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Income Lab expands AI tools for advisor retirement planning
The platform is rolling out an AI paraplanner called Penny, designed to support tasks like Medicare and estate planning within its software.
Income Lab, a retirement income planning platform founded in 2018 by former Jackson National executives Johnny Poulsen and Justin Fitzpatrick, has expanded its focus from a niche retirement software tool into a broader, advisor-facing planning platform, according to an interview published by Yahoo Finance.
The company said its shift reflects how advanced artificial intelligence capabilities have been entering wealth management over the past 12 to 18 months, and it highlighted efforts to reduce manual data entry as a way to support more scalable planning.
Income Lab also pointed to the recent launch of Penny, an AI paraplanner that combines a natural language interface with deterministic calculation engines intended to lower risks tied to “fuzzy math” and hallucinations.
In the interview, the founders said the tool is designed to help advisors analyze issues including Medicare and estate planning directly inside the platform, and they indicated more similar capabilities are coming.