Using Processes

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Some of the functionality described in this article is available as part of our Cinsault release and will not be available if your Practifi instance is not upgraded to this release. 

Overview 

Tasks and processes ensure that the steps needed to achieve your firm's goals and events are completed and documented in your organization. This article outlines how to start processes and complete process tasks within Practifi. For more information regarding process functionality, please consult our Understanding Tasks & Processes article.

Starting a Process

Processes can be attached to a Service, Client or Prospect record. The process types available for selection in your organization will be managed and created by your System Administrators and are specific to your firm's workflow.

Client or Prospect

  1. Navigate to the Client or Prospect record that you would like the process to be related to. Select the Processes & Tasks icon in the record side panel.
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  2. On the Processes & Tasks view, select the Start a Process button located in the right-hand corner.
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  3. Select the process type in the What type of process are you starting? drop-down menu.
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  4. If you would like to open multiples of the same process, for example, if you're opening multiple accounts or performing other account maintenance transactions, change the How many processes do you want to start? field to the number of copies of this process you would like to start. This field defaults to 1 and is not necessary to modify if you would only like this singular process to start. 
  5. Select Next to finalize the process creation. A success message pop-up will display when the process has been successfully created. 

Service

  1. Navigate to the Service record that you would like the process to be related to. Select the caret button located in the table actions bar on the right-hand side.
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  2.  Select Start a Process from the drop-down menu.
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  3. Select the process type in the What type of process are you starting? drop-down menu.
    Screen_Shot_2022-09-26_at_11.44.31_AM.jpg
  4. If you would like to open multiples of the same process, change the How many processes do you want to start? field to the number of copies of this process you would like to start. This field defaults to 1 and is not necessary to modify if you would only like this singular process to start.
  5. Select Next to finalize the process creation. A success message pop-up will display when the process has been successfully created. 

Viewing Processes

Processes can be viewed in multiple locations in your organization, on the specific record the process is related to or through the Navigation Menu.

Client or Prospect

  1. Navigate to the Client or Prospect record the process is attached to and select the Processes & Tasks icon in the record side panel. 
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  2. On the Processes & Tasks view, select the Processes subtab.
  3. To view a specific process, select the Process Name on this record table. 
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  4. This will display an overview page displaying the overall completion stage of the process and the underlying tasks created by the process type. The subtabs available on this page are the following:
    • Basics - This displays information related to the overall process type, including the process name and description.
    • Open Tasks - This subtab displays all tasks currently open for the process.
    • Task History - All closed tasks will display within this subtab.
    • Notes & Files - Any notes and files attached to the process will display within this subtab.
    • Feed - Displays any posts created on the related process's Feed.
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Service

  1. Navigate to the process's related Service record and select the Processes subtab.
    Screen_Shot_2021-07-20_at_11.51.52_AM.png
  2. This will open a record table of all processes related to the Service record. To view a specific process, select the Process Name from the record table. 
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All Processes

  1. To view all processes that your user has permission access to, select the Navigation Menu.
  2. Select Processes from the Navigation Menu drop-down menu. 
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  3. This will open a record table of processes open within the firm. Users can change the page view to display processes owned by the running user or display all processes across the firm. Filters on this table can narrow the results displayed. 
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Completing a Process Task

Users can complete process tasks in multiple locations within your organization, either through Task Tiles, the Processes Open Tasks page view or the specific task record page.

Task Tiles

Process tasks will display in the assigned user's My Tasks tile row on their Home page and can be accessed and completed from these tiles.

  1. Select the relevant Task Tile to display the related task list. 
  2. For the task you would like to complete, select the caret button located in the furthest right column. 
    Screen_Shot_2021-07-20_at_12.26.30_PM.png
  3. From the drop-down options, select Complete Task.
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  4. Select the task outcome, if applicable, and log any time spent on the task if your firm uses time tracking. Once this information has been input, select Next.
  5. If the task has been completed, a success message will display. Select Finish to close this message.

Process Open Tasks

On the Process Open Tasks page view, all tasks will display and can be marked as completed. Depending on a user's permissions, they may not be able to complete a task that they do not own. 

  1. For the task you would like to complete, select the caret button located in the furthest right column. 
    Screen_Shot_2021-09-14_at_10.37.17_AM.png
  2. From the drop-down options, select Complete Task.
    Screen_Shot_2021-07-20_at_12.05.36_PM.png
  3. Select the task outcome, if applicable, and log any time spent on the task if your firm uses time tracking. Once this information has been input, select Next.
  4. If the task has been completed, a success message will display. Select Finish to close this message.

Task Record Page

Users can complete tasks on their record page, which can be accessed by searching for the specific task, selecting the task name from a Task Tile or selecting the Subject from the Process Open Task page view. To complete a task on the Task record page:

  1. Navigate to the Task record page and select the Mark as Complete button located on the right-hand side. 
    Screen_Shot_2021-07-20_at_12.32.56_PM.png
  2. Select the task outcome, if applicable, and log any time spent on the task if your firm uses time tracking. Once this information has been input, select Next.
  3. If the task has been completed, a success message will display. Select Finish to close this message.

Default Process Types

Your Practifi organization comes with default process types included for use. These process types can be managed by your system administrators to enable or disable their use in your organization. The following list contains the default process type names and a short description of their intended use. 

  1. Plan Implementation Meeting - A process that sets up and conducts a meeting with a prospective client after an investment plan has been created. This meeting in particular is focused on developing and presenting a financial plan as well as discovering other potential opportunities with the prospect.
  2. Account Closing - This process is designed to walk through the necessary steps to close out one or more financial accounts for a client, either at the client's request or if the client is leaving the firm. It includes discussions with the client, documenting and collecting the proper forms and all the steps necessary to take with the custodian.
  3. Annual Review Meeting - This process is designed to help your firm conduct annual review meetings with your clients as part of your service obligation to them. Includes meeting scheduling, preparation before and on the meeting day as well as assisting with any follow-up items that arise from the meeting itself. 
  4. Account Opening - A process designed to keep you across all of the tasks that need to occur to open a new account for a new client or an additional account for an existing client. Includes collecting all the proper information, submitting forms to the custodians and informing the client once the account has been opened. 
  5. Investment Plan Creation - This process is part of onboarding a new client that occurs after a discovery meeting but before a plan implementation meeting. It is designed to set up a meeting with the prospect, develop an investment plan, present it to the client and determine what should happen post-meeting.
  6. Move Money - This process is designed to keep track of all the steps required when a client asks to move money from their accounts including receiving all the proper authorizations, checking with the custodian and disbursing the funds to the proper place. 
  7. Initial Contact with Prospect - This process helps conduct a meeting to assess the suitability of a new prospect. Includes meeting set up, preparation and fit of a prospect as well as next steps whether the prospect is a good fit or not. 
  8. Discovery Meeting - This process is part of the prospecting journey after the initial contact with a prospect and before developing an investment plan. Includes scheduling, preparing and conducting a meeting that leads to more information about the prospect's financial situation.
  9. Life Event - This process is designed to assist the user in updating key parts of the client record when specific major life events occur to a client. Often with major life events, the investment plan is affected. This process will help determine what to do in the event of a death, or whether the event impacts the client's investment plan. 
  10. Trade Request - This process is designed to make sure that when a  client requests a trade all the appropriate checks and balances are followed including determining whether the trade impacts their financial plan and ensuring the trade processes without error at the custodian. 
  11. Terminated Client - This process assists in accomplishing all the things that need to be accounted for when a client leaves the firm including returning prorated fees, updating the client record and filing all of the necessary paperwork.
  12. 401k Rollover - This process is designed to help track the steps needed to properly roll over a client 401k to your firm including gaining the proper signatures, contacting the custodian and verifying the funds have rolled over to the new accounts. 
  13.  Job Change - This process assists the user in updating the client record in all of the necessary places as well as sets a review for the job change impacting the client's financial plan. 
  14. New Employee Onboarding - This process is to aid operations users in onboarding a new employee to your firm including setting them up in each of the systems as well as all of the training and getting them the proper paperwork. 
  15. Employee Departure - This process ensures that when an employee leaves all of the necessary paperwork, precautions and physical equipment are taken and collected from the departing employee.
  16. Address/Email Change - This process assists the user in making the appropriate changes to the client record when an address change is reported. This includes updating multiple systems that house client data and need to continue to be in sync.
  17. Charitable Contribution - This process helps organize the steps it takes for a client to make a donation to a charity including steps to confirm the organization, determine the amount of the donation and obtain the receipt of the donation. 
  18. Quarterly Billing - This process is designed to aid the firm in keeping track of their quarterly billing including generating invoices, reviewing exceptions, fee reconciliation and sending the bills to clients.
  19. Birthday Planning - This process is time-based meaning that it automatically will begin for each client a set number of days before their next birthday. Includes options with each client determining if you give them a call, meet for lunch, send a card, send a gift or any combination of these options. 
  20. Client Death - This process accounts for all the steps a firm is responsible for doing when they discover a client of theirs has passed including obtaining the death certificate, sending condolences, updating the client record, updating the financial plan and following up with any beneficiaries, if necessary. 
  21. Required Minimum Distribution - This process is designed to work with clients to ensure that they are meeting their required minimum distribution for the year on their retirement accounts. Includes steps to determine the RMD, check to see if it has been met and contact the client to encourage the distribution or inform them about meeting their requirement. 

 

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