Practifi Financial Advice helps financial advice businesses build stronger client relationships, operate more efficiently and scale massively.
Practifi puts your customer at the heart of your advice business. There are a few core concepts to understand, all of which centre around your customers.
Clients, People & Relationships
A client is typically a household or a business. Within a client, there are client people. e.g. Mr John and Mrs Jean Smith have two children. This equates to one household client, with four client people.
You can add any type of relationship between clients and people in Practifi. If a relationship type doesn't exist, it can be easily created by your Practifi System Administrator. Examples of relationship types are Contact, Dependent, Solicitor, Accountant, Referrer and more. Learn more about Clients, People & Relationships here.
Services & Instalments
A service is work that you perform for clients. Over time, you may provide multiple services to your clients. Services can be used to track the revenue and profitability of your practice through specific instalments. Instalments can come from a data load, commissions feed or can be manually entered against an asset or service. Learn more about Services & Instalments here.
Goals, Recommendations & Risk Profiles
To provide advice to your clients, you'll want to capture their goals. To help them achieve their goals, you'll formulate a strategy and provide them with recommendations. The products that you end up investing in can be associated with those recommendations. Your clients' attitudes to risk are also recorded in the Risk Profiles section. Learn more about Goals, Recommendation & Risk Profiles here.
Processes & Tasks
A process defines a routine undertaking for a client, such as gathering the key client information, conducting needs analysis, preparing an advice document, applying for a life policy or implementing an investment portfolio. Each process comprises a pre-defined set of tasks.
A task is a single work item for one team member to complete, such as contacting a client to schedule a meeting, lodging a mortgage application with a lender, completing a file note or updating a stage in Practifi. A task may form part of a process, but you can also create tasks to stand firmly on their own.
Learn more about Processes & Tasks here.
Process types can be configured by your Practifi System Administrator.
Income & Expenses
To track your clients' cashflow, you will want to know their income and expenses. You can capture all types of income and expenses in Practifi. Your Practifi System Administrator can configure income and expense categories to further customise how you record these. Learn more about Income & Expenses here.
Assets & Liabilities
Assets & Liabilities form the core of personal wealth. You can capture your clients' assets and liabilities in Practifi, including ownership, account details and valuations or balances. You can also relate recommendations to specific assets and liabilities. Your Practifi System Administrator can configure asset and liability categories to suit your business. Learn more about Assets & Liabilities here.
You can capture insurance cover for your clients to ensure you have a detailed view of their protection levels. Comprehensive details of policies and benefits can be captured including, policy provider, product, policy ownership and benefit and premium structures. You can also relate recommendations to insurance policies. Your Practifi System Administrator can configure categories related to insurance specific to your business. Learn more about Insurance here.
The Feed is a location to add or view all collaboration taking place for a particular client. This collaboration can include notes, text, uploaded documents and files. Each post is separated by topic, and replies to each post are grouped together so conversations can flow between your team members. The posts are listed in chronological order, starting with the most recent at the top and oldest at the bottom. Below the last post is a "Show More" button to load older posts. Learn more about the Feed here.
Your business will have relationships with other parties that are not necessarily clients. Service providers typically span insurance companies, fund managers, superannuation/pension funds and other providers who serve your business or your clients. This section allows you to manage these relationships specifically. Learn more about Service Providers here.
Team Members, Divisions & Groups
Practifi's multi division structure allows you to set up your business in a way that makes sense to you. You can use divisions to represent regional offices or subsidiaries and groups to organise functional business units such as paraplanning or adviser support. Team members can be assigned to both divisions and groups to allow for efficient task allocation and powerful analytics. Your Practifi System Administrator can configure your divisions to suit your business. Learn more about Team Members, Divisions & Groups here.
Analytics & Reporting
Analytics and reporting are crucial when operating and growing a financial advice business. Practifi's analytics and reporting engines are hugely configurable and customisable, which means you have access to the data and reports you need to make informed decisions. Learn more about Analytics & Reporting here.
Our ever growing ecosystem includes a variety of best of breed tools, from document management systems to digital signature applications and product provider portals. This allows us to extend Practifi and help you power up your business efficiency. Your Practifi System Administrator can install and enable integrations. Learn more about Integrations here.