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About Us
Income Discovery is an online investment advice software offering from Fiducioso Advisors, SEC Registered Investment Advisor. The software is offered to Financial Advisors (not to general public) to help them build retirement income plans for their clients. Unlike Financial Planning Tools, which are merely software to run planning calculations, key capabilities of Income Discovery, such as optimization and constant cash flow bond ladder construction, qualify as giving Investment Advice. Hence Income Discovery software provides investment advice to Financial Advisors in construction of a retirement income plan for their clients under the terms described in the commercial agreement.
Manish Malhotra
Manish Malhotra, Founder, President & CEO
Manish Malhotra launched Income Discovery to develop innovative solutions addressing the retirement income planning challenge. Being part of the team at Smith Barney that developed a time-segmented retirement income solution, he realized the potential of developing a new paradigm. He authored his initial thoughts on the new approach in a peer-reviewed paper in Advisor Perspectives. Subsequently, he argued for the need to take benefit of the mortality pooling to fund the income need in last phase of retirement in paper titled "Making the Right Wager on Client Longevity" in Advisor Perspectives. He published the proposed analysis framework in 2012 Journal of Financial Planning paper titled A Framework for finding an Appropriate Retirement Income Strategy. In another paper, he challenged the use of random walk assumption for long term portfolio simulation. He contributes to RetireMentor publication of Wall Street Journal MarketWatch, where experts provide guidance on topic of retirement.

I'm a RetireMontor - Read my column on MarketWatch

Prior to forming Income Discovery, he was a Sr. Vice President at Citigroup Global Wealth Management (Smith Barney and Private Bank) leading the IT strategy & architecture function. His team was responsible for building the IT architecture of an integrated desktop for Financial Advisors and Private Bankers, a multi-year initiative. He led technology evaluation of financial planning software and solution architecture for Mass Affluent business while at Citigroup. Prior to Citigroup, he led the IT architecture for enterprise risk systems at Bank of America. Prior to Bank of America, he designed and implemented global risk systems at Nomura Securities. He started his career as corporate banker with a leading private financial services firm in India before moving into software at Dresdner Kleinwort's subsidiary in India. He is an Engineer and an MBA graduate from the top schools in India (Indian Institute of Technology and XLRI).
Rakesh Kaul
Rakesh Kaul, Strategic Advisor
In addition to being a strategic advisor to Income Discovery, he is also a Senior Advisor and Board Member of Life Line screening ( ) a leading, consumer direct, preventive health screening company. He is Chairman of Spherenomics LLC which since 2001 has focused on Cross Border Business Ventures in a principal capacity including serving on the Boards of Estee Advisors ( ) and Chairman of Estee Capital LLC.

He has served as Senior Advisor to The Carlyle Group ( $ 91 B) Consumer and Retail Group from 2007 to 2010. He has served as Senior Advisor and Board Member of Oriental Trading Co. ( ) a $600MM direct/ecommerce marketer of Educational and Party Goods Supplies 2007 to 2011.

He served as the President and Chief Executive Officer and Member of the Board of Directors for Hanover Direct, Inc. ($ 600MM) in Weehawken, New Jersey, from March 1996 to December 2000.

Starting in 1992, Rakesh served as Executive Vice President, Chief Administrative Officer, and Member of the Board of Directors for Fingerhut Companies ($ 2 B) in Minneapolis. In 1994, Rakesh was promoted to Vice Chairman and promoted again in 1995 to Chief Operating Officer where he served until March 1996. He was the founder of Metris Credit Card companies which generated a Market cap of $1.6 B.

From 1987 to 1992, Rakesh held senior management positions with Shaklee Corporation ($ 700MM) in San Francisco. He served as Senior Vice President, Corporate Strategy and Finance/Chief Financial Officer and was a Board Member.

During 1976 to 1987, Rakesh was with Beatrice/Hunt-Wesson, Inc. ($ 2.5B), as Director for Corporate Development and Planning as well as serving in various financial positions.

Rakesh received his undergraduate degree from the Indian Institute of Technology in New Delhi, India. He received his M.S. from Brown University and was awarded his M.B.A. from the University of Chicago. He has a CPA from the State of California.
Tom Rowles
Tom Rowles, Strategic Advisor
Tom Rowles retired in September 2007 from KPMG LLP (KPMG) after 31 years of service. His most recent role was Partner in the Department of Professional Practice – Risk Management Advisory Services (DPP-RMAS). The KPMG practices that he oversaw were certain Advisory Services which consist of Transaction Services, Forensic Services and Valuation Services. In addition, he oversaw risk management for all Advisory Services practices in Latin America.

Prior to joining DPP-RMAS in July, 2000, he was the national partner in charge of the tangible asset valuation practice. His primary areas of activity were machinery and equipment valuations, cost segregation and tax advantaged design studies, capital asset management and control studies, property tax abatement services, and LIFO inventory consulting.

He wrote quarterly columns and served on the editorial boards of Valuation Strategies and The Journal of Property Taxation.

He holds a Bachelors degree in Mathematics from Emory University and an MBA in Accounting & Finance from University of Chicago Graduate School of Business.
Michael Kolfman
Michael Kolfman, Chief Software Architect
Michael combines a strong analytical/software background with extensive experience in the financial industry. While at Bank of America, he developed a dynamic computational kernel for risk valuation and re-architected some of the critical risk valuation systems. At Multex, where he was one of the principals, he provided software leadership from inception of the firm to its IPO. At ADP, Michael designed and lead the team that implemented graphical subsystem for FX Partner/Windows.
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Client Case Studies

Brady Family Brady Family: Demonstrates how smart strategies based on Social Security claim deferral, use of TIPS ladder and annuities can reduce the risk of an income plan and give higher income.
Robert Smith Robert Smith: A 65 year old retiree generates 11% higher income by time-segmentation of withdrawals across accounts.