Our Envestnet integration allows advisors to send new client and member details from Practifi to Evenest without data re-entry. This article outlines the integration and how to use the integration.
Please note: This functionality will not be available in your organization if the integration has not been enabled. For information on enabling the integration, please consult our Enabling the Envestnet Integration article.
- Integration Summary
- Using the Integration
Practifi's integration with Envestnet ENV 2 allows advisors to send new Client and Member details to Envestnet directly from Practifi without requiring extensive data rekeying. Updates to Member details made in Practifi are synched back to Envestnet from a button. Envestnet Proposals can also be initiated from within Practifi, to be completed in ENV 2. The Proposals for the client appear as a list in Practifi for ease of viewing. Finally, the Proposal itself can be opened in Envestnet directly from Practifi by clicking on the Proposal name.
Using the Integration
Creating a New Client in Envestnet
- Navigate to the Household record which you want to send to Envestnet, from the left side panel, and click Send to Envestnet.
- The Send to Envestnet flow window will pop up, asking to confirm the action. Click Next.
- If the client is successfully created in Envestnet a confirmation message will be displayed in the next window. Select Finish.
Updating a Client in Envestnet
- Please note: If a new person is added solely within Envestnet and does not exist in Practifi, such as a new dependent, the new dependent is not added to Practifi. This means that client data is not sent from Envestnet to Practifi - only from Practifi to Envestnet, including creating the client for the first time.
The messages which may appear are:
- The following household member(s) exist in Envestnet only:
- The following household member(s) updated in Envestnet:
- The following household member(s) errored when updating in Envestnet:
- You do not have permission to update this client.
- This message will be displayed if the user in Envestnet doesn’t have permission over the existing household members.
Clients and Members sent from Practifi appear in the Envestnet UMP Portal as Prospects in that system.
Creating a Proposal
Proposals are a feature of Envestnet and are a tool for gathering information for a detailed risk assessment and profiling of an Envestnet Client. The advisor uses this information to create solutions for their financial requirements, which may include the creation of Financial Plans. A Proposal does not necessarily result in the creation of a Financial Plan.
Proposals are created under a Practifi Proposal Service and appear under a new client section for Financial Advice in a subtab for Envestnet Proposals.
- Under the Financial Advice client section, select New Proposal to start the process. Any prior Envestnet Proposals for this client are also listed on this panel.
- Proposals for Envestnet are attached to an Envestnet Proposal Service. It is possible to add variations of an Envestnet Proposal Service as the customer requires. Select one and click Next.
- Complete the following fields for the Proposal:
- Proposal Name - the name by which this Proposal will be listed in Envestnet
- Investment Amount - the amount to be considered in the Proposal
- Select Next to start the creation process. A confirmation message is shown.
- Upon successful completion, the user is returned to the list of Proposals along with a success message. Click the Refresh icon to refresh the list. The new Proposal will be listed along with any other Proposals.
Please note: If a Proposal Service has not already been created for the proposal, a new Service of the selected Proposal Type will be added, and the proposal added as its first proposal. If such a Proposal Service already exists the new proposal is added to that existing Service.
Viewing Proposals in Envestnet
Selecting the name of the Proposal makes the Basics subtab appear, and lists some additional information. To open the Proposal itself in Envestnet, select the Envestnet Proposal Link at the top-right.
Selecting the Open in Envestnet button will start the process to Single Sign On (SSO) to Envestnet and will open this proposal upon login.
After selecting the link, the user will be redirected to the Envestnet UMP Portal on a new browser tab. Details of the Proposal are shown and additional details required for a complete Proposal are completed within the UMP portal.
Article is closed for comments.