Income Lab

Background

Income Lab, established in 2018 and headquartered in Golden, Colorado, is a fintech company specializing in dynamic retirement income planning solutions. The company's mission is to revolutionize retirement planning by providing advanced research, deeper insights, and real-time monitoring and management, enabling individuals to navigate retirement with confidence.

Key Strategic Focus

Income Lab focuses on delivering cutting-edge software for ongoing retirement income management and client engagement. Their core objectives include:

Dynamic Retirement Planning: Offering tools that adjust to evolving economic and market conditions, ensuring retirees can adapt their spending strategies accordingly.

Tax-Smart Distribution Planning: Providing strategies to optimize distribution plans for tax efficiency.

Real-Time Plan Monitoring: Automating the monitoring of retirement plans to identify when adjustments are necessary, thereby enhancing client engagement and satisfaction.

Financials and Funding

As of February 2025, Income Lab has raised a total of $1.9 million in funding over four rounds, with the latest round occurring on April 13, 2022. Notable investors include industry executives such as Dave Agostine, former managing director for BlackRock, and Tom Florence, managing director at Hamilton Lane. The capital has been utilized to develop and market their software solutions, including the launch of innovative tools like Life Hub and the Retirement Stress Test.

Pipeline Development

Income Lab has developed several key products:

Life Hub: Launched in June 2022, Life Hub is an interactive tool that provides clients with a detailed visualization of their financial lives on a single page, integrating dynamic retirement income plans and tax-smart distribution strategies.

Retirement Stress Test: Introduced in May 2023, this tool allows advisors to stress-test retirement income plans against historical periods of high inflation or market volatility, demonstrating how retirees can successfully navigate such challenges.

Annuity Features: In September 2024, Income Lab launched annuity modeling, comparison, and stress testing capabilities, enabling advisors to incorporate annuities into retirement income plans comprehensively.

Technological Platform and Innovation

Income Lab's technological platform is distinguished by:

Dynamic Retirement Planning Software: Unlike traditional static models, their software adjusts retirement plans in real-time based on changing economic and market conditions.

Tax-Smart Distribution Planning: The platform offers strategies to optimize withdrawals for tax efficiency, enhancing retirees' financial outcomes.

Automated Plan Monitoring: The software continuously monitors retirement plans, notifying advisors when adjustments are necessary, thereby ensuring plans remain aligned with clients' goals and circumstances.

Leadership Team

Johnny Poulsen, CFP®: Co-founder and CEO. Prior to founding Income Lab, Poulsen had a career in financial services sales, distribution, and management at Jackson.

Justin Fitzpatrick, Ph.D., CFA, CFP®: Co-founder and Chief Innovation Officer. Fitzpatrick brings a background in financial services and academia, contributing to the company's focus on research-driven solutions.

Competitor Profile

Market Insights and Dynamics

The retirement planning software market is experiencing significant growth, driven by an increasing number of individuals approaching retirement and seeking comprehensive planning solutions. The demand for dynamic, adaptable tools that can respond to market fluctuations and individual circumstances is on the rise.

Competitor Analysis

Key competitors in the retirement planning software space include:

Pave: Develops compensation and benefits management platforms, offering tools that assist in financial planning and management.

eCollect: Provides debt collection services, which, while not directly competing, operate within the broader financial services landscape.

Solifi: A financial technology company offering solutions for lending, risk management, and analytics, catering to financial institutions.

Baker Hill: Provides lending, risk management, and analytics solutions for financial institutions, focusing on comprehensive financial services.

Strategic Collaborations and Partnerships

Income Lab has established several strategic partnerships to enhance its offerings:

BridgeFT: In November 2023, Income Lab integrated BridgeFT's WealthTech API to aggregate multi-custodial data, providing advisors with comprehensive client investment account information.

PreciseFP: In February 2024, Income Lab partnered with PreciseFP to streamline client data gathering and retirement planning efforts, enhancing the client experience through synchronized data between the two platforms.

Riskalyze: In November 2021, Income Lab integrated with Riskalyze to incorporate risk assessment and portfolio analytics into their platform, enhancing advisors' ability to align client portfolios with their risk tolerance.

Operational Insights

Income Lab differentiates itself through its focus on dynamic, real-time retirement planning solutions that adapt to changing economic conditions. This approach contrasts with traditional static models, providing clients with more flexible and responsive planning tools. The company's commitment to integrating advanced technologies and forming strategic partnerships enhances its competitive position in the market.

Strategic Opportunities and Future Directions

Looking ahead, Income Lab aims to:

Expand Product Offerings: Continue developing innovative tools and features that address emerging needs in retirement planning.

Enhance Technological Integration: Further integrate with other financial planning platforms and data providers to offer a seamless experience for advisors and clients.

Grow Market Presence: Increase adoption among financial advisors by demonstrating the value and effectiveness of their dynamic planning solutions.