2022: Practifi’s Year in Review
2022 was a year of tremendous growth, change and achievement. We evolved our brand, rolled out new product capabilities and launched PractifiU, a new on-demand learning platform. The Practifi team grew exponentially, adding new employees worldwide with deep industry expertise and a drive to deliver great outcomes for our clients. Our innovation and thought leadership didn’t go unnoticed either, as we collected awards, recognition and speaking opportunities along the way.
We couldn’t have done all this without our amazing team, clients and partners, so we want to take the time to highlight some of these massive achievements:
Practifi Brand Evolution: From “Built for Growth” to “Power More Possibilities”
Here at Practifi, we’ve always been obsessed with growth, so much so that we centered our first tagline around it: Built for growth. We aimed to help wealth firms grow in the ways that mattered the most to them, whether it was revenue, their client base or to their full potential. This served as the perfect foundation for our beginnings in Australia and our expansion into the U.S. market in 2018.
Since then, we’ve undergone massive changes and growth within and have watched the industry and the world transform. So, we took the time to look inward, take stock of our evolution and emerge with a clearer vision for how we wanted to power our clients, our people and the future of the wealth management industry. Building on our foundations of growth and innovation, we evolved our brand to better align with our aspirations for the future, to “Power more possibilities.”
Platform Enhancements, New Product Capabilities and More
Powering the future of wealth management means a commitment to product innovation and continuous improvement, and there was no shortage of that in 2022. We released two major product updates and launched two new products in the market:
Product Release: Practifi Albarino
In May, we rolled out Practifi Albariño, offering fresh new product capabilities to streamline processes and improve efficiency. New Active Forms and validation checks improve data capture, while new task templates and an enhanced completion process improve workflow efficacy. The release also included new action types, enabling users to automate everyday actions and reduce the risk of missing steps or making errors. Key new action types included creating a deal, creating an event and sending an email. Albariño also included our Microsoft 365 integration empowering users to sync their Outlook emails to Practifi seamlessly.
Product Release: Practifi Cinsualt
In September, we released Practifi Cinsault, which had a range of new features and integrations to elevate and enhance our platform experience. New workflow enhancements, such as checklists, task bundles and the ability to kick off multiple processes simultaneously, aimed to improve team productivity. The release also introduced new digital account opening and maintenance processes via our integration with Quik! And for our Microsft 365 integration, we added the ability to sync outlook calendars to Practifi. The API-based integration now enables a two-way sync between platforms.
New Business Development App
Adding to our suite of role-based apps, the Albarino release also included launching our new Business Development (BD) app for growth managers, BDRs and operations managers. The app aims to unify all the growth activities within a firm and make it easier to make managing the full acquisition life cycle. From deal prospecting and pipeline management to onboarding and integrating new firms and advisors, the Business Development app provides an end-to-end transition management experience for RIAs, IBDs and networks that are actively acquiring.
With add-on solutions catering to cybersecurity, marketing and more, we thought it was high time to launch one focused on data. So in September, we launched Practifi Propel, an elegant and powerful business intelligence solution that helps wealth management executives make intelligent, data-driven business decisions. This new tool offers a bird’s eye view of a firm’s fundamentals, client demographics and advisor performance while reducing a firm’s risk exposure. Practifi Propel includes two components: a data processing platform that organizes and snapshots the Practifi data model and a suite of expertly-designed, industry-specific dashboards that transform data into powerful insights.
Introducing PractifiU, A New On-Demand Training Experience
We created a new Learning and Development team in 2021 to produce content and coursework geared toward educating our clients on Practifi’s capabilities and enhancements. Since then, we’ve seen the need for more flexible and accessible learning as a crucial element in helping firms achieve higher adoption rates. So in 2022, we launched PractifiU, a self-paced, on-demand training experience that covers our platform’s fundamental workflows and day-to-day features.
Marsha O’Neal, Field Tech Specialist at Trilogy Financial shared her experience and said, “You can always learn more and PractifiU gave me that opportunity to do so. It was fun and the steps were easy to follow. I learned something new and applied it to my everyday use.”
Adapted to different learning styles, PractifiU courses provide users with a variety of education methods, from process workflows to videos and flashcards. To ensure users retain the course information, PractifiU also implements knowledge checks and exams to reinforce the concepts introduced.
Awards, Recognition, and Conference Galore
Since our inception, our team has been dedicated to providing innovative technology and thoughtful support to empower wealth management firms. In recognition of our product innovation and strong leadership team, we were selected as winners and finalists for many industry accolades in 2022:
- WealthTech Americas Winner, Best RIA Plaform – The 2022 WealthTech Americas award nomination focused on our platform being built to handle the complex nature of RIAs.
- Wealthies Finalists in Two Categories – Finalists for both Business Support Systems | Workflow Automation and Technology Provider – CRM.
- Finovate Industry Awards Finalist – CEO and Co-Founder, Glenn Elliott, was recognized as a finalist for Finovate Industry Awards’ “Innovator of the Year” category. The award is for individuals whose innovative ideas and creations had the biggest impact on financial technology.
- ThinkAdvisor Luminaries Finalist – President and Co-Founder, n Adrian Johnstone, was selected as a ThinkAdvisor finalist in the “Executive Leadership” category. The Luminaries Class of 2022 Finalists were recognized for the many dynamic and inclusive ways they are driving the wealth, investment and retirement industry forward.
In addition to the awards and accolades, 2022 was a big year for our team and our leaders as they joined our clients and partners at several industry events and conferences. An elevated booth experience and thoughtful sessions brought our brand evolution to life. At the same time, our team took to mainstage and panel sessions at T3, WealthStack, FutureProof and more across the U.S. We greatly enjoyed the opportunity to engage with everyone and look forward to seeing new and familiar faces in 2023!
To ensure the success of our firm and continued commitment to powering new possibilities, we expanded and evolved our leadership team in 2022, adding more depth to our industry knowledge and filling strategic roles that will drive better outcomes for our clients around the world.
In April, Paige Johnson joined us as Director, Strategic Partnerships & Alliances, focusing on fostering relationships with clients and enabling strategic integrations throughout the Practifi ecosystem. This past year she has already made great strides toward strengthening and expanding our integration network, and we’re excited to see what she accomplishes in the upcoming year.
In September, Umesh Banga became the Senior Director, Go-To-Market for Practifi, with accountability for the Practifi product offering in Australia, New Zealand and the APAC region. He is responsible for Australia’s product strategy with accountabilities touching sales, product strategy, and professional services across APAC.
In the short time Umesh has been with Practifi, he has already made a tremendous impact on our clients and partners, ensuring we continue delivering on our commitment as Australia’s leading enterprise platform across wealth management and superannuation.
In 2022, Tim Highland was promoted to Head of Product Strategy, where he is responsible for guiding our product development to meet the needs of the industry. Prior to joining Practifi in 2021, Tim owned and operated an advisory and consulting services firm focused on RIAs and served in several senior leadership positions with Skience, Docupace Technologies, Investment Plannings, Inc., Russell Investment Group and Sun Life Financial. He was also the president and owner of the privately held RIA Highland Investment Advisory. With more than three decades of experience and a deep understanding of the unique needs of wealth firms, Tim is poised to help Practifi deliver a suite of products that will power a better future for the global wealth management industry.
Special Thanks to Our Clients and Team
With 2022 wrapped up and in the books, we’d be remiss if we didn’t thank our clients and partners for their continuous collaboration, support and for entrusting us with a role in their future. We’re also grateful to our amazing team for their hard work, dedication and for driving our technology and company forward. We’ve got even more in store for 2023, and we can’t wait to share it
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