If It's Broken, Fix It: Why We Started PractiFI

So why did we create PractiFI? I’m glad you asked.

A few years ago I was enjoying a glass of red with Adrian Johnstone (PractiFI co-founder, old mate, wealth industry specialist) when the penny dropped. The wealth management industry had been trying to solve the wrong problem.

You can’t simply ask “How can we be compliant?”. You have to ask “How do we run a better business?”.

 

You can’t simply ask “How can we be compliant?”. You have to ask “How do we run a better business?”.

 

Adrian had been in wealth management for over a decade. I’d been designing and rolling out custom Salesforce solutions for years.

But my clients didn’t want a custom solution. They wanted a product.

So in 2013 we established PractiFI. The aim was to integrate everything around the customer.

But what does that mean?

In wealth institutions, there’s a disconnect between product and distribution. Investment accounts are stuck in registry systems, insurance lives in policy admin systems, and advisers use systems designed to write advice.

It’s a nightmare for information-rich businesses, because these isolated pieces can’t answer the important questions.

Who are my customers? How well do I know each one? What services do I provide them? What’s my pipeline of new business and add-on sales? What’s my profitability per customer? How can I communicate better with my customers, and amongst my team?

Disconnected systems extend to advice and broking practices, too. It gets worse as they grow to combine advice, lending, insurance and accounting under one roof. More lines of business = more disconnected systems.

So why doesn’t wealth management have integrated systems?

Because technology is awesome at operating in silos. And so are people. As a result, businesses have invested heavily in silos.

But, you might ask: haven’t some successfully solved this problem?

Some have solved it by building expensive custom solutions, meaning they’ve effectively become a software house. Upgrades and enhancements? A nightmare.

 

PractiFI gives you a common platform through which you can look across an entire wealth business. We put the customer at the heart of everything.

 

But that’s the past. Now, with the power of Salesforce, we can enhance, not replace.

PractiFI gives you a common platform through which you can look across an entire wealth business.

We put the customer at the centre of everything. But not in a hackneyed “our clients are the heart of our business” way.

We give the customer a unique identity, around which we bring everything together. You don’t have to invest in new systems, new processes or complex re-engineering.

The last time the customer called the service desk, met their adviser, checked their portfolio performance or increased their life cover. All of these interactions, whether inside the business or through an intermediary, revolve around a core customer record in PractiFI.

The old enterprise data warehouse gave you reporting after the fact. PractiFI lets you manage real-time relationships across all of your channels.

 

We unlock possibilities the wealth sector thought were many years away, taking several leaps forward in one go.

 

It takes a moment for our clients to understand how far we’re taking this. But eventually the penny drops, as it did for Adrian and I.

We unlock possibilities the wealth sector thought were many years away.

We’re taking the industry several leaps forward in one go.

And we’re having a hell of a time along the way.