The Salesforce1 Ecosystem for Financial Advice Key Concepts
Dec 05, 2014
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.