Income Laboratory, Inc. (Income Lab) has launched AI Scribe, an AI-powered feature designed to automatically transform live client conversations during virtual meetings into updated retirement plans within its software.
AI Scribe securely integrates with Zoom client meetings, identifying and capturing critical information to build or update an Income Lab financial plan. This functionality aims to enable financial advisors to remain focused on client interactions without the interruption of manual data entry. Upon the conclusion of a meeting, advisors receive a summary, and a draft plan is immediately available for review in Income Lab.
The introduction of AI Scribe follows Income Lab’s earlier launches of its AI Plan Builder, AI Assistant, and AI Interviewer, which collectively underscore the company’s focus on integrating artificial intelligence to support financial advisors rather than replace their roles. These AI tools are intended to streamline advisor workflows, enhance efficiency, and facilitate a more seamless planning experience for clients.
Development of Income Lab’s AI features has involved collaboration with advisors, clients, and researchers, including Derek Tharp, Ph.
D., CFP®, CLU®, from the University of Southern Maine, Conscious Capital, and Kitces.com. This research-driven methodology targets specific pain points in advisor workflows, such as data gathering, plan updates, and post-meeting follow-through, using AI to address these challenges while maintaining advisor control over the planning process.
The company notes that AI Scribe complements existing AI notetaking tools, such as Zocks and Jump, by ensuring that insights captured during meetings are directly and automatically translated into client plans. This eliminates the need for manual re-entry of information, accelerating the overall planning process.
Justin Fitzpatrick, president of Income Lab, stated that AI Scribe is a step toward making planning software more interactive and intuitive for advisors. Fitzpatrick added, “AI Scribe removes friction from the planning process so advisors can stay present with clients while the technology works quietly in the background.” He further commented on the broader potential of AI tools in planning, suggesting that advisors will eventually transition from manual data input to more natural interactions with planning software.
An informational webinar was held on January 27, featuring financial advisors who discussed how AI tools, including the AI Scribe, have influenced their workflows.
Income Lab, headquartered in Denver, specializes in retirement planning software designed to help advisors create dynamic, tax-smart plans that adapt to clients’ evolving needs. The company aims to provide financial professionals with tools and research-driven insights to enhance clarity, confidence, and connection in client discussions.
