PractiFI Superannuation helps superannuation funds and administrators better connect with and service their members and employers, whilst improving operational efficiencies.
There are a few core concepts to understand, all of which centre around your members and employers.
Employers, Members and Fund Structure
By default, employers are categorised as either participating or contributing. Within an employer record, you can capture key employer staff (or employer people) from Board Member to Payroll Manager in order to manage key relationships. Meetings can be planned and tracked, as can seminars and other interactions. Rich metrics are available to provide insight into activity within the fund.
Relationships between employers, members, service providers and other people are all held within PractiFI. If a relationship type doesn't exist, it can be easily created at fund level by your PractiFI System Administrator. Examples of default relationship types are Contact, Dependant, Solicitor, Accountant, Referrer and more.
Fund members are related to employers and may have one or more member accounts. Individual accounts can be set up within distinct divisions such as Defined Benefit, Accumulation or Pension structures. This allows for visibility of legacy, closed or exited funds.
Interactions and workflow tasks are tracked at both member and member account level, and can be reported via PractiFI Analytics.
Superannuation funds have relationships with numerous parties involved with fund operation. This includes groups such as administrators, custodians and financial planning providers. This section allows you to manage these relationships specifically. Learn more about Service Providers here.
A service within PractiFI is attached to a member or an employer and may be transactional, typically a short-term piece of advice provided by your financial advice arm, or may represent an ongoing administration agreement with an employer. Learn more about Services here.
Processes & Tasks
Processes are routine activities that are conducted within the fund, ranging from business development activities through to complex administrative needs such as Early Release and Family Law. Processes can be configured for your needs by your PractiFI System Administrator and consist of individual steps that can have pre-defined outcomes, allocated to various team members. Processes are typically started from a service.
A task is a single work item for one team member to complete, such as contacting a member to confirm a contribution, or lodging a rollover application. 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.
Insurance details can be captured based on sub-fund or division rules and held on member accounts. Products, policies, ownership, beneficiaries can all be captured, as can premiums and premium structures. Your PractiFI System Administrator can configure categories related to insurance specific to your fund. Learn more about Insurance here.
The Feed is a location to add or view all collaboration taking place for a particular employer or member. 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.
Team Members, Divisions & Groups
PractiFI supports complex fund structures allowing for multiple divisions or sub-funds. In house financial planning groups can also be created as a separate division. Your PractiFI System Administrator can configure divisions to suit your fund. Learn more about Team Members, Divisions & Groups here.
Analytics & Reporting
Analytics and reporting are crucial when operating a large scale superannuation fund. 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.