Oct 31, 2022
Justin Fitzpatrick is the Co-founder and Chief Innovation Officer of Income Lab, the only provider of software for true, dynamic retirement income plans that help retirees adjust to evolving economic and market conditions. Justin has over 15 years of financial services experience, leading teams in advanced financial planning and portfolio strategy, managing the development of fintech tools, and designing and executing strategies to enter new markets. He served as the Head of Private Wealth and Trust of Jackson from 2008 to 2018, when he co-founded Income Lab. Prior to Jackson, Justin served for seven years in academia, teaching at Harvard University, the University of London, UCLA, and the Massachusetts Institute of Technology, where he also received his Ph.D. in Linguistics.
Justin joins me today to discuss retirement income planning and the superpowers of retirees. He explains why he transitioned to financial services and entrepreneurship after working in academia. He breaks down the most significant gap in retirement income planning and how that gap inspired the founding of Income Lab. He also outlines common reasons adjustments are made in a retirement income plan and discusses how the Income Lab software helps advisors provide clients with a realistic view of what retirement could look like.
“An advisor who can leverage retirees’ superpower to adjust will deliver so much more value and experience than presenting their clients with the idea that they’re either going to succeed or fail.” - Justin Fitzpatrick
This week on The Model FA Podcast:
- Justin’s time in academia and his studies in linguistics
- The huge gap in retirement income planning
- How Income Lab helps advisors leverage retirees’ superpowers
- Reasons to make adjustments in a retirement plan
- How advisors can communicate the advantages of Income Lab tech to their clients
- How Income Lab simulates income risk in retirement
- Income Lab’s integration with other financial planning platforms and CRMs
Resources Mentioned:
- Book: Man's Search for Meaning by Viktor Frankl
Our Favorite Quotes:
- “Life happens for you—it’s up to you to determine why it’s happening, how you can shift your perspective, and how you can learn and grow from it.” - David DeCelle
- “Sometimes advisors have great experiences with clients; sometimes, not so much. But if you can stop, reflect, and learn, any scenario you find yourself in can be beneficial.” - David DeCelle
- “Just like in their working years, people In retirement will adjust as things develop—as they learn about what world they’re actually living through.” - Justin Fitzpatrick
Connect with Justin Fitzpatrick:
- Income Lab
- Income Lab on LinkedIn
- Income Lab on Facebook
- Income Lab on Twitter
- Income Lab on YouTube
- Justin Fitzpatrick on LinkedIn
About the Model FA Podcast
The Model FA podcast is a show for fiduciary financial advisors. In each episode, our host David DeCelle sits down with industry experts, strategic thinkers, and advisors to explore what it takes to build a successful practice — and have an abundant life in the process. We believe in continuous learning, tactical advice, and strategies that work — no “gotchas” or BS. Join us to hear stories from successful financial advisors, get actionable ideas from experts, and re-discover your drive to build the practice of your dreams.
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Our Team:
President of Model FA, David DeCelle
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