How Practifi Powers Visionary Australian Financial Advice Firms

By Umesh Banga

The last couple of years have been extraordinarily challenging for financial planning firms across Australia. In the wake of the Royal Commission, regulations have tightened, technological innovation has stagnated and many advisers have left the industry. These changes present great challenges, but they also present opportunities for visionary financial planning firms that are prepared to adapt. 

While the pandemic caught the world off-guard, it also reminded many Australians of the importance of being prepared for the unexpected. As a result of the pandemic and other forces, financial planning services have increased in popularity in recent years. However, the demand for professional financial advice currently outweighs the supply in Australia. As a result, forward-thinking financial planning firms have a great opportunity to help millions of people improve their financial health in the coming years.

Purpose-built for the wealth management industry, Practifi is a performance optimization platform that helps visionary financial planning firms achieve their business vision. Here are a few ways financial planning firms can benefit from using Practifi.

Unify data in one platform

With data siloed across multiple platforms and spreadsheets, many financial planning firms struggle to increase efficiency and scale their business. In addition, with so many clients and services to keep track of, it can be easy to lose track of tasks and important due dates. 

Each user has a bespoke home dashboard curated for their role and responsibilites.

As the single, unified workspace for every team in your wealth management firm, Practifi brings business data together into one intuitive platform. Financial planners, as well as client service, compliance, marketing and management teams, can access real-time integrated data on every aspect of your business.

With personalised user dashboards, teams can gain insights and easily keep track of personal tasks, ensuring time-sensitive deliverables are completed on time. In addition, by unifying your teams in one platform, staff can update data and share client updates within Practifi, improving transparency and reducing the need for internal emails.

Deliver exceptional client experiences

Separated data sources also increase the chances of client data being mismanaged or used incorrectly, resulting in negative client experiences and churn. To attract and retain clients today, personalised services are expected. As such, it’s more important than ever to deliver exceptional client experiences as consistently as possible.

Detailed client overviews display all of your client’s most important information.

Practifi integrates with Xplan to ensure your teams have access to important client financial data when they need it. Detailed client overviews display funds under management, active services, open tasks and recent interactions at a glance. Furthermore, your team can also view client goals and strategies, assets and liabilities, as well as income and expenses all within Practifi.

In addition to financial planning tools, Practifi also integrates with document storage and management, marketing and communications, productivity and business management tools. With access to our growing ecosystem of partners, your teams can access the information they need to deliver consistent and exceptional services.

Practice proactive compliance

Following the 2019 Royal Commission, the Australian Securities and Investments Commission (ASIC) introduced new regulations for the financial services industry. While they may be overwhelming at first, the right technology partners can help your firm reduce risk by approaching compliance proactively. 

Reports and performance dashboards enable you to track important firm metrics.

Compliant by design, Practifi helps your teams log client interactions automatically, securely store client data, track client service agreements and report on deliverable fulfillment. Automated workflows and notifications keep your teams on track and pre-built reports make it easy to track and monitor compliance across the firm. 

By managing key client deliverables, documenting processes and logging client interactions within Practifi, data supervision and extraction are easy. For firms that want additional security, Practifi Protect offers enterprise data encryption, usage monitoring and field audit history retention to elevate your firm’s approach to cybersecurity.

A technology partner for visionary firms

While the last couple of years have been challenging for the financial services industry, the demand for personalised financial advice amongst Millennials and Gen X has never been stronger. Stricter regulations, stagnated innovation and lack of resources present challenges, but visionary financial planning firms who adapt to changes by bringing on the right technology partners will reap the benefits.

Built for the wealth management industry, Practifi helps visionary financial planning firms achieve their business vision. By unifying data in one platform, enabling teams to deliver exceptional client services, and enabling proactive compliance measures, your firm will be well-positioned to overcome challenging market conditions.

If you’re interested in learning more about Practifi and how we can help you achieve your business vision, reach out to a member of our team today

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