Managing households, organizations & individuals

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At its heart, Practifi is about managing your network so that you can engage with them in the best way possible given who they are and the work your firm does for them. But people don't stay the same: they grow and change over time, as does your understanding of them, and Practifi is designed to gracefully handle those changes.

People in Practifi can be grouped together in three ways: as an organization comprised of employees (and optionally a primary contact), as a household with a primary contact (and optionally a partner and dependents) or as an individual who isn't grouped with other people at all. These records are called entities when we refer to them collectively, and this article will explore the additional ways in which you can classify entities in Practifi.

A not-so-close encounter

When you first meet someone, you rarely learn their entire life story; you might only know what's written on a business card about who they are and why they're interested in you. There might still be a lot left to learn about someone like this, but thankfully you'll always have enough to begin capturing them in Practifi. Use the Create an Individual global action to capture whatever you know about them so far in a clean and simple form:

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Once you save the record, you'll see a success notification and can go straight to it:

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Not much to look at just yet, but even now it's clear how the structure of Simon's record page is similar to what we saw for for our prospects and clients from the previous article, just with fewer navigation sections to choose from. There's still plenty to do here though: you can add extra contact details or personal information, track activities and ad-hoc tasks, define relationships between themselves and other entities, and make posts or comments on the record feed.

Stay on topic

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We know a bit more about Simon already, so we enter his address and some basic details like his marital and employment status. We also assign him some topics in the side panel to help make Simon easier to find for us and other team members. The list of topics you've assigned appears as a column in the Directory, meaning you can use them to search and filter records in various ways.

Let's make a deal

After getting in touch with Simon over the phone, it becomes clear that we're ready to make him a prospect; both him and his wife are excited to get started. First an activity is logged with some notes about the call, then we go to the action menu in the side panel and select "Promote to Prospect":
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The Promote to Prospect wizard asks for some extra information required to complete the promotion: what type of service they're interested in, such as Investment Management or Tax Accounting, and then some details about the estimated value and close date for the sale. Once you complete the wizard, Simon's record page will take on a few changes:
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Let's quickly go over what's happened here. Simon now has a Client Stage of "Prospect", which appears below his name in the side panel's record header. This is a definition that's been applied to the record, and it causes some other changes beyond appearing in the header:

  • Simon will now appear as a prospect in record tables found on the Directory and Pipeline app pages.
  • The Pipeline and Processes & Tasks navigation sections have become available; you can see the Pipeline section above.
  • The Servicing Team accordion section in the side panel has become available; you can see the open section, where two team members have been assigned to Simon.

A definition is a more formal way of classifying the record that has a direct impact on where you find them in the system, and what you see when you open their record page. Currently, the definitions available in Practifi are Prospect, Lost Prospect, Client and Lost Client (all based on Client Stage), as well as Influencer (based on Influencer Segment).

In addition to the definition that's been applied, a Deal record has also been created for Simon, which you can see in his Pipeline section above. A Deal represents an opportunity to win business from a prospect or client, and is always related to a type of service your firm offers; in this example, Simon's interested in having his $1.15m worth of investments managed by the firm, so the type of service is "Investment Management".

Always be closing

Deals proceed through a sales cycle - Practifi ships with a set of stages predefined but these can be customised to suit your firm - and are ultimately closed and marked as either won or lost. Once you've reached that point in the cycle, you'll update the Stage field on the Deal record. After an initial consultation with Simon and his wife Roberta, they sign later that week, meaning we can close the deal and make them a client. This can be done either by selecting the Mark as Closed Won button from the Deal's record header, or Promote to Client from the Entity's action menu:

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Selecting either action will allow you to proceed, however in the case of "Promote to Client" you'll need to select the Deal you wish to close as part of the promotion process. Once completed, Simon's definition changes from prospect to client, which much like prospect did, also introduces a series of changes:

  • Simon will now appear as a client in record tables found on the Directory and Clients app pages.
  • The Financials navigation section is available
  • Pipeline becomes Services & Pipeline
  • The Overview gains a Key Record tab, which consolidates important records across multiple sections into one location

Your Deal has changed too: it now has a Stage of Closed Won, and is also linked to a Service record, which is used to track the ongoing service agreement you have with your client. You can see it alongside the other changes in the new Services & Pipeline section below:

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We're all in this together

The last thing we still have to do is capture some information about Simon's wife, Roberta. In the action menu screens further up the page there was an Add to Household option available to us; we're going to use it now to create the "Taylor, Simon and Roberta" household, make Simon it's primary contact, and add Roberta as his partner, all in one go. If you want to reassign the Deals, Services, Tasks, Activities and Topics we've already given Simon to the new household, you can do so by checking the Reassign related records checkbox.

Once you make your way through the wizard, you'll end up with a complete client household record, and all your key records accessible from the Overview section:

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And if you discover that there's more people in Simon and Roberta's immediate family later on, you can always head back to the action menu like we did before, select the newly-available Add Household Member action and proceed from there.

Other things to remember

  • Organizations behave similarly to households, except they have employees instead of dependents, and don't have partners.
  • Lost Prospect and Lost Client are also available as Client Stages, and have dedicated Mark as Lost Prospect and Mark as Lost Client actions available when the stage is either Prospect or Client respectively. Selecting the Mark as Lost Client action will also terminate active Services, as well as close any open Deals or Tasks.
  • The Change Stage action lets you switch entities between Prospect, Lost Prospect, Client, Lost Client or unqualified (left blank) for the Client Stage field. It's useful if you've defined an entity incorrectly, however keep in mind that it won't perform the automation found in other actions like Promote to Prospect.

And that's it; now you're ready to dive into Practifi! If you have other questions in your travels through your apps, pages and records, be sure to either consult our knowledge base here or get in touch with your Client Success Manager, who will be more than happy to help. 

 

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