh before we uh end here so everybody can also see um see some things about

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altruist

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okay let see if I can get this sharing going

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right okay so income lab is retirement income uh planning and management

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software and it was really born from the need um for advisers to be able to to

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give better guidance throughout retirement to clients about what retirement is really like and

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what kinds of um uh experiences they they can really have in retirement and to help actually

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guide them to have those experiences so income lab you will not

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see anything about sort of success and failure um in an income lab plan it's

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really focused instead on um given a household's resources what

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they can spend so you'll see here on the main dashboard that's that's kind of the core of what's trying to be conveyed

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here okay here are your resources at least in part so the portfolio balance now this household does have other

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resources they have social security they have a pension and so on and given all of those resources they can spend

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15,000 a bit more than $15,000 a month and often advisers tell us that if they

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if a client um or maybe a prospect comes into their office if often sort of more

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accumulation oriented software that does focus on things like probability of success will'll ask you know well how

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much do you want to spend and and a client will often respond well what can I what can I spend you know what can I have what do you want what can I have um

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so income lab is really focused around that question and the way that we get to that answer is given their resources we

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help advisors balance the risks of overspending those resources or

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underspending them and for clients who actually have financial advisors they

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have enough resources to need a financial adviser that second risk is actually a much bigger deal than we

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often give it credit for so by focusing only on probability of success in more accumulation oriented Financial software

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um really you know 100% probability of success is actually a 100% chance of UND

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spending it's a great way to you know regret uh not spending more more when

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you were younger um and leave a lot of money to to your heirs a lot more than you expected to or wanted to so instead

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income lab is really built around balancing those risks of overspending and underspending it's focused on I

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think if you asked yourself what what's retirement income planning all about as an adviser it's about helping

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clients live their best possible retirement not the retirement of their dreams necessarily right but it's the

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best possible retirement given their resources and given the world actually live through so it's about giving them directions not scores and that's what

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you see here we call this retirement GPS and you could think of it as turn by turn navigation so right now we're

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spending 15,000 in change um if our account balance goes up in this Cas from

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about one from about 2.2 to 2.3 they'll be able to spend a bit more if it goes

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down from 2.2 to call it 1.7 they may want to tighten their belt

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and spend a bit less having that Clarity of like here are the guard rails here's

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how I will adjust is a huge piece to Bringing kind of Peace of Mind to clients um now given a set of resources

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there's actually a range of things you can do with them you could spend more you could spend less but but that range

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is not Limitless right with this amount I can't spend a million dollars a month um and so this helps this piece helps

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you um have that conversation with a client or even just explore it yourself as an adviser kind of at the bottom you

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can see almost these bookends of you know a reasonable monthly spending range

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for this household maybe they're the kind of household who you know they don't spend that much given their

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resources and they really don't like bad news so maybe we should spend less um

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meaning that lower guard rail that point where they might want to tap the brakes on spending is farther away or maybe

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they're they're young they're active they're excited to get going in retirement they don't want to regret spending Less in the future well that's

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fine spend a bit more now your guard R will be closer obviously it's just a tradeoff so this is about that balance

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between overspending and underspending between you know reaching 85 and

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realizing you could have spent more and regretting it that's one risk or uh on the other hand kind of running too hot

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and um and uh and having to tap the brakes when you don't want to so it's

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just about balance a way to another way to look at this is it's kind of like making investment choices um that is

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about balancing risk and return right so that's the same thing here um balancing

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um the risk of overspending with um the the return of getting to to live your

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life another way that you can talk about a a retirement that is managed this way

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by a financial adviser is to note that you know these this is kind of the next

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turn right it's turn by turn navigation but over the long term you can have multiple adjustments obviously hopefully

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people are going to live you know decades um and so over a longer term how

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would managing retirement potentially look for a client and that's where we go to the retirement stress test and this

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is just saying for this particular um plan with its particular

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guard rails um how would it have reacted to the returns and inflation not a lot

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of inflation in this case uh from during the global financial crisis and and thereafter

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and what we see here is um this particular plan with its particular guard rails would have suggested a pay

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cut in March of 09 probably not surprising to those of us who who remember this um the light blue you're

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seeing here is what what they had intended to spend on a um on a inflation

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adjusted basis you'll see it's actually going down a little bit over time in an inflation adjusted basis that's because it's using the retirement smile which

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says spend more most people spend more when they're younger and that kind of slows down as as people slow down uh

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often it actually comes back up then at toward the end of uh the plan in this case plan hasn't been long enough since

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07 to see that um so you're seeing a $1,200 pay cut in 09 now if you put

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yourself back there there's a good chance that clients would have already made some of these adjustments and

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certainly saying $1,200 uh less than 10% um probably would have been seen

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actually as good news at the time so having that clar it of being able to

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share with a client you know as the as their portfolio suffered during that period and we can show the portfolio and

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the guard rails here um they would have been wondering hey should we be making adjustments should we be making adjustments finally yes they did it but

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they would have seen it um they they would have seen that portfolio approaching those guard rails this

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brings up a key part of income lab and our our Integrations our relationship with altruist which is an income lab

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plan is not just a plan it's not just something that you can share with a client and say hey here's what I think we should do it's also a way to manage

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that experience um so you can set a plan to be monitored

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automatically uh which means once a month we're updating that plan and asking is this plan calling for any

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changes has it hit a guardrail is there an inflation adjustment right even if we don't hit a guardrail is it time for an

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inflation adjustment is there any other change in the plan you know something like um hitting Social Security and and

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and needing to just the makeup of the income so all of that you can automate and having an integration you know with

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altruist for example um really helps helps that um kind of practice

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management aspect um work really well for these clients then by the time they

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hit 2014 um they would have actually got a a a pay raise and by 2017 they're

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actually spending more than they had originally planned why because the software is always trying to help you

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balance those risks of overspending and underspending if you hit a pay raise here these green lines it's saying hey

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your risk of underspending has gotten out of control like you got way too much risk of

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underspending um if if you're not intending to leave lots and lots more money to to heirs you know it's time

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it's time to live a little and what that can do by having that balance as part of

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your practice is it it helps you avoid um what is called the regret Zone which

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is getting past that early period of retirement whenever when hopefully people were healthy and and realizing oh

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we could have done more and now it's too late um so that's really what you know balancing those risks over time having

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guard rails and ongoing um ongoing advice to clients about what they can

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spend is all about um the second piece of income lab once you have a an income plan is to ask

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okay where should I take my withdrawals from now some of your income is not withdrawals it's so security it's

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pensions and so on but usually there is a you know at least for people who are financial advisers there is a big question of how should I withdraw money

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from my accounts um and should I consider Roth conversions is there something to be gained from tax smart

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distribution planning so what we're looking at here is our our tax lab which takes that plan we were just looking at

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and asks that question and and it it basically runs 14 different ways that

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you can um that you can run a um a a a tax smart distribution plan and

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and ranks them from a tax perspective and here it looks like this plan does have something to gain from Roth conversions uh the the one that looks

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like it's probably very best over the long term is um doing Roth conversions to fill up the 24% um federal income tax bracket uh the

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plan itself is actually using 22 um and this is really just to show that there's some art and some science to

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um to to tax planning um and so there's nothing wrong with um with using you

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know something that is not quote unquote optimal um doing Roth conversions is really

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ripping the Band-Aid off on uh on taxes and so you can see we're kind of front loading um taxes uh but when we do that

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there is a break even Point um meaning we have we have to live a little while before we're going to be happy that that

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was uh something we did in this case about 20 years lots more in this area to look at

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for you know typically more for advisers or if you work with centers of influence like um like accountants um where you

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can really break down what this plan looks like you know the size of the Roth convergence how many years we anticipate

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doing it um and so on all the way down to um down to the you know year-by-year

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Ledger um the last thing I want to share and this is another great place where

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Integrations are really useful is um life Hub which is income lab's way of of

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viewing a plan in a really client friendly way so there are two extremely client friendly things we've already seen one was the main dashboard that

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turn-by-turn navigation what can I spend what would make changing that a good idea what would that change look like

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the other is here where we're seeing the entire plan in one place income expenses

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assets and liability and we can look at it for each individual year at any level of detail

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just by clicking these or you know I can blast the whole thing out um this is a

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great way to um to build a plan you can do that here adding things deleting things to edit a plan to remind yourself

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of what's in a plan you know a client's coming in and you think oh you know what oh yeah they do have a pension interesting and um you know being able

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to see the breakdown of the accounts they have an inherited IRS a um you can

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look at different um different Milestones on on the uh on

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the the timeline here right like when rmds start when Social Security starts if you have particular expenses or goals

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you can put them in here it's also a great way to show clients how the makeup of their income plan will change over

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time so here in 2026 vast majority is portfolio withdrawals we get a little bit of pension 27 we get a little bit of

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Social Security as Jack starts Mary starts in 28 and May 29 we're fully into

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Social Security and we can see how uh how things are changing get all the way to the account level uh including you

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know Roth conversions um going from and uh from their sources to their

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destinations um this just the clarity that this provides um we hear lots and

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lots of stories um about how this helps advisers really get better Clarity into the the CL client situation also the

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clients to have Clarity into their plan and how things really are going to work if you have Integrations um you can

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always have updated account balances um you can you can trigger those yourself or if the plan is set to be updated

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automatically um then then those would have month-end um balances there

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automatically for you um so let's try again Ted um and see if we uh see if

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we're still having technical difficulties but um love to turn it over to you for um a little bit about

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alist yeah thank you um can every so can you hear me now can hear you great thank

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you all right awesome well I'm glad you know it was so funny when I first got audio B I was like man I'm so glad to

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hear Justin's voice I was like finally I'm I'm part of this um now so great so

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um hi everyone I'm Ted I'm I'm one of the product managers here in charge of Integrations at altruist and today I

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want to give you a quick overview of the altruist platform so for those of you who are not familiar with altruist

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altruist is an all-in-one custodial platform that combines the capabilities of a traditional custodian such as

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account opening and account funding but also we provide you the software to help you manage your clients and also manage

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your practice so the first thing I want to go over is how do you manage your clients within alus so the first thing

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I'm going to do is navigate to the client section and select households so now I'm in the households page let's say

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I want to drill down into the shali family so one cool thing that I'm able to do within alist is not only do I have

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the performance reporting for this particular client but I also have my custodian functionality here as well so

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I can really easily manage my clients during a meeting so here if I want to drill down into Holdings performance I

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have that available um to me also I can look at a client's ass allocation so I

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can monitor if my client is within the the portfolio allocations I've established for that particular client

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but in addition I can also do certain custodial functionalities here such as whether it's trading I can also transfer

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in funds create a recurring deposit but I can also create a move money authorization here as well so as you can

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see managing clients within alus is really simple you can easily go from meetings to trading um very seamlessly

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another cool um functionality that we have is account open so account opening an alus is going to

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be a digital experience so we have the ability to invite your client electronically to fill out the form or

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they can also fill it out in person of course we have those clients maybe they're a little bit older or still

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prefer on paper forms we have that capability as well but for today's demo

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I want to walk you through how to invite a client to create their account so here

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I'm going to select the we alley family one cool thing that we allow allow you to do during account opening is you can

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actually select multiple accounts to open at once so you don't have to ceue up multiple forms you can do it all in

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one go and you can open as many accounts as you like for this particular client to keep things simple today I'll just do

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an individual account so here I'm going to pick my account group so account group is really just a book of business

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I want to open this account under so then here I'm prompted to enter the client's contact information one cool

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thing that allow you to do is you can also import from one of your CRM applications that you use so if you're a

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red tail user you can bring over your contacts from there or if you're a wealthbox user that's another option for

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you as well but today I already have the contact created so I'm just going to select

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Aly so then once I have that selected all the information is populated one

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thing that we do allow you to do is for example here I don't remember Ali's social security number and that is

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totally okay if you're inviting a client to fill this out you can leave any of these fields blank for your client to

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fill out let me hit next and afterwards we just have a few

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more questions and then you can open an account so as you can see the account opening process is really easy and

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straightforward within the outus platform so that is a quick overview of

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how to manage your clients so the next part is let's talk about um how do you manage the investment

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piece So within the portfolio section this is our model Marketplace so what the model Marketplace is is a bunch of

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different pre-built models and portfolios that you can leverage for your clients that are already pre-built by some of the leading asset managers

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now a lot of these models and portfolios here are going to be low cost or free so this is a really cost effective way if

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you're thinking about you want another party to take on the investment process

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for your clients but if you are an adviser that likes to um build your your own models and portfolios and really

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want to be uh heavy on the asset management side we do allow you to create custom models and portfolio so

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all these models and portfolios that you built here are going to leverage our rebalancer technology so once you set

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that to a particular client's accounts we really automate the investment process for you so as you can see there

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are a lot of investment um capabilities with an altruist so you can choose to have a pre-build portfolio or you can

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build your own so lastly I want to cover some of the back office functionality

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with an altruis so here I'm going to click on my profile icon and let's talk

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a little bit about fee billing so one of the cool things about alus is we have a pre-built fee billing module so here I

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can go and create my own fee schedule so if I'm an adviser that charges based on a flat fee or an AUM based fee I have

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the ability to create that schedule set it to an account and as each billing period elapses alus will automatically

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Ally generate those invoices for you to review but alest fee billing is also

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very flexible so if you want to use a thirdparty billing application we have the ability for you to upload a CSV with

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the fee billing instruction so really you have the ability to use our fee building module or you can pick your

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own another back office function I want to point out is our reporting capabilities so here in the report

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section we have a lot of pre-built reports that uh come with the application out of the box so if you

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need to provide certain information to Regulators maybe you're updating a CSV or if you just want to get additional

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information about your firm you can do that through the report section one of our newest reports that we buil is the

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accounts report so one of the neat things about the accounts report is that you can modify the columns to you're

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liking so here I can add in a rep code maybe I want to see which accounts have a low cash balance and then perhaps I

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also need to see the account opening date because maybe I have a regulator asking for that I have the ability to

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also um drag and drop different columns so I can sort it into the format that I

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would like so that's a quick overview of the report section and lastly I want to

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cover um Integrations So within the settings page I can navigate Integrations and then on

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the alus platform we have a lot of Integrations with different CRM applications such as red tail and

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wellbox but we also have Integrations with other portfolio accounting systems such as Orion Black Diamond aison

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Morning Star office and several other providers so you can see even though ALU

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is an all-in-one platform with our Integrations we give you the flexibility to really round out your Tech stack in

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the way that you want and lastly I want to cover some of the planning Integrations that we have so we have

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money guide and of course most importantly we have an integration with income Labs um so with that um Justin I

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don't know if we we want to walk walk through how how to set up the integration on the income lab site or maybe we can proceed to

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Q&A sure let me uh let me cover the uh the integration access really quickly

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here it's a great idea um So within income lab there's a

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there's a the main place you would set up your Integrations is um kind of in

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your in your uh account profile um and then looks like I'm actually in the demo

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environment here so some things are some logos aren't coming through but uh that's just where you do it enter your

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um credentials for um for altruist and then what that will allow you to do so

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that that creates the you know the pipes right that then then things are are able to flow through and then you can either

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do what we call a household import where you'll create a a a household pull in you know every

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every account um from that household um and get a plan going quickly you'll then

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have to return and you know add things like Social Security and so on if it's not already available through the

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integration um or you can do more of a pinpoint um pinpoint Integrations where

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you know maybe you already have a bunch of accounts built and you just want to say add linked accounts um do a search

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you know find anything choose your integration so choose the altruist integration and and then find accounts

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to add to an existing um an existing plan um and then once once that's done

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you know you can see here if I had any integrated accounts I'd be able to refresh them um you know maybe it's been

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a week or two or a month or two um as I said if if a if a if a plan in income

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lab is is is marked to be automated and and and monitored we'll do that for you

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we do it once a month at the beginning of the month um but uh yeah those are those are kind of the two the two places

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that you'll see um you know that that usage and as I said it really although

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you know you can do kind of uh you know put put it in yourself manually uh and

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and if that's if you do have a manual account but it's being monitored we we will project how that balance has has uh

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progressed but um you know just using index returns that's unlikely to be exactly accurate so you you you tend to

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have to reconcile those uh those values periodically whereas if you have that integration that that's going to save

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you some time for sure so let's uh let's go to Q&A here

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looks like we got a whole bunch of questions um so first one and there are

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a couple upvotes on it was asking about the difference between income lab and life Hub um so as as somebody noted life

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Hub is part of of part of income lab um and it's it it is a way to to view a

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plan and present it to a client um but maybe somebody's been looking at our our website it is possible to get income lab

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on its own if you're kind of looking for a really simple you know way to present

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a plan you actually have kind of all of the power of income lab but without the

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guard rail so you wouldn't be able to do kind of the turn-by-turn navigation piece um or explore all the tax um

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options but you do it's still a plan it's still you know you still have all the inputs um and so it is a it is a way

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that if you're looking for kind of a simple um and really kind of uh you know

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engaging visual experience for clients um this helps it also this is probably the one place of the app where um kind

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of people who aren't yet at retirement still have some things to to see whereas you know we really are focused on the

29:53

retirement income experience everywhere else let's see um we have a a few questions

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on assumptions couple with upvotes uh let me hit this one real quick somebody

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was asking about the uh places you can see more of what makes up the retirement

30:15

income plan so here I'm looking at somebody even mentioned uh something called the retirement Hatchet or the

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retirement distribution Hatchet so this purple uh color here is the uh portfolio withdrawals in a in a plan and you can

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see how because they are delaying Social Security um there's a lot more portfolio

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withdrawals early in a plan this is a great way by the way to show clients who come in asking about the 4% rule why

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rules of thumb don't really work for them um you know this is this is a case

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where you you can retire now uh you just have to withdraw a lot more than 4% early on but that's okay that's okay

30:54

because you know our plan is to then withdraw a lot less later and as we get to this nice you know ergonomic handle

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of the hatchet um we're going to probably withdraw a lot less in the future so you know kind of trying to

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apply basic rules of thumb like you know 4 per rule um just doesn't really work in a lot of real client situations

31:13

that's a good way to show that um but somebody was asking about the assumptions uh a couple people were I

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think it's a great question and it relates to a few of these other questions um so in income lab it it's up

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to you how you know what kind of assumptions you want to use whether that's Capital Market assumptions

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inflation assumptions and so on um and those assumptions will play a big role

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in determining the answer to that question what can I spend and when should I adjust um so we actually offer three

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different ways you can um you can use assumptions you can do um

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historical uh sequences of returns you can use a a traditional Moni carow or

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you can do a regime based Moni car low that has near-term and long-term uh assumptions and all those

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will give you slightly different uh different answers to those questions of of how much can I spend and um and when

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should I change uh the question of well well where are the guardrails coming from the best way to think about this

32:19

all of this is we're we're finding a balance between the risk of overspending and

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underspending um if we were to perfect ly balance those you know it'd be kind of 5050 right but that's not typically

32:31

where people like to be they actually kind of like to be uh a little bit more on the the conservative side they want

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to you know Edge away from the risk of overspending and that's what you see here that's why the the distance to the

32:43

red guard rail um is farther than the distance to the green guard rail we're we're not perfectly balancing the risks

32:50

of overspending and the risk of underspending we're much closer uh we have we have a a higher risk of of under

32:57

spending here and a lower risk of overspending right so we're kind of balancing it um you know not perfectly

33:04

in the middle you could build a plan that balanced it in the middle I I've never seen someone do that on purpose but but you certainly could another way

33:11

to think about this is It's like a it's like a therat that has um both AC and heat on

33:17

it right so if I get to the uh the green guard rail here things are too things are too cold let's turn on the heat if I

33:24

get to the red guard rail things are too hot let's turn on the AC see right let's cool things down that's what it's all

33:29

about so it's always a those guard rails are set on what we call risk based guard rails so it's always saying at this

33:36

point is my risk of overspending too high and so therefore should I adjust my plan or is my risk of under spending too

33:44

high and you can set those we have defaults of course but you can set those levels

33:49

yourself um uh but that's that's really what it's all about and each plan will have its own set of risks if you have a

33:56

plan for example with a lot of pension income that's not adjusted for inflation well you have more inflation risk if

34:03

that pension is a single life pension then you have a lot of mortality risk if you're depending heavily on your

34:10

Investments then you have a lot of investment risk um so each plan is unique in that way and the way that we

34:16

set the guardrails is still always about as my risk of underspending or overspending gotten too too high and and

34:23

as an adviser you'd have full visibility into what those are so so typically you

34:29

know as as a default for example you would you'd hit this red guard rail if your risk of overspending is you know

34:37

about 75% out of 100 um whereas here again because people are very risk ofs

34:43

typically it's when your risk of under spending gets to you know 90 or 100%

34:49

like you're really really sure you're under spending um that's when you'd hit a get a pay

34:55

raise all right think I hit some of these

35:05

um let's see somebody was asking about Integrations with wealth box or right Capital it does look like

35:12

altruist um has those Integrations

35:18

um we do not yet although more and more we're adding more and more things where

35:23

you can um potentially kind of bring in data by daisy chaining it um right

35:29

through other integration sources so know whether it's alterist or precise FP

35:34

or you know any other places as um Ted was mentioning it's you know a lot of a

35:39

lot of firms actually play pretty nice with each other right altruist is is integrating with that portfolio um

35:44

reporting systems even though also available there um so they're they're definitely if you want to you know reach

35:50

out to one of our our team members they can kind of help you with an integration strategy that could get that data over

35:57

um in the right way for you let's see here um a question for you

36:04

Ted um in altruist if assets are custody at Fidelity and then integrated with

36:09

altruist do do all the features also then work through

36:15

altruist yeah so that's a great question um so for accounts star custody outside

36:21

of Alis such as like a Fidelity or a Schwab basically Alis is leverage as a

36:26

portfolio reporting system in that cap in that case so a lot of things that you could do you still could do um

36:33

performance reporting you could still do fee billing um the things we can't do obviously we can't open an account at

36:39

Fidelity um we wouldn't be able to digitize that or like we can't do the move money authorizations basically the

36:45

custodial functionalities would all have to be Accounts at altruist um Also

36:50

regarding minimums um one of the great things about Alis is we don't have any minimums so you're free to always open a

36:56

sing single account or as many accounts as you like very cool

37:02

perfect um let's see here we got a lot of lot of questions about assumptions

37:08

hopefully I covered a lot of that um question about whether you can customize definitely

37:16

um somebody did have a question about kind of where income lab fits with other

37:23

planning software kind of like Ted just answered kind of how how altris can fit with with other types of software and

37:28

custodians um and I'd say we we have lots of financial advisers who use

37:34

income lab who also have a more accumulation focused or kind of holistic

37:40

financial planning software in their Tech stack like a money guide a Rec capital and e- money um and so as I said

37:49

really income lab is is all about that experience for clients who are at near

37:55

or in retirement um so it's it's kind of when you want to start talking with clients

38:01

about like a when when let's let's use the GPS metaphor like when would you

38:08

actually turn on your GPS and say like how long is it going to take me to get uh where I'm going you know pretty much

38:15

in the driveway right it wouldn't make much sense to to do it you know long long before that and wonder what traffic

38:21

is like so that's really what where the Handover tends to happen with people who use income lab along side uh other types

38:28

of planning software in their practice there are um you know advisers who are only using income lab if that fits their

38:34

if that fits their needs let's see

38:44

here all right somebody was asking about whether income would vary month to month

38:51

um with that kind of turn BYT navigation piece of income lab the answer is

38:56

typically no I mean far far from it actually um I'd more often see it once

39:02

every year or two um and the reason is well really you kind of see it here um

39:07

even the guard rails themselves um you know in in between the guard rails is what we call the no

39:13

change range so this is just like keep living your life the the reason guardrails are so wide it is really a

39:20

couple things one is you don't want to overreact um two clients would be annoyed if you were adjusting their

39:26

income every every month and it would probably not be worth it right we don't want to kind of be whipsawed on things

39:31

so this is a balance of that desire for clients to know that they're doing the right thing that they're balancing those

39:37

risks and the desire for you to leave them alone and let them live their life um so again as a in a good example is

39:44

the retirement stress test since these are looking at real historical examples of how a plan would have really behaved

39:52

and I'll even look at it in nominal terms so that we can see the inflation adjustments as well well okay so here we

39:57

got one in 09 then we got an inflation adjustment in 11 so that's two years apart then we got a you know a real pay

40:05

raise at 14 so three more years later so that's a just a good example of kind of the Cadence of of adjustments um that

40:12

you might see let's see here somebody was asking

40:20

you know is income lab planning software is it just kind of a way to visualize things is it a tax um

40:27

uh U minimizer or Optimizer um it it is all of those things it is definitely

40:33

planning software um so this piece is um

40:39

you know it's really there is no other um way to do risk-based guard rails

40:45

adjustment based planning um one of the real downsides of of um probability of

40:52

success based um systems if you're going to share that with a client in in retirement is you know imagine we're in

41:00

two 2022 oh sorry not tax lab retirement stress test let's look at

41:10

22 so this is this happened this is in very recent history right we hear a lot

41:15

of stories about people who had 90% probability of success and it felt like wow I got an A A minus you know six

41:23

months later uh they're at a 60% % probability success you're scrambling to

41:28

fix their plan quote unquote fix their plan um and the client feels like you know what happened I had a 90 now I've

41:34

got a 60 what you know I I already did the final exam and I got a 90 on it um and so advisers tell us that's a really

41:41

uncomfortable situation whereas if you set up a plan where they know there are guard rails it's possible for there to

41:48

be adjustments and they know that they could hit a guard rail and if they hit it what'll happen your conversation is

41:55

no longer about you know this probability of success this scary thing it's about where are we

42:00

how are we doing are we getting closer needing to make an adjustment or not that's really a key um part of of why

42:07

income lab is different and it's a it's a key part of why Integrations are are so great because you know this is you're

42:14

not doing any work during this other than maybe checking uh you know to make sure uh see see where people are to you

42:20

know prep for a meeting or something like that

42:26

all right um see if we uh have any

42:37

other questions that we can uh we can hit

42:44

here somebody had a question about nonlinear spending and we did talk a

42:50

little bit about the uh the hatchet but yeah there definitely are other things

42:56

you can do in income lab if you have particular you know itemized um spending goals so I said

43:04

it's all about like what can I spend um and when should I change that um but

43:09

that is that's in the context of given all of my goals right whether that's plan

43:15

length or Legacy goal right this plan has um it wants to leave a million

43:21

dollars behind right so we're always balancing that goal in there and then it also this one has just a couple of uh of

43:27

listed expense goals you don't have to list expense goals but this one we're paying off a mortgage right that's

43:33

pretty important and we've got a little term term insurance that's listed here so what we're trying to do is kind of

43:40

solve for what else can you spend uh and then if you want to itemize those expenses that's that's fine um but many

43:47

people will just kind of leave leave the the the other expenses kind of unitemized like here's here's what you

43:53

have to live on but we're also going to hit the mortgage payment and the ter Insurance um so that's that's sort of

43:59

the way that income lab thinks about things it doesn't force you to do a full budget but it allows you to name

44:05

particular you know the important stuff that that we do want to make sure we're hitting um in the

44:16

plan let's see here um somebody was asking about alerts um there is in the

44:21

dashboard for the households you'll see whether a household is is calling for a change we call it a um you know a needs

44:28

attention flag and you'll get an email as well every month um telling you that those are that those are ready um so

44:35

that's kind of the way to efficiently monitor it um we're not you know sharing client information over email with you

44:42

it's more of like a reminder to go check it out um all right we got a question about how

44:49

clients can input data I know I don't know if this is for me or you Ted let's start with you since I know you actually

44:55

mentioned that I was I was curious about that as well what kinds of things can can clients do in the client input

45:03

function uh are you referring to altruist like yeah for alist it looked like I mean I'm assuming that's setting

45:09

up a setting up an account right yeah um so setting up account um when you when

45:15

you invite your client to the client portal um they're able to populate

45:20

whatever account information that that you would like them to um also we have Integrations with CRM so if you want

45:26

pre-populate that for your client you're able to do that as well got it got

45:31

it okay and then for income lab um you know it's similar if you do the household import um we're going to try

45:38

to find all the information that we can from that um from that integration you know different Integrations have

45:44

different uh data that's available um there are some that are extremely rich where you can you know click a houseold

45:51

and basically have the plan done in a two seconds um more often you're going

45:56

to have uh you know you're going to pull in the portfolio and then add things like Social Security um and so on you

46:04

can um give clients access to income Lab at different levels um one would be just

46:11

just to use an aggregator you know if it's a kind of a situation where you don't you know you're not managing those

46:17

assets or you don't yet you know have a way to to get those balances um but you can also give them the ability to to

46:25

enter enter some data um and so you know if you wanted to you could you could give

46:32

them kind of that that ability and then turn it off um so you have kind of microcontrol over um when people have

46:38

access to different things um the way that a new um a new household like if you just

46:46

set up a household to begin with and maybe I'll do it here um so I'll just

46:54

uh

46:59

a new household if you if you sent them you know that ability this is kind of what it would look like um so they could

47:06

you know set their state of residence and the only things that's asking for them at first are assets and income so

47:12

it's it's a very it's always kind of focused on the resources first um and then you can add other items you can add

47:20

liabilities you can add a you know different savings plans to different kinds of accounts you can add expenses you can insurance but this is kind of a

47:27

way to focus the clients on um you know the most important stuff first um which

47:35

tends to be the resources that they're going to be able to bring to bear on uh on the retirement

47:46

problem I think I realized I was not sharing so you missed all that amazing stuff I was just showing but here's

47:52

here's what the uh account looks like

47:58

so this is this is what if you if you just set up a household and then invited them um to the client portal in income

48:05

lab this is this is what they would see in the uh kind of the main data section

48:11

um so set up their state they could start entering assets um bank accounts

48:17

you know real estate um and then they can set up their social security pensions and things like that and then

48:24

over here is where if they want to embellish a plan further these are optional but um you know not a

48:30

bad idea to include those especially things that'll involve you know more notable expenses things like mortgages

48:36

are definitely in there if they're saving money you know that's that's that's pretty crucial for their

48:42

retirement as well um and then also you can give clients access um you know if you wanted

48:48

to they'd be able to see life Hub and and so on that can be a nice kind of how am I doing where's my stuff right it's

48:54

kind of a mind map of their whole financial

49:00

situation all right

49:05

um somebody was asking there lots and lots of questions here so somebody's asking if you can turn off Rock

49:11

conversions in particular years yes you definitely can um so you can micro uh manage that you know turn it

49:18

off and often I see exactly the situation you're talking about where maybe you don't want to do Roth conversions when you're getting an ACA

49:24

subsidy you can actually set floors and ceilings as well on Roth conversions you can say hey Roth convert but you know

49:30

leave a half a million bucks in my IRA um I mean it's really almost the the

49:36

options are pretty endless you can you can exclude certain accounts from Roth conversion say hey we're not going to convert this account uh and so

49:44

on um all right I

49:50

think that covers a I believe we fit pretty much all the questions if I missed one I I definitely

49:57

apologize um but I wanted to just wrap up by thanking everybody for for jumping

50:02

on thank you thank you Ted and alist for um being an integration partner um and

50:08

please let either of our teams know if you want more information and please answer the uh the questionnaire that

50:14

you'll see as uh we wrap up the webinar Ted anything to close well that's it no thank you so

50:22

much for having us thank you have a good week every ready