Advice Services & Instalments Overview

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What is an advice service?

An advice service  represents work that your advice business performs for a client for which it typically earns revenue.

An advice service may be transactional, typically a short-term piece of advice, or may represent an ongoing advice or management agreement.

Advice services allow for a revenue estimate to be set, against which actual revenue can be compared. Actual revenue for a service may be a fixed amount invoiced to the client, a fixed fee received through an investment you implement for the client, a series of periodic instalments or a blend of up-front and ongoing commissions.

Why should I use advice services?

Advice services allow you to:

  • Clearly define your advice business's customer offering across specific service types and groups.
  • Track sales opportunities with new prospects and up-sell/cross-sell opportunities with existing clients.
  • Manage the transition of an opportunity into revenue-earning work, tracking the history of stages that it moves through in its lifecycle.
  • Track revenue across your business divisions, split by client, service group, service type, team member and period.
  • Track profitability by rolling up estimated and actual time worked and cost incurred from tasks and processes that relate to services.

Advice service types and stages are categories and can be configured by your Practifi System Administrator.

What are instalments?

An instalment   is an item of revenue that can be attached to a service to track estimated and actual revenue. Instalments can be added manually or can be fed through from a revenue file data upload.

Instalments can be added directly to services or to assets, liabilities or policies, which themselves roll up to services. 

For example, an instalment for a service may represent an advice fee for service. An instalment for an asset may represent an ongoing investment management fee. For an insurance policy, it may be upfront or ongoing commission payments for a particular product. 

Instalment types and stages are categories and can be configured by your Practifi System Administrator.

Instalment revenue can be viewed and reported on through Practifi Analytics.  

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