Wealthtech Provider Sets Its Sight on Powering the Future of Wealth Management and Financial Advice
sydney | april 27, 2022
Australian enterprise-grade technology platform for financial advice businesses, Practifi, has today announced plans to expand further into the Australian market following extensive investment into its data-driven wealth management platform.
Practifi has completed an overhaul of the platform based on its global experience and success in the U.S. market to now bring best practice to Australia. The platform delivers role-based applications that power every role in the firm, providing each team member access to the unique set of data they need to make better data-driven decisions.
Since completing its AUD 24M Series B investment led by U.S.-based venture capital firm Updata Partners in 2020, Practifi has invested heavily in building out a platform that can help change the industry in Australia based on global best practice.
Commenting on the announcement, President and Co-Founder Adrian Johnstone said, “People talk about how the advice industry in Australia needs to change, but a lot of this boils down to the technology and the tools that drive it. Financial advice is a technology-enabled industry so this must change for the industry to thrive here. Practifi is not simply an advice or CRM platform; we are an end-to-end business performance optimisation tool.”
Adrian continued, “The advice industry here in Australia has been in turmoil but the firms that have emerged strongest are those with a value proposition that goes well beyond basic transactional advice where adviser success is tied to the performance of the portfolio. Advice businesses with a deep and holistic understanding of clients will thrive, and all others will continue to contract.”
The plans to expand in the Australian market follow the success of the Practifi business in global markets where it has seen three quarters of record growth.
In December 2021, Practifi announced the appointment of Umesh Banga as Director, Advice Solutions – APAC. In his new role, Umesh is responsible for partnering with client success, professional services as well as supporting product teams to deliver the platform to the Australian market. In addition, Practifi welcomed Paige Johnson to the team as Director of Strategic Partnerships and Alliances earlier this month, bringing over 20 years of experience and long-standing relationships across the industry to Practifi’s leadership team.
Built on the world’s No. 1 enterprise cloud, Practifi is secure, reliable and massively scalable. With an extensive list of industry features and integration capabilities, Practifi has a library of ever-growing APIs and best-in-class integration partners such as leading financial planning and wealth management software provider, XPLAN.
In Australia, Practifi already boasts clients such as HPH Solutions who commented on their own use of Pracitifi, “My dream advice firm is one where I understand everything that’s going on. Practifi has definitely helped me get closer to that vision,” shared Robert Pyne, Managing Director of HPH Solutions. “Practifi helps us problem solve and figure out the solutions with us. That’s been fundamental.”
Adrian added the next 12 months will be another important period for Practifi as the company looks to execute on its global growth strategy and accelerates its vision for the Australian market. “Our strategic focus is on making the market aware of the value of data-driven logic across all roles. This year we will also be launching a comprehensive business intelligence platform, a new app dedicated to supporting M&A and growth activities and many new integrations. We’re excited to power more possibilities for the industry and provide the technology data-driven businesses need to scale and accelerate.”
Practifi is the performance optimization platform purpose-built for the wealth management industry. Practifi empowers teams to automate workflows, create rich client records, and access advanced analytics in a unified experience. With comprehensive APIs, a range of specialist wealth industry integrations, and an ecosystem of hundreds of integrated apps, our platform centralizes data and gives greater visibility across organizations. Headquartered in Chicago, Illinois, with offices in Sydney, Australia, Practifi enables organizations across the globe to deepen loyalty with their clients and pioneer the future of wealth management. To learn more, visit practifi.com.