Understanding and Using the Business Development App

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


Overview

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 the need to have fast access to all the information they care most about.

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 Business Development app. 

The Business Development App

The Business Development app leverages the power of Practifi’s award-winning business management platform to bring users comprehensive lifecycle management of growth through mergers and acquisitions. We’ve taken the best of Practifi’s core capabilities and made them available to teams responsible for business development, whether through M&A activity or growing your network. 

Users can be assigned the Business Development app as their default app, meaning that they will automatically land on this app when logging into Practifi or will have the Business Development app available in addition to their other assigned apps. In order to access this app, a user must have one of these three permission sets assigned to their user profile:

  • Practifi - Business Dev - BDR

  • Practifi - Business Dev - Growth Manager

  • Practifi - Business Dev - Operations

Each permission set corresponds to one of the common roles found in Growth or M&A teams at wealth management firms and enables a different set of components on the app’s Home page.

For additional information on assigning permission sets to user profiles, please consult our Managing User Permissions article. Once 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.

Tiles

Tiles within the Business Development app focus on tasks and outstanding items to help with the firm's day-to-day work. 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.
    • 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.
  • Open & Upcoming Items
    • Firms and Advisors not contacted in 30 days - Displays Organizations designated as firms under consideration for acquisition (or Individuals at those Organizations) where the time since last contact is more than 30 days.
    • Upcoming meetings - A list of meetings that are occurring today or within the next seven days.
    • Firms and Advisors with open Processes - Shows details of processes that are in progress at Key Entities designated as firms and advisors under consideration for acquisition.

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

Charts on the Business Development app's Home Page help visualize the acquisition lifecycle of the firm. Please note: the charts displayed on the Home page of the Business Development app can differ based on the permission set assigned to the viewer.

The charts available within the Client Service app are as follows: 

  • Deals
    • Open Deals by BDR - Displays the open Deals you own separated by their current Acquisition Stage.
    • Deals by Time in Current Stage - Shows the number of open Deals grouped together by how long they have been in their current Deal Status.
    • Open Deals by Status - Displays the open Deals you own separated by their current Deal Status.
    • Open Deals by Type - Displays the open Deals you own separated by Deal Type: Merger, Lift Out or Book of Business.
  • Pipeline
    • Firms & Advisors by AUM - Shows a bar chart with firms and advisors under consideration for acquisition broken down by assets under management.
    • Firms & Advisors by Stage - Displays a donut chart with firms and advisors under consideration for acquisition broken down by Acquisition Segment.
  • Firms and Advisors
    • Firms by Size - Shows a bar chart of firms under consideration for acquisition grouped by number of employees.
    • Firms & Advisors by Stage - Displays a donut chart with firms and advisors under consideration for acquisition broken down by Acquisition Segment.
  • Due Diligence
    • Active Due Diligence Processes - Displays all open processes related to advisors or firms with "due diligence" in the Process Name.
    • Firms & Advisors in Due Diligence - Shows the number of firms and advisors with an Acquisition Stage of Due Diligence, grouped by how long they have been in that stage.
  • Onboarding
    • Active Onboarding Processes - Displays all open processes related to advisors or firms with "onboarding" in the Process Name.
    • Firms & Advisors in Onboarding - Shows the number of firms and advisors with an Acquisition Stage of Onboarding, grouped by how long they have been in that stage.
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