practifi tutorial - the key concepts
DESCRIPTION
New to PractiFI? Here are a few slides to help you quickly learn some of the basic concepts in in what we think is the best CRM for wealth advisers. What is PractiFI? PractiFI is the Salesforce1 CRM for financial advice. Learn more at www.practifi.com.TRANSCRIPT
The Salesforce1 Ecosystem for Financial Advice
Key Concepts
PractiFI is pretty easy to learn. But it’s a bit different to systems you may have used before. So let’s explain the
key concepts.
Ready?
! A client is usually a household or a business
! Mr John & Mrs Jean Smith & their 2 kids = the Smith Household = 1 client, 4 client people
! Each client is assigned a segment and moves through a lifecycle of stages
! The heart icon represents clients, because we all love our clients (of course!)
! A service is work (typically chargeable) that you perform for clients
! Over time, you may perform many services for a client, e.g. limited advice, comprehensive advice, a mortgage
application, an insurance policy application
! Your practice’s revenue, costs & profitability can be tracked through services
! As part of providing an advice service (remember services from last slide?), you’ll capture your client’s
financial goals
! You’ll set an overall strategy and make specific recommendations to help achieve those goals
! The financial instruments you implement – investments, loans, policies, etc. – are tracked against those
recommendations
! You can capture relationships of any kind between anyone of interest in your practice
! E.g. the Smith Household’s lawyer is Morley Partners; Feldman Household was referred by Tim, your
paraplanner; Tony Alvarez is the main contact person at Alvarez Household & Smart Systems (both clients)
! If a relationship type isn’t in the picklist, just talk to your PractiFI administrator & they’ll add it in (or they’ll call us!)
! Your administrator will configure standard processes for routine work done in your practice, like “Needs Analysis”, “Client Review”
or “Life Policy Application”
! Each process has a set of associated steps
! You can start a process for a client from the Launcher menu (the icon in the top nav bar), which will create and allocate
tasks for each process step
! Typically you’ll start a process against a service, e.g. start the Needs Analysis process for a Comprehensive Advice service
! This is where you add simple file notes, upload documents & collaborate with your team about a client
! It also contains automated audit notes to let you know when important information about the client changes
! You can apply settings to get a daily digest of client feeds emailed to you & to receive an email whenever a team
member comments or asks you a question
You don’t have to learn everything on day one. Start with clients (the heart icon, remember?), get comfortable and
move on from there.
Got a question? Feel free to drop us a note.