Advice firms are made up of people who are all performing different and vital roles. Whether they manage assets, book appointments or ensure everything the firm does is compliant, each user has different information needs. One common thread among these roles is having fast access to all the information they care about most.
Practifi enables a personalized experience through our role-based apps, ensuring users can access the most relevant information quickly and efficiently. Out of the box, Practifi provides users with a suite of apps designed to cater to some commonly found roles in a firm. This article outlines the functionality available through the Compliance app.
The Compliance App
Compliance users are focused on making sure the details of your firm's Prospects and Clients information meet all regulatory requirements and that you're working in your Client's best interests. The Compliance app is built with this in mind, giving users snapshots of missing information so these get resolved quickly as possible and give your current and future Clients an excellent experience.
Users can be assigned the Compliance app as their default app, meaning that they will automatically land on this app when logging into Practifi, or they have the Compliance app available in addition to their other assigned apps. A user will need to have the Practifi - Assigned Apps - Compliance permission set assigned to their user profile to access the app. For additional information on assigning permission sets to user profiles, please consult our Managing User Permissions article. Once we've assigned the correct permission set, the app will become available in the App Launcher located in the upper left-hand corner of Practifi.
The Home Page
The Home Page displays activities occurring in your firm and displays the information that matters most into a series of tiles and charts. Selecting a chart or tile reveals the records related to them in a record table. To learn more about the Home Page, please consult our Understanding the Home Page and Using the Home Page articles.
The standard tiles available and the information they pull in are as follows:
- My Tasks
- Open tasks - Tasks assigned to your user profile with a related entity attached and not in the status of Completed or Cancelled.
- Open tasks in my queue - Tasks assigned to a queue that you are in with a related entity attached and not in the status of Completed or Cancelled.
- Due and overdue tasks - Tasks assigned to your user profile with a related entity attached, not in the status of Completed or Cancelled with a due date that is either today or any date in the past.
- Open delegated tasks - Tasks created by your user profile currently assigned to another user with a related entity attached and not in the status of Completed or Cancelled.
- Open personal tasks - Tasks created by your user profile without a related entity attached and not in the status of Completed or Cancelled.
- Due and overdue delegated tasks - Tasks created by your user profile currently assigned to another user with a related entity attached, not in the status of Completed or Cancelled with a due date that is either today or any date in the past.
- My Alerts
- Disclosures not sent in over a year - Clients and Prospects with a date within their Date of Last Disclosures field over a year old.
- Clients and prospects who plan to retire this year - Clients and Prospects that have information entered into their Anticipated Retirement Date field on their Contact record.
- Meetings with missing notes - Events created within your firm that do not have meeting notes attached.
- Contracts with missing signature dates - Active Services in your firm missing information in their Contract Sign Date field.
- Prospects with missing documentation - Prospects within your firm missing information in your firm's designated fields.
System Administrators can customize tile visibility within your organization to add or remove Practifi tiles as needed. For information on customizing tile visibility, please consult our Adding and Removing Practifi Tiles article.
Charts on the Compliance app's Home Page help visualize critical data from client engagement with your firm. The charts available within the Compliance app are as follows:
- Overdue Items
- Overdue Tasks by Advisor - Displays your firm's tasks that have passed their due date separated by the assigned Advisor's name.
- Overdue Processes by Advisor - Shows your firm's open processes that have passed their due date separated by the assigned Advisor's name.
- Lost Business
- Lost Prospects by Advisor - Shows the firm's lost Prospects separated by the assigned Advisor name.
- Lost Clients by Advisor - Displays the firm's lost Clients separated by the assigned Advisor's name.
- Clients by Days Since Last Contact - Displays your firm's Clients ranked in a horizontal bar chart based on their last contact date.
- Prospects by Days Since Last Contact - Shows your firm's Prospects ranked in a horizontal bar chart based on their last contact date.
The Risk Profile feature within Practifi provides the functionality for Advisors, Client Service, Compliance and Management users to complete a survey to determine the proper asset investment allocation for your Client's portfolio. Users can save multiple Risk Profiles to your Client's Household, Organization or Individual record to track their Risk Profile over several years with your firm.
System Administrators can enable or disable the Risk Profile feature within your Practifi instance. Please consult our Enabling Policy Coverage & Risk Profile article for enabling or disabling this feature.
Please note: If your firm utilizes the eMoney or MoneyGuidePro integration, you may not need the functionality provided by our Risk Profile feature. Reach out to your CSM with any questions on if this functionality is helpful for your firm.
Creating a Client's Risk Profile
To create a Risk Profile for a Client in your organization:
- Navigate to the Client's Key Entity record.
- On the record side panel, select the Risk Profile navigation icon.
- Select the Create Risk Profile button to begin the Risk Profile creation on the Risk Profile record table.
- Selecting this button will open a pop-up menu on your screen with the Risk Profile questionnaire. Enter the information specific to the Client in these questions and click Save to finalize the Risk Profile creation.
- Please note: The Risk Band will automatically generate based on the answers provided. Users can overwrite the Risk Band field information by entering the Risk Band information into the Override Risk Band field.