|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.|
Paperwork is a necessary element of any advisory firm, but often it can be time-consuming when the data you’ve captured in your systems needs to be painstakingly reentered into multiple forms. We’ve partnered with Quik!, an industry-leading forms automation solution, to ease that burden.
Please note: This functionality will not be available in your organization if the integration has not been enabled. For information on enabling the integration, please consult our Enabling the Quik! Forms Integration article.
- Understanding the Quik! Forms Integration
- Mapping Fields
- Available Workflows
- Custodian Handling of Information
- Merge Assets Page Action
Understanding the Quik! Forms
Using our Active Forms functionality in Practifi, it’s now possible to capture everything you need for your paperwork as part of a workflow, update a Client record and send the information to Quik! ’s comprehensive form library.
There are a few steps involved in using the Quik! integration:
Recreate the Quik! form you want to prefill using Active Forms within Practifi. Where necessary, you can take advantage of features such as prefill logic, display criteria and repeating sections to create a form that’s near-identical to a paper version and pulls in any data you’ve previously captured elsewhere in the system.
Map the form fields to our new Send to Quik! workflow action, using Quik! ’s Field Definition Guide to help identify the fields you’re targeting and how to map them.
When users complete the Process Task or Task Template with the Mark as Complete action, the information in the Active Form is sent to Quik! based on the above mapping. The user is presented with a link on the confirmation page that signs them into the Quik! app.
Once in Quik!, the user selects the desired form, and everything that appears in Practifi will be prefilled and ready to go.
If a user forgets to click the link on the Mark as Complete action’s confirmation page, there is a Send to Quik! button on the Task record itself, which allows you to re-send that form’s data whenever it is needed.
To map fields, the fields in Quik! use a Counter, a Parent Field and a Base Field to create a complete mapping. For example, if you’re targeting an Account Opening form and want to map the Last Name of the Account Owner, then you’d map it as 1own.LastName.
Our Validation Check compares the mappings you enter against the Field Definition Guide to ensure you’re providing values that Quik! accepts.
Please note: The Validation Check does not check whether the mapped fields appear in the form you’re targeting.
Here’s how the Validation Check scenarios work:
|Incorrect field format||If the Map to Action Field field value does not include a period, then the mapping is not set up correctly.||The Quik! field in the Active Form Field Assignment record is not formatted properly; this means the Active Form Field value will not be sent to Quik!. To successfully send the Active Form Field to Quik!, please ensure the following format is observed: ##[ParentField].[BaseField]. The ## represents a counter that indicates the instance of the parent name.|
|Parent Field does not exist in Quik!||If the string value of the Map to Action Field field before the period does not match any field in the Parent Field List, then the Parent Field does not exist in Quik!||The Active Form Field Assignment includes a Quik! Parent field that does not exist; this means the Active Form Field value will not be sent to Quik!. To successfully send the Active Form Field to Quik!, please enter a valid Parent Field in the Map to Action Field field.|
|Base Field does not exist in Quik!||If the string value of the Map to Action Field field after the period does not match any field in the Base Field List, then the Base Field does not exist in Quik!||The Active Form Field Assignment includes a Quik! Base field that does not exist; this means the Active Form Field value will not be sent to Quik!. To successfully send the Active Form Field to Quik!, please enter a valid Base field in the Map to Action Field field.|
We’ve added three new workflows — New Account Opening, Move Money and Update Beneficiaries — to help firms streamline the process of creating new accounts for clients and servicing existing ones. Firms with access to Quik! will receive these preloaded processes that include relevant Active Forms within the various underlying tasks. From account basics to detailed ownership and suitability information, our tasks ensure stakeholders provide what is needed.
If you require additional assistance in building these forms, our team knows how to put this feature to work for you. If you’d like to have our Professional Services team build one or more forms, please reach out to your Client Success Manager.
New Account Opening
The New Account Opening (NAO) workflow provides a structured approach to gathering relevant information for opening accounts with a Custodian and potentially sending it along to partners like Quik! to finalize and submit your forms for signing.
The New Account Opening workflow provides a structured approach to gathering information and sending it to Quik! to finalize and submit your forms for signing. From account basics to detailed ownership and suitability information, our tasks ensure the right stakeholders are providing what is needed. Here’s what’s included:
The ability to launch multiple instances of the NAO process to open multiple accounts at once.
Active Forms which collect necessary information on Tasks like:
Basic Account Info - Information includes Account Name, Custodian, Registration Type, Funding Information and Investment Amount.
Funding Info - An optional task that can be used to identify the source of funding for the new account.
Owner Info - Select existing contacts or create new ones to identify up to three Owners, five Beneficiaries, and two Trusted Contacts.
Suitability Info - Capture information around Investment Objectives, Time Horizon, Liquidity Needs and Risk Tolerance.
Our new Checklist component surfaces reminders to Task owners that certain items either should or need to be completed before proceeding to the next Task.
When ready, the Review & Submit task resurfaces the information for a final review before sending it, along with the user, to the Quik! app to select the appropriate forms. These forms will then be populated with the data gathered in Practifi.
Handling Different Custodian Form Fields for Opening Accounts
We’ve configured our New Account Opening workflow for each custodian by providing simple Task Setup Bundles containing all the Active Form Fields and mappings required to send the data successfully to Quik!.
There are a few ways of implementing a multi-custodial approach to account opening:
Different Process Types - This is the most straightforward way to distinguish between them, but it assumes your team members know right from the get-go what custodian the client will be using. To set up this approach, use the Deep Clone action on the Process Type to make a copy of the workflow for each custodian, then select the Bundle for the form you want to include and add it to the [Task Subject] Process Task.
Different Tasks in the same Process - This means things will look the same at the Process level, but the Tasks will be named differently, and Outcome selection will be used to determine which Task is used by the Process. To set up this approach, add Process Tasks for each custodian you’re supporting, map each one to a different Outcome in the [Task Subject] Process Task and add the relevant Bundle to each one.
Different Form Fields in the same Task - This means both the Process and the Task will be named identically, however, the team member doesn’t have to specify which custodian they’re using until the last minute because it’s controlled by a field in the Active Form. To set up this approach, add all the relevant Bundles to the [Task Subject] Process Task, add a picklist Form Field that asks the team member what custodian they’re using for the account and add display criteria to the relevant Form Sections.
Investors will often need to move money from one of their accounts to another at the Contact or Entity level. The Move Money workflow helps teams quickly and concisely track the starting and ending points for funds moving from one account to another.
Teams benefit from historically tracking these moves, as the records can be kept for legal and account-continuity purposes over extended periods.
This process is kicked off from a source account Asset record, meaning the Asset record from which the user wants to send funds to a different account. Once the process is started, the first Process Task displays information about the account owners and allows the user to establish the target account and the number of funds to be transferred. Once this task is marked as complete, the system generates the Quik! SSO URL and creates a reminder task for the user to verify that the changes have occurred and are correct.
Most client assets in Practifi have beneficiaries assigned to them to ensure ease of transition or possible payout when necessary. Firms may find value in connecting with these people before this happens to begin to build relationships and cement them as potential prospects in the future. To do this, the Update Beneficiary workflow helps to build inheritor profiles for each account.
This process is started on an Asset record within Practifi. On the first Task within the process, the user is shown the current beneficiary setup, which includes the number of people, their names and the percentages allocated to them. The user can add up to five additional beneficiaries, swap contacts out for others and change their allocation percentage in this step. Once this task is marked as complete, the system will generate the Quik! SSO URL and create a follow-up task to remind the user to verify that the changes have occurred and are correct.
Custodian Handling of Information
Once sent to Quik! the handling of information depends on the custodian as each has its own process for handling incoming paperwork. We’ve outlined the methods used by Schwab below:
Schwab: DocuSign envelopes can be processed by Schwab provided the following requirements are met:
Schwab’s carbon copy email address - email@example.com - is the last recipient the documents are sent to and is included as a copy recipient rather than a signing party.
Add an Identity Check for each signing party, using SMS as the check method. Identity Check is described in Quik! ’s knowledge base.
Only Schwab forms can be included in the DocuSign envelope. When account transactions require clients to sign Schwab forms alongside others, team members should generate two form bundles in Quik! and only include the above email address as a recipient with the Schwab bundle. Quik! ’s roadmap includes supporting DocuSign’s Document Visibility feature, which will remove the need for the second form bundle.
Merge Assets Page Action
Our new Account Opening workflow walks you through creating a comprehensive account record and sending it to the relevant custodian via Quik!, however, once that account has been opened, your portfolio management tool creates it as a duplicate record in the system. We’ve introduced the Merge Assets action to combine the two records and complete the workflow.
The action presents records for merging that have a Stage value of Owned and have an External ID provided as well. Because of this, you should select the action from the Asset record you created during the Account Opening workflow rather than the one created by the portfolio management tool.
To use the Merge Assets page action, select the action and then select the relevant Asset record. You’ll need to then resolve any conflicting values on the next screen. By default, the conflicting values will be overridden by the record you selected previously, which is typically what you want when it comes to Assets sourced from an integration. If you choose to take a field from the draft account instead, and that field is part of the integration’s field mapping, then that value will be overridden during the next sync.