These release notes cover what's new in our Dolcetto release from the perspective of a Practifi super user or administrator: someone who needs a detailed understanding of everything that's changed, how new features work, how to enable them, and any additional considerations that should be taken into account.
Read on to learn about the release, and remember that if you have any questions or would like to learn more, your Client Success Manager will be happy to help.
- Practifi Overall
- Services and Pipeline
- Processes and Tasks
- Resolved issues
Capture household and organization members as Contacts or Individuals to control the record's functionality and page experience. Keep the member's record page clean and simple with Contacts, or convert them into an Individual and unlock Definitions like Client and Prospect to additionally treat them as a separate entity.
Read our article on understanding people types to learn more about this feature.
- Searching the Directory
- The tables in this page show households, organizations and individuals; this doesn't include contacts, meaning some portion of the people in your network won't be directly visible when browsing the Directory.
- As an alternative, users can search the member's name from within the record table and see matching households and organizations.
- When creating a new relationship, users are now asked whether they're relating the record to a Contact, Individual, Household or Organization during that process.
A dedicated app and servicing team role for the compliance user, giving them a place to call home in your firm’s operating system, and providing them with easy access to the insights they need to manage your regulatory and commercial obligations.
This app comes with full support for Servicing Teams; users only see insights and records if they’re the nominated Compliance member of that client or prospect’s team.
How do users access the Compliance app?
- If Compliance will be their default app, then assign them the “Practifi - Compliance” profile.
- If Compliance will be one of their secondary apps, then either assign them the “Practifi - Assigned Apps - All” permission set to grant access to all apps, or create a Compliance-only permission set for that user.
What’s on the app’s home page?
- A My Tasks tile row, which contains the same tiles as it does in our other core apps. Use these to manage your open tasks, and monitor ones you've delegated.
- My Alerts & Exceptions, which highlights areas of interest to a typical compliance user:
- Disclosures not sent in over a year - My clients with a Date of Last Disclosures greater than 12 months ago.
- Clients and prospects who plan to retire this year - My clients and prospects with a Planned Retirement Date in this calendar year.
- Meetings with missing notes - Event records owned by me, or related to one of my clients or prospects, that don't have a Note attached.
- Contracts with missing signature dates - Service records owned by me, or related to one of my clients, that don't have a Contract Sign Date provided.
- Prospects with missing disclosures - My prospects with a missing Date of Last Disclosures value.
- Overdue Items displays charts related to overdue processes and tasks, grouped by the advisor of the related household, organization or individual.
- Lost Business displays charts related to lost clients and prospects, grouped by their advisors.
- Engagement displays charts related to how many days since active clients and prospects were last contacted, grouped by day range.
What's in the app's navigation items?
These items are identical to those found in the other apps relating to the Servicing Team: Advisor and Client Service. Use the Directory, Clients, Pipeline, Services, Processes and Tasks pages to explore record tables of everything related to your clients and prospects, as well as others in your division (if your firm's record sharing settings enable this).
How does the app determine what "my clients and prospects" are?
- Households, organizations and individuals are considered relevant to a user of the Compliance app if that user is either the owner of the record, or has Compliance as their Role in the record’s Servicing Team.
- Records related to a household, organization or individual, such as an Asset, Deal or Service, are assessed based on that related record’s ownership and Servicing Team.
Services and Pipeline
Define a default set of tiered, AUM percentage-based fees for a Service Type, and apply them to its Deals and Services.
How does the feature work?
- For any given Service Type, administrators can optionally define a series of pricing tiers based on the total value of AUM managed by the Service, as well as the percentage of AUM value that is taken as a fee at that tier. Here's an example of how these tiers will be calculated, using the values provided in the screenshot above:
- 1.5% for the first $1m
- 1% for the next $1m
- 0.75% for anything beyond that
- When users create Deals of that Service Type, a Fee record is automatically created that replicates those pricing tiers in a separate record unique to that prospect or client.
- When the Deal is converted into a Service, the Fee record is shared between the two, along with any future add-on Deals that may be created.
- Deals and Services contain Annual Revenue fields, which calculate their totals based on the logic described above and the pricing tiers captured in their related Fee records.
- Users can edit the Fee record to alter percentage amounts and tiers for a specific prospect or client; changes made here will apply to all the client/prospect's Deals and Services that share the same Service Type.
- To control access to this capability, remove the Fee object's Edit permission from Practifi's "Custom objects, fields and system" permission sets.
What needs to be enabled?
- To access Fee information from a Deal or Service record page, administrators will need to add a Related Record component to the page referencing the Fee lookup field.
- The screenshot above provides a suggestion of where to place the Related Record component on the screen, as well as what its component attributes should be (shown in the right sidebar). The Update Fee update action referenced in the screenshot is included in this release, and can be selected from the search results for the lookup field.
- This will require a custom record page to be created in each case, meaning future Practifi updates to these pages will need to be enabled manually.
- Without this enablement step, the record page will not display any information about the Deal/Service's fee tiers and AUM percentages, instead only showing the calculated output found in the Annual Revenue field.
- This effectively makes it not possible for users to vary the fee tiers and percentages for specific client/prospects.
- Changes made to the fee structure of an existing Service Type will not affect existing Deals and Services; you’ll need to either create or modify their Fee records directly.
- When adding a new Deal, if it relates to a Service Type with a defined Fee structure, then the Annual Revenue field is not available for editing.
Processes and Tasks
Bring a new level of proactivity to your client engagement. Start important processes automatically as you approach key client dates, such as their birthday, anniversary date or next scheduled review. Administrators can base commencement off both standard and custom date fields, creating a vast range of possibilities for your firm.
What needs to be enabled?
On the Process Type record page, check the Enable Time-Based Commencement? checkbox and save the record to reveal the related settings:
- Target Object: Choose which object the date field you’re using is contained in. Available options are Entity, Contact, Service and Deal.
- Target Field: Enter the API name of the date field you’re checking against.
- Practifi doesn’t validate this field’s contents, so ensure the API name is captured accurately, and is the name of a field with the Date field type.
- Commencement Timing: Should the Process commence before, or after the date captured in the Target Field?
- Number of Days: How many days before or after the Target Field should the Process commence?
Complete the fields and save the record, and you've enabled time-based commencement for that Process Type!
How does the feature work?
Every day the system checks how close a record's Target Field in the Target Object is to the Number of Days threshold defined on the Process Type. If the Target Field is at or below the threshold level, then a Process related to that record is automatically commenced.
When does the system check its date fields for Process commencement?
A check is performed once a day, and is scheduled for 3:00 a.m. based on the time zone of your Practifi instance. This time can be adjusted by deleting the existing scheduled job and creating a new one, as described here by Salesforce. When creating the job, refer to the TimeBasedProcessJob Apex class.
Improved setup experience
Creating a Process Type just got easier, with several enhancements to the creation experience:
- Assignment Type & Action Type fields now control access to related settings fields, removing irrelevant fields from the page
- A hover preview pane for Process Task records that provides additional clarity on the nature of the task
- Improved column consistency for related record lists
People (Contacts and Individuals)
The Preferred Phone picklist field has been added to the default field layout for Contacts and Individuals, removing an enablement step in the activation of this feature.
A Date of Death field has been created to record this important piece of information if necessary. This field can be used when generating reports to identify people to exclude from mailing lists, and ensure sensitivity when communicating with other household members.
Deals: When a deal is successfully closed using the Mark as Closed Won action, the Service record this action generates now has a default Status of Active, rather than Draft.
Relationship Types: The Partner type has been replaced with Spouse.