Retirement Planning Fintech Start-Up Income Lab Completes $1.7 Million Seed Financing Round

[September 08, 2021]

DENVER, Sept. 8, 2021 /PRNewswire/ — Income Laboratory, Inc. (Income Lab), the investment industry’s first provider of dynamic retirement planning software, has 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.

Agostine and Florence serve on Income Lab’s advisory board, in addition to Derek Tharp, a financial planner at Conscious Capital, lead researcher for financial blog Kitces.com, and assistant professor of finance at the University of Southern Maine.  

Denver-based Income Lab introduced a beta version of its cloud-based software in early 2020 for the financial advisory and planning market. Now fully launched, the software incorporates economic and market conditions, dynamic spending analysis, tax-smart distribution planning, and automated plan monitoring and management. Income Lab charges advisors approximately $159 a month per seat.

Earlier this year the firm added a Tax Center, providing advisors with enhanced tools to evaluate the tax consequences of various portfolio withdrawal strategies, including planned cash flows from multiple sources.   

Income Lab Chief Innovation Officer Justin Fitzpatrick, Ph.D., CFA, CFP, and CEO Johnny Poulsen, CFP, co-founded Income Lab in 2018 after careers in financial services sales, distribution and management at Jackson. Income Lab’s latest seed funding, which the firm will use to continue to develop and market software, brings its total funding to date to nearly $3 million.

“We started Income Lab because we saw a massive gulf between the best ideas in retirement income planning research and what an advisor could actually deliver to clients,” Fitzpatrick said. “Income Lab sits at the intersection of practice, research, and technology and is the first truly dynamic retirement income planning platform. Our goal is to help advisors build financial plans that do justice to the complex realities of planning while being able to speak to clients without complex statistics and abstractions. With Income Lab, advisors now have a superior tool that can strengthen their relationships with clients and help ensure success, not failure.”

“We built Income Lab as a ‘bring your own investments’ platform,” Poulsen said. “Our sweet spot is small- and mid-size registered investment advisors that focus on financial planning and have well-defined approaches to investing but are open to new ideas and research in their planning process. Our investment-agnostic approach maximizes the possibilities. We want retirees to enter retirement with confidence and understanding of what their journey could look like—not with fear and anxiety about running out of money.”

Income Lab automates retirement plan monitoring by checking plans monthly to see whether circumstances have changed sufficiently to warrant any modifications. Income Lab then notifies the advisor who can discuss possible adjustments with clients. Rather than solely using current static software that runs traditional Monte Carlo scenarios, advisors can enhance their practices by adding Income Lab’s technology to adjust dynamically for evolving economic and market conditions, tax regime changes, and shifts in spending.

About Income Lab
Income Lab is the first provider of truly dynamic retirement planning software for investment advisors. Established in 2018, Income Lab’s mission is to revolutionize retirement planning with advanced research, deeper insights, and real-time monitoring and management to help people have enough money during retirement. For more information visit www.incomelaboratory.com.

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SOURCE Income Lab

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