Understanding Influence


What is an influencer?

In your firm, you may have clients with connections to bring in new business to your firm or impact other relationships with existing clients. These clients are considered influencers due to their authority, knowledge, position, or relationship to others and. Influencers are an extension of your referrer list, and you can indicate certain individuals who are influential in the sourcing of new clients. They are a different way of looking at your referrers and sources to understand better the relationship between parties and how involved they are in your business.

Influencer segments

Influencer segments come in three different stages; critical, important, and standard.

  • Critical influencers are typically those most influential with the ability to bring multiple opportunities to your firm. These are the households, individuals, or organizations that are extremely connected and likely to bring your firm the newest business, whether through referrals or having important connections. Critical influencers are the clients that you keep the closest eye on and have the most contact with due to their potential and importance to your firm. 
  • Important influencers are those with several connections but are less influential than critical influencers. They are still likely to bring new business to your firm and have important connections, but less so than a critical influencer. This means their connections could be fewer than critical influencers, less likely to bring revenue to your firm, or less likely to sign to do business. Important influencers still need close attention and remain important towards cultivating new business opportunities.  
  • Standard influencers are clients that have some connections to opportunities for your firm but have room for further growth in influence. They have fewer connections than important influencers and are less likely to generate opportunities for your firm, but you still want to keep an eye on them. Keeping track of these standard influencers can bring growth to your firm as their influence grows and develops. 

It's up to the user to decide which segment makes the most sense based on the client situation with your firm. Depending on how your firm works, these levels can be defined based on total AUM, general sway in the marketplace, or a potential for your firm to join in business with another company. Your Practifi administrator can add additional segments if you need to refine your segmentation further. 

Influencers can be managed and monitored from within your Practifi instance to keep a close eye on clients and prospects likely to bring new business into your firm. You can also draw analytics from your influencer list to easily see the relationships between important parties.

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