Understanding Services & Deals

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Overview

Services and Deals track the work your firm provides to your Clients and Prospects to generate business within your organization. This article outlines what a Service and Deal are and how to view and edit these within your Practifi organization.

What is a Service?

A Service represents mutually agreed upon work that your firm performs for a Client that typically earns revenue for your firm. Services are added when a Contact is promoted to a Prospect by using the Prospect Wizard, establishing the service that the prospect is interested in receiving from your firm. Learn more about promoting a contact to a prospect in our Understanding Prospects, Pipeline, and Deals article.

Services will rarely change during your relationship with your Client, as this is the overarching category of work you are providing them, such as wealth or investment management. Still, you will have money related to a client's service that needs monitoring. This is done through Deals, which track money related to a Service.

What is a Deal?

Deals are used to track the inflows and outflows of money from your firm and are where the transition of an opportunity into revenue-earning work is managed. These are related to a general service type and break down the specifics of what you provide a client under a service.

Deals give your firm an accurate view of the financial impact a Client or Prospect has on your firm, helping your firm establish good opportunities to pursue and close. Clients can have multiple Deals attached to them at various stages but will generally have one or two services attached to them.

Creating a deal

Navigate to the Household, Individual or Organization record and select Services & Pipeline from the navigation side panel to create a Deal. 

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Selecting this icon will open a table to the right-hand side of the page with the Services and Deals your client is receiving from your firm displayed within their respective subtabs. At the top of the table is a New button for creating a new Deal or Service record.
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Selecting this button will begin a flow on your screen asking questions about the Deal to gather information. Answer the question and select Next to proceed to the question to progress through the creation process. Once the flow is completed, a Deal is created a success message will display on your screen.

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Track the Deal's finances through the AUM and revenue fields and relate to a service type and entity. The entity will default to the Household, Individual or Organization you created the Deal from but can be modified as needed.
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Viewing and editing Deals

Navigate to the Household, Individual or Organization and select the previously mentioned Services & Pipeline button on the navigation side panel to view a deal in detail. Select the Deals sub-tab to view the Deals attached to the Household, Individual or Organization. 

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Clicking on the Deal name will navigate to a page containing all the specific details of a Deal. This information can be edited by selecting the pencil icon beside the row that needs changing or selecting the carrot button at the top of the deal header and then selecting Edit from the drop-down menu. The Deal can also be deleted by selecting the Delete option located within the carrot button drop-down menu upper right-hand corner.

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Under the sub-tabs available on this page, the related Feed posts, notes and files to the Deal can be viewed to see important information regarding Client or Prospect contact with your firm to close a Deal. 

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