Households are the primary entity type within Practifi to group multiple individuals 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 within Practifi. This article outlines the steps for creating a Household manually within your Practifi organization. For additional information about Household records, please consult our Understanding Households, Organizations and Individuals article.
Creating a Household is available in Practifi as one of the actions available under the Global Actions menu in the top-right corner of Practifi. This option is available among multiple other types of Global Actions in this drop-down menu. After selecting the Global Actions icon, select the Create a Household option to begin the creation process.
Upon selection, a panel will appear on the lower-right of the screen. Complete the fields as listed, noting the mandatory sections designated with a red star beside the field name.
Once the household's information is entered, select Next. If the Partner selection is set to Yes, another panel will appear asking for the Partner's details. Click Next to continue in this process.
If the Primary Household Contact panel shows the number of dependents listed in the How many dependants do they have? field is one or more, an additional panel will appear asking for key details about these dependants. Complete the mandatory fields and then select Next to continue.
After selecting Next, a success message will display showing the successful creation of the Household in your organization. Selecting the hyperlinked name within this pop-up will take you directly to the Household record. Select Finish to close this success message.
Promoting to a Prospect or Client
After initial creation, the Household is simply a record in Practifi, which can be used for marketing and presales work, but it is not a Prospect or a Client yet. To convert the Household status, you should locate the Household using the Directory record page.
Once on the record, select the Actions menu on the record side panel and select Promote to Prospect from the drop-down menu. Complete service information in the pop-up promotion wizard. Once promoted to a prospect, the Actions menu can be reselected to select Promote to Client from this drop-down.