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At San Francisco’s InVest West, it was the Australian-grown Practifi that turned heads at one of the United States’ major financial planning conferences.

 

 

InVest West, a financial planning think tank held in San Francisco, allowed entrepreneurs Adrian Johnstone and Emily Wilcox to showcase their innovative fintech solution amid 3,000+ major industry players on a global stage.

CCO and co-founder Adrian Johnstone took to the stage with COO Emily Wilcox to initially talk about where the idea of Practifi came from, and then go on to describe how Practifi is making an impact on the financial advice sector.

“We learnt very early on that advisors had different bits of siloed technology: a CRM, a portfolio management system, and multiple advice tools. Often they don’t talk to each other, or you buy them from the one place so they do talk to each other—and it’s the ‘least good’ version of any of them. So, what we set about doing was making sure that you could have technology that ran the whole business rather than have technology that just ran parts of it.”

Adrian described Practifi as “a CRM, but extended; a CRM that extends out into a very powerful automation engine, that extends deeply into business reporting and analytics, and is not only about your clients, but about dialling into your centres of influence.”

“Who are the relationships between your clients? Who are the partners you work with, their attorneys? Their accountants?”

“We also set about to do that in a way that supported businesses that had more than one functional group. So that all your teams would be able to operate within the one system.”

“Everyone feels like the technology is built for them.”

With an eight-minute window to showcase what the team would usually deep-dive into for an hour, Adrian took the audience on a journey through Practifi’s intuitive system. Using the alias “Alberto”, he showed how when you log in to Practifi you are presented with a personal dashboard, tailored specifically to the role and team of the user, but done in real time.

Adrian showed how “Alberto” could click on “Tasks” first thing in the morning and instantly see everything he needed to do in that work day. The work could be process-based, some of it ad-hoc, or some for clients.

He went on to explain how Practifi works through a series of perspectives. Looking at the information of a specific client, users see the tasks that are outstanding for them, and even if the user is logged in as a team member “Alberto”, the user can instantly see what everyone in the firm is doing for that client.


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“We set about trying to solve simple problems that people find painful. One of those was, ‘Who are my clients, and how do I ‘drill through’ them?’” Adrian said.

A view was presented for all of “Alberto’s” clients, and where they sit—they’re all pre-done for him. And while this kind of client record does resemble the kind of interface seen in most CRMs, Adrian spoke about how Practifi is different.

“What we’re looking to do is give you all the information you need, distilled into the one screen, showing you how to get the information you need in the shortest possible way.”

His example showed a client with some closely-held entities, a feature with which CRMs tend to struggle. A client’s trusts or other companies fit into the one record inside of Practifi’s operating system, providing the user with a single record and a single place to manage them.

It was Practifi’s function as a comprehensive, fully integrated and multi-purpose business platform which impressed the audience—the company was able to showcase their wares as being a solution to simplifying and consolidating financial planning practices into a single operating system which multiple people in multiple teams could use to deliver the best possible service to their clients.

The InVest West conference, which took place over December 6-7 2018, was designed as an event for exploring the multiple forces at work in the wealth management industry, and the technologies which will shape the future of global businesses.

Practifi’s presence at the conference—and their award-winning presentation—further shows how they’re on a steady rise to prominence in the global financial advice industry. Headquartered in Sydney, Practifi’s recent international expansion to the US was met with tremendous success. With clients now spanning the major west coast, Midwest and east coast financial centres, Practifi is already considering the location for its next US office outside of Chicago.

You can view their full presentation here:

 


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