Income Laboratory, Inc. is the first company to provide dynamic retirement planning software. The company is based in Denver and has raised $3M so far, while the recent fund is for developing and marketing the software.
Income Lab released a Beta version in early 2020 for the financial advisory and planning market. The company now launched full software with integrated economic and market conditions, dynamic spending analysis, tax-smart distribution planning, and automated plan monitoring and management.
The software automates retirement plan monitoring and checks plans monthly to see if any modifications can be suggested according to the market. Further, advisors will be notified of the possible adjustments to discuss with clients. Instead of static software that runs traditional Monte Carlo scenarios, advisors can upgrade their practices by adding Income Lab's technology. This software helps to adapt dynamically to evolving economic and market conditions, tax regime changes, and shifts in spending.
Tax Center's integrated tools that evaluate tax consequences of various portfolio withdrawal strategies including planned cash flows from multiple sources added this year. It charges advisors approximately $159 a month per seat.
The company was co-founded by Justin Fitzpatrick, PhD, CFA, CFP, current CIO and Johnny Poulsen, CFP, the CEO of Income Labs in 2018, after successful careers in financial services sales, distribution and management. "We started Income Lab because we saw a massive gulf between the best ideas in retirement income planning research and what an advisor could deliver to clients," Fitzpatrick said. "Income Lab sits at the intersection of practice, research, and technology and is the first truly dynamic retirement income planning platform. Our goal is to help advisors build financial plans that do justice to the complex realities of planning while communicating to clients without complex statistics and abstractions. With Income Lab, advisors now have a superior tool that can strengthen their relationships with clients and help ensure success, not failure."