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PractiFI introduces multi-divisional capabilities
PractiFI introduces multi-divisional capabilities
Advisers using wealth management platform PractiFI will now be able to structure their business into divisions, providing them with "more automation, more integration, more analytics".
Speaking to Adviser Innovation, PractiFI co-founder and chief executive Glenn Elliott said the new multi-divisional capabilities available through the Malbec release will give advisers greater insight into their business.
"You can now structure your advice business into divisions, which might also be regional offices or company subsidiaries, to give you at-a-glance insight into the performance of each division," said Mr Elliott.
"This allows advice businesses to scale and mature into complex structures, whilst still maintaining control and efficiency."
In addition to the ability to track all activities across an advice firm, Mr Elliott said the update allows advisers to integrate applications for specific functions into their business.
Moreover, the platform's existing user experience settings are also a benefit for practice owners and employees, particularly in terms of efficiency.
"Advisers get a user experience that makes sense for their role; the same goes for client services, para-planners and practice managers," he said.
"Staff can get to just what they need without getting distracted by what they don't."
Mr Elliott noted that this function also helps advisers to better understand and therefore service the needs of clients.
For advice firms looking to improve their efficiency, Mr Elliott said businesses should look to incorporate an online function that allows a single record to be kept for client information.
"This is simple to do, and [is] the starting point for success. Even just this simple first step can make a huge difference to practice efficiency. No more hunting for information on paper or in emails," he said.
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