Households are the primary entity type within Practifi to group individuals who are covered by financial planning services offered by the Advisor. They can be created automatically by integrating with an external management service, like a Portfolio Management System, or manually. The following outlines the steps for creating a Household manually.
Creating a Household is one of the actions available under the Global Actions dropdown list in the top-right corner of Practifi. Note the other types of Global Actions available under this dropdown.
A panel will appear on the lower-right of the screen. Complete the fields as listed, noting the mandatory sections.
Click Next. If the Partner selection is set to Yes, another panel will appear asking for the Partner's details. Click Next to continue.
If the Primary Household Contact panel shows that the number of dependents listed is one or more records, an additional panel will appear asking for key details. Complete the mandatory fields, and click Next to continue.
At this point, the Household is simply a record in Practifi, which can be used for marketing and presales work. It is not a Prospect or a Client yet. To convert the Household status, you should locate the Household using the Directory app and view the Actions dropdown list on the Household record to first Promote to Prospect before selecting the Promote to Client option from the same dropdown.