At a glance
- The three providers are building for the points where an RIA is most likely to lose a client or the assets tied to the relationship, according to the report.
- Income Lab's new college funding planner weighs school costs, current savings, expected grants and borrowing, and shows a family's shortfall alongside its other goals.
- A preretirement planner compares 25 combinations of retirement dates and savings levels, measured by what the household could spend.
Income Lab, Grantd and Healthspan Wealth have each added tools aimed at client decisions that happen outside the portfolio review, InvestmentNews reported on Nov. 13.
The three providers are building for the points where an RIA is most likely to lose a client or the assets tied to the relationship, according to the report. Grantd is a Denver-based equity compensation firm.
Income Lab's new college funding planner weighs school costs, current savings, expected grants and borrowing, and shows a family's shortfall alongside its other goals. A companion tool estimates the Student Aid Index, the federal formula that determines eligibility for need-based aid. The college, student aid, FIRE, pension and estate tools are available only in Income Lab Pro, the company's higher-priced tier, so advisors on lower tiers would need to upgrade to use them.
A preretirement planner compares 25 combinations of retirement dates and savings levels, measured by what the household could spend. A pension option analyzer compares a lump sum with lifetime pension income under different life expectancies. The software can also apply the Rule of 55, which lets a worker who leaves a job in or after the year they turn 55 tap that employer's plan without an early-withdrawal penalty, and can automatically add an appeal of Medicare's income-related premium surcharge when the appeal helps.
Penny, Income Lab's AI paraplanner, now analyzes tax returns and helps with estate decisions such as beneficiary allocations and gifting. "Clients have important questions long before they retire, and those decisions affect one another," said Justin Fitzpatrick, Income Lab's president and co-founder.
Clients have important questions long before they retire, and those decisions affect one another.Justin Fitzpatrick, president and co-founder of Income Lab
Reported by the RIA desk from InvestmentNews. Published . Corrections