All right. Good morning, good afternoon. Wherever you're coming to us from. Thank you so much everybody for joining us for another partner Spotlight, another partner webinar here. My name is Rick Williamson. I am not Jacqueline Anderson, but my name is Rick Williamson. I am the Director of Training here at Redtail Technology. And with us today we have Justin Fitzpatrick, the Chief Innovation Officer, a title that I was just complimenting him on not too long ago. From Income Lab, we're going to talk all about what Income Lab can do to help you when it comes to retirement planning for your clients. Before we do though, I always like to give a couple of important safety tips just before we get started so that everybody is very familiar with the webinar portal in which you're watching and and hopefully this experience will be as enjoyable for you as it is for us. So first and foremost. The webinar portal and what you're watching on it is customizable. You can drag things around, you can make the screen share bigger. If you're like me and you're legally blind and require glasses, then it might benefit you to make that video just a little bit bigger so you can move that around all you want. Also, if you have any questions at all during the webinar, go ahead and submit them using the Q&A option and we will get to them at the very end. I will try my best to answer. If there are any that can be answered during the webinar, I'll go ahead and answer them via that that Q&A. A feature, but if there are any that I think would be valuable for Justin and I just talked about at the end, we're going to save them for the end and make sure that we talk about them. Then as always, if you're interested in any of these features, if you're interested in anything, you can click below for all sorts of different resources. And then we will as always be offering this as a replay with a link for an on demand recording that usually comes a few hours after this is all wrapped up so. Again, love, I absolutely love bringing in partners. I love the fact that we talk about these integrations that are available to you because it to me it's just another piece of knowledge, right. That's kind of redtailed training, that's kind of our mission is just just spread knowledge of the different features, the different tools out there to help you execute as best as possible as you can, at your job, at serving your clients, at giving them an amazing experience. So for today. We're going to be talking a little bit about the integration. We're going to be going through a little bit of a demo. We're going to highlight our key takeaways next steps. And then as I said before, we're going to wrap this up with questions. But with all of that being said, with all of my little intro and all of the pleasantries out of the way, Justin, I want to seed the floor to you, my friend. I want to we're, I keep thinking about how you said we are innovating with our webinar lineup, me hopping in at the last time. So I'm going to be tickled by the Chief Innovation Officer thing I'm going to. Find ways to to fit that in with what I'm doing. But I love that that that title exists. I love that innovation and developing this product and and improving this product so that it can best serve your users, our users. I love that that exists. I love that that's what you do. So with all of that being said to me, go, I am going to give the floor over to you my friend and tell us what you are all about and what Income Lab is all about. Appreciate it. Thank you, Rick. Thank you for hopping in last minute here and thank you everybody for for joining us. Yeah, on that on that topic of of innovation, I think it's probably worth sort of starting out with kind of what, what income lab is and sort of where it fits in the tech ecosystem, I guess probably best way to think about it is. Until pretty recently advisors, financial advisors had to use kind of generalized planning software for for every part of of a client's life. So it could be early career, could be saving, could be any kind of planning all the way through retirement and and it's kind of a Jack of all trades approach and it actually, I mean I think it's served the advisor community pretty well and it still does I I think especially in the in the accumulation years. But what Income Lab is, is it's specialized retirement income management software. So it is again, maybe maybe a a comparison is best. So when you hit retirement it's it's like hitting the road on a you know, on a road trip or something. But imagine you you hit that road trip, you got your G PS:. On and instead of giving you the turnbyturn directions right like exit 105 is coming up here. It just says your chances of reaching your destination in time are 80% or 50% or whatever it is. That's just it's it's it's not very helpful. It's just not the information you need might might be true but it it's not the information you need. You need turn by turn directions and so that's what income Lab is. It's all about ongoing retirement income management. It's about answering the question or for your clients, how much can I spend. What would trigger a change in that spending? If I needed to make a change in my spending, how much would I adjust? I think it's worth actually just just dwelling on the difference between this kind of dollar based you know, like I said G, PS:, like you know turnbyturn direction approach and sort of a psychology around what's the more typical way to to talk about. Retirement income plans, which is probability of success. So that's usually the single score that people have used over the last, you know, couple decades really. And the problem with that is it it really focuses people on the chances of running out of money, which I I often ask advisors, you know how many of your clients have run out of money and the typical answer is none. And so it's just it's not really a realistic way to frame. The the retirement income experience the experience of working with an advisor. We're not this isn't about you running out of money. It's about advisor giving you great advice on how much you can spend and letting you know when a when a change is needed. So we don't want to scare people, especially not when people don't actually fail in retirement, They adjust. So I'm going to actually switch. We do have some some slides here, but I'm going to go ahead and. Share my screen and kind of run. Run a live demo here. So I love it. Yeah, let's just make sure that's working. You see my screen. Make sure the technology works is always key. I do not see your screen right now. Let's see what we got going on here. I see us. Let me try it one more time. Another window. Couple of handsome double s here. OK, now we're cooking. Now we're cooking in the monitor. I don't see the my full screen. It's just a kind of white box. Are you seeing anything? I do. I see the white. I see a white browser. A nice clear browser. That is very strange. I'm gonna try one that's very strange. As a technology guy, that always gives me anxiety because it means something isn't loading. I don't know if that does the same for you. Well, it worked on. It's always on the demo. Yeah, this is always the choice of technology. You know, we can talk about technology all we want as long as it works for us. Very, very strange. You might have to just stick with the slides. Unfortunately, worst case scenario we got, we got a lot of stuff to talk about regardless. We do. Yeah. All right, well, we'll just stick with the slides. All right, So what you see here is. Everything that income lab asks for and sort of what are all the resources that a family could use to fund their lifestyle and retirement. And this is one place where the the Redtail integration really comes in because well, A at the at the point at which you're building the plan, it's really nice to just be able to kind of rip in as much information as you can to prefill, save you some time and so on. But another thing is. Along the way, right, this, this could be at retirement that someone's getting this plan, but it could be 10 years in, right. They could have been you know following this plan, taking your advice, taking adjustments whether those are you know, inflation adjustments or actual changes in in standard of living. So along the way we're going to want to know where am I, how much can I spend today so you get the current balance of their total portfolio updated through integration. So hopefully. And everything else that goes into their life could be pension, Social Security, the timing of those, the inflation treatment of those everybody's situation is is actually unique. It has unique risks that that apply to them. And so we take all of that and distill it down to 1 number which is your spending capacity and a cool thing about that framing of you know what can I spend is. It really says, hey, once you're at retirement, there is just kind of a range of things that you could spend, You know you can't snap your fingers and boom, $10 million appears And so now they they can spend a lot more. And what we found is early in in development of of this software was a lot of advisors told us they would ask their clients, you know, what do you want in retirement, what do you need? And they would say, well, what can I have, well, what do you need? Well, what can I have. Because remember in our working years typically we kind of already know what we can have and so then it's just can I live within that budget, right of my wages and so on. As long as I spend less than I earn, you know I'm at least on the right track. So that's what spending capacity is, it's it's saying hey, given your whole situation live within this and then what we know is that that. People aren't going to run off the Cliff kind of Wiley Coyote style. And so we have these guardrails, these income guardrails that say, hey, if that, you know, $2,000,000 goes up to call it 217, you actually could spend more. And typically an advisor might have a few things, you know, some goals that they've chatted about. You know, in this case it's, you know, we're talking about several $1000 more per year. Maybe it's a little. I don't know, bathroom remodel or it's a special trip or something like that. So now you're giving permission to to spend more, to go to go live a little bit. But of course the downside is what people actually worry about more. Everybody likes good news, but people want to know well, how bad would things have to get for me to have to take a pay cut? And if I did, what would that pay cut look like? And that you can see here what what the pay cut looks like and it's $600. A month difference in spending and removing the uncertainty around what adjustments would look like but when they would have to happen and how big they would have to be goes a really long way to helping clients just feel better. Raises their confidence quite a bit. Because most advisors we talked with, they know that their clients aren't going to fail. They don't love talking about things in terms of. Success and failure and they often tell their clients no, no, no, you're not going to fail. We're going to adjust. But they're not typically able to provide this kind of of, you know detail around the plan to say okay, what would those adjustments actually look like. And then again through time, every month you can set these plans to be updated automatically. So every month we would be testing we'd be moving the. The the plan one one month forward in time you're getting closer to Social Security you've you've aged unfortunately and and so everything is is renewed and we'll know, hey are you getting closer to 1 guardrail or another are there other things that that you might need to do. So again that's where the retirement income management comes in, right less, less just about planning, more about management and by the way there actually is some. Some leeway, some range of choices somebody could make in in setting up a retirement income plan and these and these these guardrails. So we give you kind of a a default range. You can see sort of these bookends in what this family could spend somewhere between you know 11,600 a month and 13,600 a month. Now that's quite a quite a difference, right and if we were live. Just try it again soon. Here. I would show you that by moving the the slider along the bottom. There you'll also see the guardrails change. So I can spend more today, but my guardrail will be closer, right? Because I'm taking higher risk. So I I'm sure there's this is just a tradeoff. There's not one answer that's right for everybody. You might have people who you know live. Well, within their means or maybe they've done extremely well and saved a lot of money and they can afford to to be on the left end of this because you know that that life is already good for them and they like the idea of having that guardrail be really far away. There might be other people who say no, I want to live a little. I can take a pay cut if I really need to. You know, spending $2000 more a month is it is a reward in itself. If I have to pull back from there, fine. Or maybe, you know, I want to do it Well, I know I'm you know. Younger and healthier and more mobile. So again, it's just that this conversation with clients about Okay where in a reasonable range of spending do do we think we want to be knowing that there's just this trade off between what you spend today and the chances you'll have to pull back from that in the future. And again though being able to just put those. Numbers in dollar terms, like it just removes that uncertainty, big time. In fact, it communicates. It communicates something that we all understand, which is it's X amount of money. Yeah, yeah, I know what it means. If I could spend $2000 more a month, I I know exactly what that means exactly. Or if I had to pull back by $600.00, you know that's not that's not good news. But it's also typically when you see things like this, it's actually relief that clients feel because when you say success and failure, they immediately go to the failure. It's normal where we're loss averse people, right? That's what how humans are, but you're letting them imagine what the failure could look like, right? Is it 50% pay cut? Is it 80? Is it And so and they typically aren't going to imagine it's, you know, 5%. So this this goes a long way toward that. In fact there's there's research in in psychology on this whole uncertainty and kind of letting people fill in the blanks thing. One that I thought was particularly, well, I wouldn't want to be a a person in the study, but if you if you tell people that they have a, you know 50% chance of getting an electric shock, a small electric shock, right. Knock their finger up to something, Yeah, no big, no big deal. Those folks have the same like stress response as someone who knows they will get the electric truck. So you split them into two groups, right. So this sort of like, hey, but you might be fine. That's not actually all that encouraging to people. We kind of like to know what's going to happen. So filling in the, the, the blank there for them can be great. Very much so. So I I think this this approach this like adjustment based planning a we we've got this a lot of lot of data now on this. It really is the way that people prefer to experience planning. I think partly just because that's intuitively how we live that's that's how we live our in our working years. It's the way people actually will end up living their their retirement years as well there is research on. People's willingness and capacity to adjust spending and it's it's it's quite high in retirement actually in fact the the latest study I saw and it was higher than I expected so so people really are flexible especially if you know they have a fair amount of discretionary income. So this this kind of shift from here's your hundred page ring binder to no I'm I'm your guide along the way I'm going to be you know providing periodic. Changes when again could be just inflation adjustment, but also you know, navigating rough waters. It's really intuitive to people and people have a really good experience flipping to that, but they might want to know, they might wonder okay, but what would a longer term experience look like having adjustments. And so we do offer a retirement stress test where we can take the exact plan that somebody is. Is examining with their, you know, portfolio allocation and Social Security and mortality adjust assumptions and all that and it will run them through actual historical scenarios to see how they were able to navigate those times. So here we have the global financial crisis. So we're just going to you know plop this, this household down in November of O7, everything's looking rosy. But then they're going to experience the the global financial crisis and we want to ask what would it have taken, what what would this plan have done, right. So this is not with foresight right now. We we know what actually happened, right. But the plan itself, this stress test, the plan is just stepping through time, the rate, the way it really would have monitoring risk and so on. And for these folks the global financial crisis would have, would have required an adjustment. For five years they would have been spending $400.00 below plan. So really you know, in this case almost a non event I would say. Especially given that that red line is in March of O9 when things would have been feeling really terrible if your advisors told you. Actually it's just a small adjustment for now. Now, they wouldn't have known it was going to last for five years, right? But that that would have been their advice at the time in March, that would have sounded like good news, not not bad news at the time. And then, you know, five years later in 2014, they would have been able to recover back to their original plan. And then a few years after that, they actually would have gotten a pay raise and and then been above the plan. So this is really a way to use history to. Paint a picture that's really relatable so that people understand the kinds of journeys that you guide them through. Again, it's not that you know the future is just going to repeat what the global financial crisis was that that is obviously very unlikely, but it shows them how the adjustment based planning reacts to to challenges and in this case a challenge that I'm sure they they still remember very well. Now there are worse times in history than the global financial crisis, at least for for retirees actually that stagflation of the 70s really be those who retired in kind of the mid 60s, that that was about the worst sequence of returns that we've that we've seen in the last 100 years because of high inflation and not great returns. And so here we actually see a deeper adjustment when you look at the stress test. So this time between 1200 dollars and $2000 below plan over a six year period. So you know out of again I forget where it was little over you know between 12 and 13,000 what's what they were hoping for. So this is a deeper, A deeper cut but again really the worst period in in. American history for someone who is funding their retirement in this way with, you know, a heavy dependence on their portfolio and then you know it recovers and actually spends, spends the final ten years of the plan above plan. So if you knew this was among the worst times in history and and this was the picture, you know it's maybe not as it's actually more of a building confidence approach. Most people would probably think is the worst time to experience is the Great Depression and probably in many ways it would have been. But if we simply look at the sequence of returns, the inflation and so on and kind of rip that out, then it really was not the the, the worst example of that in history. I think partly because there was actually a lot of deflation. So if you own bonds. They they wouldn't have been doing so bad. So we required only a two year period with $1000 or so below plan. So you compare that to you know you're 85% loss in stock prices from from 2000 from 1929 that's that's pretty surprising to people. So again this is this is meant the the. The purpose of that stress test is really there's there's several reasons for it. One is simply to paint a picture of what getting ongoing retirement income management advice using you know, adjustment based planning can look like. And there's 15 examples in the in the stress test right now. Not all of them are bad, so you can sort of look at bad middling and good starting points so that the. Clients can really understand what it means, what the value is of having an advisor along on the way. Now, as I mentioned, using the Income Web software, especially if you've been able to set up your your integrations, you're getting behind the scenes. Every month we update all of the plans and we test whether any changes are needed for the plan. It could just be an inflation adjustments. We're tracking inflation over time and we know how much the purchasing power of every plans income has gone down and you'll have set at a hurdle rate. Typically it's 5%, but you can change it and we'll let you know. Hey, you know The Smiths need an inflation adjustment and here's the amount, right? So you shouldn't have to track inflation, right. That's obviously a great, a great thing for a computer to do for you. And we're also tracking how their balance is comparing to their to their guardrails. And the guardrails do change over time, right, at the very least because they're aging, the plan is getting shorter and so on. But eventually you can see in this example, which is the great of the global financial crisis example by March of O9, they did have that red line. They hit their, they hit their lower guardrail way over on the right here you can see how from about 2020. On, you know this was 2022 at the at the end there he got extremely close to hitting their lower guardrail. I know some plans actually did hit their lower guardrail last year kind of September, October, November time period. But this is as time goes on, you'll be able to see what the history of this plan was. You know, you can see that. Oh, OK yeah, I was, I was in kind of this white, no change range in between the the green and the red and I've been getting closer and closer over time. In 2022 for example, So clients in that situation they actually, they they knew it wasn't a total surprise to them. It wasn't like they, you know woke up one day and suddenly they got the news from their advisor that they would have had to to find a way to trim their budget. They could see it coming. And because of that the client experience even in those tough times is better because you're still saying okay. In this case they never did hit their guardrail but. You would have been able to say okay, if we lose another, you know, whatever it was $50,000, then our plan would be to trim by and you would have been able to tell them right, $500.00. And so even though of course this is not a situation that we would want to be in, it again is a, it's a, it's a place where just knowing the numbers, having clarity, knowing that the advisor is, is on the job, really, really helps. And then if you do hit a guardrail. And in this situation, the example I'm showing is it is actually a just an inflation adjustment. You can see in this case they just they got a you know $643 increase. You can round these as well by the way. So all right, changing gears a little bit, another part of retirement income. Management is managing where you're distributing funds from. So maybe my spending capacity is 12,600 a month and maybe you know a certain portion of that in the given year is Social Security, maybe a certain portion is a pension, maybe a certain portion is, you know, rental income, but there's a certain amount left over that is portfolio withdrawals and so. Another part of our jobs as advisors is to is to understand the the cost and benefits of taking money from from different kinds of accounts. And so the income lab software also gives you a way to quickly compare lots of different ways to to fund those distributions whether it's you know kind of a waterfall approach where you first take from taxable accounts, then tax for then tax free. Or you know, another order of those for that matter could be tax deferred first, then taxable, then tax free or whether Roth conversions are a good way to go from a tax perspective for this for this household. So bracket management that you see on this on this page is is saying all right, we'll fund our lifestyle from taxable tax for tax free, but if I ever have space in a particular. Federal ordinary bracket, in this case 24%. I'm going to fill it up with Roth conversions. And in this case we're we're just comparing that approach, right, with and without Roth conversions basically and IT projects a pretty pretty high level of value there. So a change in kind of average effective tax rate, total taxes and so on. If I were in our app itself, I would show you there is a cost to this though. Which is that you're paying taxes up front, you're paying them earlier in the plan. And so there is kind of a break even point, right. We kind of have to live long enough that that we give those Roth conversions some some time to have their value. They may have value for errors of course long before that if if errors are in a higher tax bracket, but they're they're like so many things in in retirement planning, financial planning there there are. You know cost and benefits to everything so this isn't there's there's a lot of art to to tax planning as well and we give you a lot of ways to to the kind of use use your your art and and develop good advice for clients. But on the just in a very simple way if you've you know figured out hey I do think Roth conversions are a good idea for these folks and maybe they have you know longevity expectations that are. Very reasonable for this to be valuable. This screen which can be turned into a PDF is a really great way to just just talk about the value of long term, well the long term value of of tax planning. And for you, you know or or for your more engineering type clients there, you know there's tons of detail tables and graphs showing kind of how all the income lines up so that you can really dive in. But again kind of highest level is. It's just these these summary statistics, right. I'm actually gonna try one more time. It's probably not give it a whirl. Well, while you're trying that, I just wanted to offer my comment on this, which is like going back to what you said to being like we are loss adverse, right. Like I think that that's such a huge thing to remind people is that we are motivated. By loss the the threat of loss, I think 10 or 12 times more than we are at the possibility of gain, just like the human brain. I saw an FBI profiler who mentioned that that we are slate. Our our brains are wired to be that loss adverse. And the fact that people for the most part are so emotionally tied to their money, they're emotionally tied and that's a very complex thing. To be able to put something in in such clear delineation, like here is the money, here's how much it's going to cost. Here's how much, here's what you can do with this X amount more. Here's what saving X amount you know less or whatever is going to get you. You know, I've heard stories of people who have, oh, I see it now. I've heard stories of people who have, you know, 10s of thousands of dollars in savings and then when an emergency comes up, rather than pull from that money that is explicitly. Set apart for that experience, for that type of surprise or or emergency. They're like, oh, we can refinance our house or like they they they think about ways in which we don't have to pull from that fund that exists specifically for this time to pull from. You know, like it's fascinating. So I love anything that can clear stuff up like this for people. I think it's incredibly valuable. Yeah, You know, it's it's funny. Although these, you know you may hit a guardrail like some people, even though my example didn't show it, but last year some people did hit guardrails in the in the fourth quarter. Now I see your screen, there are often other decisions you can make at that point. So it's really, it's a little bit of just a tap on the shoulder for the advisor to say hey. Now is a great time to have a conversation. So for example, if they have a legacy goal that they're trying to fund, maybe they said I want to leave $1,000,000 in My Portfolio for, you know, my grandkids or something. You often do have other levers you could pull. So instead of taking a pay cut, you could say hey, let's just you know, cut that legacy goal in half and things like that. So, so even I wouldn't want to say that just because these are dynamic plans that have adjustments. A plan for adjustment built in. You actually have even more flexibility than you might think here. So yeah, maybe I'll go back, know that this is working, and just demonstrate. And obviously this is a slightly different plan than I had in the slide deck. Is that not adjusting for you? I saw your mouse clicking around, I saw the cursor working. Yeah, it doesn't seem to be. Let's try it again Now. It's just kind of stuck on the. It's very strange. It's not interesting. I hate when that happens. I hate when that happens. I had a trainer of mine earlier today who the Internet just died. It's like. Yeah, I I swear on my screen everything is is changing but it's just kind of locked for some reason when I when I share that's unfortunate. And the test it it was working just fine. That is all right. We'll go back to the the slides. That's why we make slides. You know I saw it back up exactly, exactly right. So here you can see like I was talking about with with tax planning and Roth conversions, there is a cost and the cost here is just front loading those taxes. There is a you know in 2035 in this plan there are some high taxes. I think we're selling a an asset there, you know vacation home or something. You can see you know the software goes very deep on on tax types. And because they're our tax system is so complex that so many things depend on the others. You know when you take Social Security can affect all sorts of other things when you you know sell that house can affect all sorts of other things. So it's really important to kind of have the full view and then you definitely have that. So this is not just focused on the distributions, the withdrawals, it's obviously very important in in part because that's sort of the only. One of the things people feel that they have the most control over, rightly so. I think you know your pension is what it is. Your rental income is probably roughly what it is, but you can change how and when you withdraw. But it's not the only thing that matters for taxes. So very sophisticated when it comes to that and one way that you can help clients kind of see the entirety of their plan including you know. All their inputs including, you know, linked accounts, maybe they've they've linked the Redtail, Social Security, other kinds of income plan outputs, things like tax estimates, you know, spending levels and and so on is through a tool we call Life Hub. And this is a completely interactive view of the plan at any point in time. So each of these pieces is clickable. And collapsible or expandable again live it just really pops. But this also really helps there does there's a lot of places. One is just so that the client can really understand the plan because it goes down even to the level of, you know where exactly are we taking our withdrawals from. So in this case they're taking from their taxable account 1st and leaving the two IRA's alone. But also it can help you as an advisor in kind of discovery because people want to see this tree have as many leaves as possible on it, right. Nobody wants their their kind of life view to to miss things. So it's a great way to kind of oh you know I I did forget an account here or there. It's a great way to to check whether the the values are correct right on my pensions not 18,000. The year it's actually 20 Okay like we better. So it's kind of like it's a great way to just make sure that that the plan you know passes the smell test with people without having to do lots and lots of digging through you know hundreds of screens and many, many clicks and so on along the top you have a a timeline with with milestones so. Not a lot of milestones in this plan but at least you could see when RMD's would begin. But if you had a you know a big purchase or a big maybe it was you know you're helping fund the grandkids college or something. You you could see those are longterm care plan. You would you would see that along the along the top. So this is a really nice way for the client to truly understand all the parts of the plan and to to help you gather. And verify data. You can actually do all the planning from here in terms of building the plan. So there's just to add, add, add new, you know, add, add a pension. Add, add an account, update the plan, everything, everything changes from there. So for example, here's the Social Security tab. If I clicked on Social Security over there, I get a side panel comes out and now I can change when we're claiming Social Security, this this slider will tell me. At each point in time what the benefit amount would be and what my break even age is in terms of you know how long I would I would have to be able to expect to live for that delay to to make sense. In the case of Roth conversions. We also see you know detailed information on where those Roth conversions are going to come from and where they're going to go. For each client all right there's lots more to the to the app. There are you know other places that you know can work for like what our our philosophy is generally provide some extremely simple relatable views that for many people might be the only thing that they need right. So for example in this case this is kind of this is your ongoing. How am I doing? Check in, right. You can give clients access to to a client portal to view this stuff if you want. Or you can just maybe shoot off a PDF on a certain cadence, you know, maybe it's every quarter, every, you know, semiannually or something. Just letting people know, Okay, here's where we are, right? We're getting close to a pay raise. We're getting, you know, closer to the lower guardrail so that they're kind of, they know you're on the case and they know kind of where they where they stand. And then you'll see all throughout the app these kind of ways to peel back the onion, view more, view more, get into more of the details either so that you can really understand the workings of the plan, make sure it's all working right or for those clients who need a little more, you know, want a little bit more detail that can really work for them. So there's just this kind of you choose the level of of, of detail approach here, all right, I think. Since I can't show you the app live, we can we can change over to some some questions. Yeah, absolutely man. I want to throw on the key takeaways and next steps for everybody for you as well while anybody else decides to submit questions. We did get a couple of questions here, but before we get into questions, obviously I want to, I want to give y'all some key takeaways, next steps, obviously being able to book a demo, being able to check up, check up on. On all the research that Income Lab has done and you know following them on LinkedIn, seeing what they have, you know new coming up, obviously I recommend all of that. Couple of questions. One from Leslie, does Income Lab take into account lifetime taxes when calculating from where to make withdrawals? Yeah, so that that kind of the, the tax center that I was showing at least some some pieces from is exactly where that is. So it's it's looking. Across the see how I go back to that across the full plan and maybe this is the best way to view that and saying okay given the the timing of different things in the plan, whether that's when you're filing for Social Security, when you're selling that vacation home and so on. What did project out for me, you know what what taxes could look like? Obviously we know taxes could change in the future and and and and so on but we're always saying okay, what do we know right now and what how can we estimate and project these. And so this is one piece where you you'll do this for for us for one single plan we're running. I believe it's 14 different ways you could order portfolio withdrawals and we're laying those on top of you know Social Security and and and everything else and then projecting out taxes and the the view that you get for. Different withdrawal approaches is, I mean, starkly different. You might have something that starts with quite low taxes, but that ramps up with Rmd's and so on. And so it is the lifetime tax pictures that you're comparing on a screen like this. Nice, excellent. I can tell you we got another one. Yeah, go for it man. I think the next one came in which was like would you say that Income Lab is a replacement for a lot of the planning software is out there, money, guide money, so on and so forth. No, that's a that's a really great question. I probably should have addressed that at the very beginning. It's it's not in in practice as far as I know every single firm that uses income Lab also uses what I I think of as generalized or holistic financial planning software. So this is retirement income management software. It goes really deep and I think also really intuitively into how people live their lives in retirement and how an advisor would give ongoing advice about that. But it doesn't touch on all sorts of other, you know, important planning choices people might have or other phases in life, right Accumulators and and so on. The next question we often get given that this is sort of a, it's a new category of of software in the in the advisors tech stack is okay, but how do I sort of juggle between the two And in practice what we've heard we actually have some webinars recorded online where you can where you can hear advisors talk about this. In practice they shifted, they shift clients to income lab to this you know kind of adjustment based. View of things pretty much at retirement they might start six months or a year before that. It's sort of whenever they want to change the focus from sort of a score based how am I doing which is probability of success typically to a turnbyturn directions kind of thing. So I actually think the although you know all analogies break down eventually, the GPS analogy is still pretty decent here so. If I'm planning, you know, a summer vacation with my family, I don't really, I don't need to know turn by turn directions right now. But when I'm on the road I do or, you know, I live in Colorado. If we're going skiing, I'll even check it in the morning before I'm going to go just say, oh, what's traffic like? You know, I'm like, should I leave now? Should I maybe wait a little bit? And so if you think about that for when to use Income Lab, it's sort of whenever this sort of information. Should be the focus when you where do you want to take the focus away from this this score and move it toward okay but what are we going to do and that's typically at and in retirement. So the the transition we hear from advisors is very it's very easy it's intuitive people don't really push back on that they they find it very reasonable to make that that shift at that time and then you may use your. General planning software for all the other clients or for these clients, if there's a specific other you know, thing you're looking at, maybe it's estate planning or or something like that. Nice. I love that I and I, I'm a big analogies guy myself. So the all analogies break down at some point. That ring was very, very true to me that no one hit me deep in my soul. Good question here and I think I can answer it, but obviously you know. Josh, you can, you can, you know, correct me if I'm wrong here, I apologize, Justin. If you link accounts in Redtail with an income lab household, the account value is an income lab. They automatically adjust and adjust within the income card rails because that's how the integration works. The integration is you, you collect all your information inside of Redtail, you collect all your households, you'll link them into income lab. So you don't, you don't have to do all of that data entry again and then you have the ability to pick and choose. What accounts get linked over as well? I have that right, right. That's correct. You can tell me if I'm wrong. Yeah, that's correct. There's a couple ways to do it. You can kind of when you're building the household, you can say, hey, oh, here's The Smiths, just pull in all that stuff, you know, prefill everything you can. You're still gonna have to do some work, right? Most likely, Right. You have to say, I don't know how, what sort of longevity expectations you want or, you know, there's still gonna be a little bit of work to do, but do as much as you can with the integrations. You can certainly choose to bring to link only certain accounts, you know, maybe, just maybe there's some that you kind of want to leave to the side or something. So there's a lot of sort of customization that's available there. And then the ongoing link is really the, the key, which is you know, we may have particular spending plans, right, hey, spend, you know, 13,500 or less, right? Or you may have said oh in 20. 24 in the summer we're going to take a big vacation or something. Well, we all know like things don't turn out exactly as we thought they would or maybe they you have to take an extra 10 grand out to, you know, put in a new A/C and furnish this month, right. Well, that probably wasn't, you know, scheduled on the plan, right. So that those links. They'll kind of accommodate all of that, right, Because you're the updated balance. Well, it'll reflect whatever they've actually done. Now my examples, we're spending more, but there are situations where they're actually spending less. And in fact, the global financial crisis is probably a good example of that. A lot of people had probably already pulled back, right? They probably were already spending less and that would have been reflected in the updated balances. So we're taking as much as possible the integrated balances and comparing them to the guardrails. If you don't have an integration for some account, we are taking what you said the the target allocation is and we're and we're sort of guessing where that has gone over time based on how you know the S&P 500 or the Barclays Ag or something went probably not exactly correct, but it's at least directionally correct. And then you can kind of reconcile the plan you know periodically maybe kind of before you your next meeting. Nice. Last question and I think this goes back to that slide with that that had some QR codes on it, marketing materials, where can they get information, where can they get some more information for you. I think there's a couple links within the the, the, the video platform itself, the webinar platform itself, but where else can they go to get some more information? Yeah, depending on the, the kind of information you want. I mean we we definitely have a very sort of. Research and and you know, innovation based sort of personality over here. So you'll you'll see we have two webinars a month, one that's a little more on just the research side and one that's on more like Q&A and how to really you know, use the app. We have a whole back kettle out of that. We publish a lot of kind of thought leadership. There's a lot on kisses.com that we've done as far as marketing materials. We have started to do a little bit more of that because the advisors who use the software have really requested it. So I think there's even a new little client video that's available now. But all that place to start is really our website and go to the resources tab, Fantastic. And we did have a question regarding the integration itself. If you just go to our support site support.redtailtechnology.com and search for Income Lab, there is a wonderful help desk article that shows the details of the integration, shows how you can get those connected and things of that nature. So I would highly encourage you to check that out. A lot of times you can just Google like for example, one of my favorite things to do is just Google Redtail and then the integration partners. So if I want to learn more I can literally just Google Redtail Income Lab. And one of the first few sites that pops up is our support site. So definitely check that out as well. Some really good questions, man. Justin, I want to give you the last word before we wrap up here. But before we do, I do appreciate all the time that you spent. I appreciate you dealing with some of the tech shenanigans. I thought you did very well. And like you said, that's the reason we have slides, right? Yeah absolutely. So if if you want to see kind of you know live how these screens look, I really encourage you to do it to do a demo. We got an awesome team that does demo. It doesn't need to take long you know I think you can you can easily knock it all out in in half an hour and and so we really are are focused on that kind of great. Client and advisor experience, I want you to see some of that. It's pretty cool. So yeah, please, please do that. If you're interested in kind of this shift in mindset also to adjustment based planning and away from success and failure. We did also just do a webinar last week I believe with David Blanchett and Jamie Hopkins and Jeff Brown who runs a large RIA in. In San Diego about just that shift and I I noticed that there was a question kind of about how you I use Income Lab plus other software in the planning space. So I think we we addressed some of that there as well. So there's a lot of great information out there on those on those topics and really you know how you do it in practice with your clients. So you know I didn't encourage you to to look there as well. A lot of it's video I think you know that's a nice way to. Two things can always increase the playback speed to if we're too slow for you. So please, please do that and yeah look forward to to to doing more with with Redtail over the over the months and years this has been one of our I think longer standing integrations and we we keep you know trying to improve things there as well. Likewise likewise we just had you out for our Denver RTU. I had some of the folks there. It was really nice. I want to offer my thanks Justin to you to Income Labs, everybody who's on the call today. Really appreciate it. Again, we went through some questions, things of that nature. If you need anything from Redtail, please let us know. Please do not be afraid to reach out to us, reach out via our contact information. But with all that being said. Not too bad of a webinar coming off of an extended weekend, you know, like little I got a little bit more sun than I was intending, got had a few delicious beverages and I appreciate everybody for joining us, Justin as well. So thank you all again for your time and enjoy the rest of your week. Appreciate it. Thank you, Rick. Appreciate it. Thanks all. _1732435502121