Overview
Services and deals track the work your firm provides to prospects and clients to generate business within your organization, giving you visibility into both your active pipeline and the revenue-earning work that follows. This article outlines what Service and Deal records in Practifi are and how to view and edit these within your organization.
Occasionally, Practifi Administrators may need to edit or add data for this and other objects. For more information on handling bulk data operations, please review our articles, Using Salesforce Inspector Reloaded and Using Data Upload Templates.
What Is a Service?
A Service represents mutually agreed-upon work that your firm performs for a client. Services typically earn revenue for your firm and represent the long-term, overarching work behind an ongoing client relationship. When you promote a Prospect record to a Client record using the Promote to Client action, you are prompted to select a deal to close. This deal is converted to a service, establishing the type of service the client will receive from your firm.
Services will rarely change during your relationship with a client, as they are the overarching categories of work you provide, such as financial planning or investment management. Still, you can continue adding new deals to an existing client to track opportunities as they arise. When these are closed, they become services.
What Is a Deal?
Deals are used to track the inflows and outflows of money from your firm. Deals are where the transition of an opportunity into revenue-earning work is managed. These are related to a general service type and break down the specifics of the services your firm will provide.
Deals give your firm an accurate view of the financial impact a client or prospect has, helping you identify and pursue high-value opportunities. Prospect and Client records can have multiple deals attached to them at various stages. Client records generally have one or two services attached.
Deals cannot be added to a contact in Practifi unless it is defined as a prospect or a client. Learn more about promoting a contact to a prospect in our Understanding Prospects, Pipeline, and Deals article.
Creating a Deal
Navigate to the Household, Individual, or Organization record and click Services & Pipeline from the navigation side panel to create a Deal.
Please note: If you do not see this icon in the record side panel, you may need to promote the contact to a prospect first using the Actions menu.
Clicking this icon opens a list view of any existing services or deals for the client or prospect in their respective subtabs. At the top of the table is a New button for creating a new Deal record.
Clicking this button will start a flow on your screen that asks questions about the deal to gather information. Answer the questions and click Next to progress through the creation process. Once the flow is complete, a Deal record is created, and a success message will appear on your screen.
On the Deal record, the Deal Value section shows the deal's financial impact via AUM and revenue fields. The Related To section displays the related entity and the service type. The entity will default to the Household, Individual, or Organization you created the Deal from, but can be modified as needed.
Viewing and Editing Deals
Navigate to the Household, Individual, or Organization and click the Services & Pipeline icon on the record side panel to view a deal in detail. Click the Deals subtab to view the deals attached to the Household, Individual, or Organization.
Clicking the deal name opens a new tab with all the deal's specific details. This information can be edited by clicking the pencil icon next to the row that needs changing, or by clicking the caret button at the top of the deal header and then selecting Edit from the drop-down menu. The deal can also be deleted by selecting the Delete option located within the caret button drop-down menu in the upper right-hand corner.
On the Deal record, you can use the subtabs to view related Feed posts, notes, and files associated with the deal, providing context on past client or prospect interactions with your firm and helping you close the deal.
Creating a Service
With the Pinot Blanc release, we introduced the ability to add a Service to a Client record without first creating a Deal, removing an extra step when a service is already agreed upon. If your Practifi organization has enabled this feature, you will see a New Service button in the Services & Pipeline section of Client records.
Please note: Only Service Types that your firm's Practifi Administrators have made available in the New Service action will be available for selection in the New Service workflow.
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