Overview
Prospects, Pipeline, and Deals are aspects of your firm's potential to generate business from new and existing clients and are essential to your firm's growth. They give your firm a clear way to track potential new clients and their financial impact. This article outlines these concepts within Practifi and how to create a Prospect in your organization.
Occasionally, Practifi Administrators may need to edit or add data for this and other objects. For more information on how to handle bulk data operations, please review our Using Salesforce Inspector Reloaded and Using Data Upload Templates articles.
Prospects
Prospects are people you've identified as potential clients, whether they are Households, Individuals, or Organizations. These potential clients are tracked by setting their record type to Prospect and using fields to track their potential to close with your firm. As you interact with your Prospects within Practifi, you can track activities such as calls and emails to clearly understand how often you've engaged with a Prospect and to further develop their relationship with your firm. By closely monitoring a Prospect's potential, your firm can more accurately assess their ability to become Clients and the overall financial gain your firm will realize.
Pipeline
Any potential new business entering your firm is part of your Pipeline. This includes any new business coming from a Prospect or any add-on business opportunities from your existing Clients. The services provided to a prospect are considered new business, as a Prospect would not typically have prior business with your firm. If an existing Client requests additional services from your firm, such as tax accounting for an organization for which you already provide financial planning, this new opportunity becomes part of your Pipeline. The Pipeline is the potential for financial gain from any new services you may be providing. Tracking this gives you a clear picture of the financial and Client growth your firm can achieve.
Deals
Tracking your Pipeline opportunities, whether they are new business or add-on, is done by adding Deals to your Client or Prospect. Deals are used to track the inflows and outflows of money from your firm and to manage the transition of an opportunity into revenue-earning work. Deals give your firm an accurate view of the financial impact a Client or Prospect has, helping you identify high-value opportunities to pursue.
Creating a Prospect
To create a Prospect, use the Create an Entity Wizard found in the global actions at the top-right corner of the screen. If a Contact record already exists, you can promote it to a Prospect. To do this, navigate to the Household, Individual, or Organization you wish to promote, and select Promote to Prospect from the Actions menu in the entity's side panel.
Selecting this option will take you through the Prospect Wizard in a pop-up menu to promote the Household, Individual, or Organization from a Contact to a Prospect. The first stage within this wizard is to select the type of service your prospect is interested in getting from your firm.
Once the service type has been chosen, the Prospect Wizard will proceed to a page to enter details about the Prospect, from potential AUM to the Prospect's likelihood of becoming a Client.
After entering the Prospect's information, click Finish to complete the Prospect Wizard. Once the Prospect Wizard is complete, the Key Entity will now be in your system as a Prospect. The record's prospect designation will be reflected in the record definitions under the Key Entity's name on the record side panel.
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