Jason talks to Justin Fitzpatrick, Chief Innovation Officer of Income lab. An online platform that basically lets you do dynamic retirement planning.

Episode Highlights

• 01.47: Justin says that they are laser-focused on retirement income planning. He explains that they typically live alongside one of the widely used generalized financial planning systems for when client relationships need to go deep on retirement, whether it's incoming withdrawal, sourcing, tax planning, spending decisions. 
• 07.00: A lot of people were a little dissatisfied with that framing of success and failure. We talked with a lot of advisors who were already talking with clients about adjustments. The problem was they couldn't actually show a client when an adjustment would be made or paint a longer-term picture of what a life might look like if you adjust in this way. So, we really homed in on helping advisors paint that picture, says Justin.
• 13.10: Justin says that retirement is one of the nastiest, hardest problems to deal with. There are so many unknowables and unknowns, so it's for somebody who loves analytics. You can really dive in, but it would be hopeless to try to present that to every client. So, we have really tried hard to listen to our advisors, to listen to our consultants like Derek around you know, how can we help advisors best? Present this in ways to clients where they are going to understand and follow the plan. 
• 14.43: Justin talks about inflation household by household, when they lasted innocent an adjustment. He says that it is great work for a computer but terrible for a human. So that's the kind of thing that we are trying to make this kind of service. Long term advice service really scalable for a practice. 
• 20.03: Jason says if you are fortunate enough that your Monte Carlo score is 100% every time that you go and do it great like you got you tell clients they got next to nothing to worry about. But if the score is less then Income Lab frames the news in more human terms and makes it more digestible. 

3 Key Points

1. Justin talks about the software that they are using and what is their software doing that is different than everybody else?
2. Jason talks about the visualizations that Justin and his team have created around patterns of retirement income and patterns of retirement spending. He found those both insightful and also easy to understand for clients to show that too often the focus is on you know how much his portfolio generate every year. 
3. Jason appreciates how good Income Lab's features are and how user friendly they are.

Tweetable Quotes

• "Retirement isn't static, people don't plan and follow it to the letter until they die or run out of money. Clients don't fail in retirement, they adjust." -  Justin
• "There is a lot of fear and anxiety around retirement, but we found that kind of more realistic dynamic planning really improves not just the objective outcomes for people in retirement. That is obviously super important, but also kind of a subjective experiences of clients and retirement." - Justin
• "There are clients, who say that retirement is dynamic, that adjustment is normal." - Justin 

Resources Mentioned

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Woodgate.com – Sponsor

Hosted on Acast. See acast.com/privacy for more information.