Value-Ability Podcast with Danforth Fleak

Value-Ability Podcast with Danforth Fleak

Recently Danforth Fleak of the Value-Ability podcast interviewed our Income Lab co-founders, Johnny Poulsen and Justin Fitzpatrick.

In this interview, Johnny and Justin explain the academic research in decumulation and its influence on the development of the platform. They also cover topics like the importance of true dynamic financial planning as an ongoing service and the concept of “portfolio failure” in income planning.

The podcast is a great listen for financial advisors who are looking to take a deeper dive into the origins of Income Lab, and learn more about the research and analytics behind the tool.

Listen Here >>

Appointment of Derek Tharp to Board of Advisors

Appointment of Derek Tharp to Board of Advisors

Denver, Colorado – August 3, 2020 – Income Lab announced today the appointment of Derek Tharp, Lead Researcher and Speaker at Kitces.com, to Senior Advisor and member of the Income Lab Board of Advisors.   

“We are excited to welcome Derek to our team. He brings years of experience as an academic researcher and as a practitioner,” said Johnny Poulsen, Chief Executive Officer (CEO). “Derek is a significant addition who will provide thoughtful insights and research to our advisor base.”

As a Senior Advisor, Mr. Tharp will spearhead thought-leadership content creation focused on retirement planning research. He will also act as a corporate advisor, providing additional guidance to organizational decision making, and be closely involved in the continued development of the Income Lab flagship retirement income planning technology.

“We’ve taken a highly academic approach to the development of our technology,” said Justin Fitzpatrick, Chief Technology Officer (CTO). “We believe Derek’s background and extensive research in our field of business will add a fresh perspective and valuable insights to the team.”

In addition to his work at Income Lab, Mr. Tharp is also an assistant professor of finance at the University of Southern Maine and president of Conscious Capital, Inc. He regularly blogs for The Wall Street Journal and Nerd’s Eye View. His research has been published in academic journals such as the Journal of Financial Planning, Journal of Retirement, Financial Planning Review, Journal of Personal Finance, and Journal of Financial Counseling and Planning.

About
Income Lab is a Denver-based retirement income planning and management platform that leverages cutting-edge data science and research to improve retirement income planning. Income Lab’s innovative web- and API-based platform combines deep pools of market and economic data with sophisticated retirement income strategies. The platform allows financial professionals to deliver better retirement income outcomes, while also streamlining ongoing plan monitoring and management.

Contact
Andrew Zapotosky
Vice President of Marketing
Income Laboratory, Inc.
(773) 504-9276
[email protected]
www.incomelaboratory.com

5 Ways Your Retirement Income Planning Platform is Failing

5 Ways Your Retirement Income Planning Platform is Failing

Advisors understand the importance of retirement income planning in their practices. Excelling in this part of financial planning can help you earn and retain clients, as well as help those clients live their best retirements.

That’s why it’s problematic that current retirement income planning platforms are built on old technology, overly simplistic assumptions and dated analytics. This can decrease the value of the support you provide as your clients move into and through their retirement years.

Here are 5 of the ways your retirement income planning platform is failing your practice:

1. Underpowered Analytics: While they were cutting edge two decades ago, the analytics behind today’s planning platforms now look simplistic and crude. Over the last 20 years, advisors have gained access to high-end computing power and cutting-edge mathematical models in their investment strategies. Why hasn’t retirement income planning kept up?

2. Misleading Focus on Probability of Success and Failure: Traditional planning platforms focus on probability of success and failure. But these statistics are misleading. They suggest retirement outcomes are all-or-nothing, rather than a range of possible experiences. These terms can also lead clients to focus on failure and misunderstand their true retirement outlook.

3. Plans that aren’t Plans: The plans you can generate on today’s platforms are not built for the ongoing services you provide. In fact, they are not really plans at all – they are static snap-shots that assume no ability to adjust. True plans would include guidelines for adjustments as circumstances change, helping you advise clients through the years as changes are needed.

4. Untested Plans: Planning platforms do not test plans against real world examples to see how they perform in practice. Lack of testing makes it hard to know how much confidence you should have in your advice and difficult for clients to understand what retirement experiences can look like.

5. No Ongoing Plan Management: Your retirement income planning platform should understand that things change, and provide a scalable solution for continuous, fiduciary-ready plan monitoring and management. Many basic tasks you do today when updating plans can be automated, leading to better quality planning and freeing you up for more important activities.

The good news is that there is a light at the end of the tunnel. Research shows that improved analytics and ongoing plan monitoring and management can lead to significantly improved retirement outcomes. As we’ve pointed out in previous articles of our Lab Notes series, there are opportunities for advisors to address current planning platform deficiencies and provide additional value to clients.