We are excited to announce that we have completed a seed financing round, raising $1.7 million from industry executives and investors, including Dave Agostine, a former managing director for BlackRock and former CEO of Cachematrix; Tom Florence, a managing director at Hamilton Lane and former CEO of 361 Capital; and Robert Pinkerton, CFO at Conga and an Income Lab board member.
Excited to have our co-founder and Chief Innovation Officer Justin Fitzpatrick featured as a guest author on the Michael Kitces blog.
“Financial advisors often seek to help clients understand the range of outcomes they might experience when following a given financial plan, and frequently rely on statistical probability outcomes derived from Monte Carlo simulations to report on what outcomes the future may hold. In turn, some researchers and practitioners have suggested extending the analysis even further, by accounting for related statistics, such as Magnitude of Failure and Expected Failure, to shore up the weaknesses of Probability of Failure and further enrich the breadth of information that prospective retirees have when considering the best plan to pursue. However, a focus on ever-deepening statistics alone ignores other important aspects of how retirees perceive risk.”
Our Co-Founders Johnny Poulsen and Justin Fitzpatrick were recently featured by the Retirement IncomeJournal!
In the interview they talked about their background as former Jackson National Life executives, and how through that experience they saw an opportunity to help advisers help clients optimize retirement income.
They expand on the three goals they had when launching Income Lab: “To make the software dynamic, so that a retiree’s income would adapt to market conditions; to help retirees avoid unnecessary worry (an affliction common even among the well-off); and to help retirees avoid under-spending.”
You can learn more about our founders and what makes Income Lab unique by checking out the full article here.
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.
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
Like most in the country and the world, our most urgent concerns surround the health and wellbeing of our communities during the COVID-19 pandemic. We want to express our support and admiration of those on the front lines of this fight, including medical workers, first responders, grocery store workers, and others whose work is vital to the strength of our society’s response to this crisis. We encourage everyone to do their part in their communities to interrupt the spread of this disease, including complying with local, state and federal directives and the guidance of public health officials.
Since its inception, Income Lab has strived to be a family-friendly, employee-friendly company, with a flexible time-off policy and an embrace of work-from-home options and flexible working hours. Since the beginning of March, Income Lab employees have been encouraged to work from home. Since March 12, all employees have been working remotely. Though we miss our customary day-to-day interaction with coworkers, the work of Income Lab continues uninterrupted by the pandemic. Our mission and values are more important than ever.
As always, Income Lab is focused on the financial advisor community and the well-being of our users’ clients. We exist to improve the financial lives of those clients. We recognize that the COVID-19 pandemic is not just a health and medical emergency but has also caused an immense amount of economic pain and uncertainty. Those planning for and in retirement may feel particularly high anxiety in times like these. That’s why, over the next weeks and months, we will be producing whitepapers and Lab Notes focused on helping financial advisors address the current financial downturn with their clients. We hope these materials will give clarity to the economic numbers that are tracking the financial impact of the pandemic and give hope to those who fear that their standard of living in retirement may be affected.
We hope that through this crisis we can forge closer bonds with each other, so please connect with us, give us feedback on our work, and stay safe and healthy.