Using the Addepar Integration - SPA

These instructions refer to the newest and preferred way of integrating with Addepar systems.  Instructions on the previous integration are found in Using the Addepar integration (pre Tempranillo)

Before You Start

Contact your Practifi Customer Success Manager and Addepar's Support team to let them know that you are planning to integrate the two systems. Addepar's Support team will provide you with a Firm ID, which you will need to enable the integration in Practifi.

Integration Summary

Addepar Portfolios

Our integration with Addepar allows Advisors to reflect a client’s Addepar Accounts and Holdings within their corresponding Practifi list of Assets and Liabilities.  The imported list of Addepar portfolios can be linked to the associated Practifi client, once-off, through the Addepar Portfolio page.  This is a one-way integration – from Addepar to Practifi.

Data Field Mapping

Practifi		Addepar	Note
Client (Name)	🠜    Daily	Top Level Owner (Addepar Client Name)	Mapped through Data Management page
Asset (Description) (Revenue) (Current Value (total of Holding)) (Category) (Stage) (Under Advice)	🠜    Daily	Direct Owner (Name) (Billing Fees)	Category: Default set under Settings Stage: OWNED, or DISPOSED* Under Advice: Default set under Settings
Holding (Holding) (Classification) (Product Code) (Balance) (Unitised (Unit Value)) (Unitised (Units)) (As At) (Value) (Stage)	🠜    Daily	Position (Name) (Asset Class) (Product Code/Ticker) (Value) (Unit Price) (Units) (Valuation Date)	Value: Unit Price x Units Stage: OWNED, or DISPOSED*

*DISPOSED An Asset is flagged as Disposed if it appeared previously in the Addepar’s client list of assets, but no longer appears in the Addepar integration feed. Such an asset has probably been sold.  It may be manually deleted from the list of Assets from the Practifi Assets panel.

Annualized Revenue

A new feature introduced with this integration is the facility to see an Annualized Revenue run-rate displayed at Firm, Team Member, Client, and Asset level.  This is derived from the most recent daily figure of fee earnings generated by Addepar, multiplied by 365, to approximate a projected fee earnings figure.  This detail provides another piece of information by which to prioritize and segment clients.

Note:  The Annualized Revenue figure uses the last full day of fees as calculated by Addepar in its system.  The system date is keyed to use the US timezone as its date reference (the calendar day before Australia). 

Default Asset Category

This integration also fixes a problem seen when listing Addepar-sourced Assets, whereby any updates made to the Category of the Asset by users would be overwritten with the default value of “Managed Fund” at each integration.  Administrators can now determine what the default Category value should be, and updates made later to each Addepar-sourced Asset are not changed during an integration.

Under Advice Setting

Finally, the default value for the Under-Advice setting for each Addepar-sourced Asset brought into Practifi was set to Yes, and what changed to this at every integration.  This initial value can now be defaulted to Yes or No, and does not change at each integration.

Using the Integration

Linking Addepar client portfolios with Practifi Clients

Note: Only the Admin Users can access and link the Addepar portfolios with the Practifi Clients.

Under Data Management open the Addepar Portfolio tab

On the left-side list locate the name of the Addepar client portfolio for the Client, as recorded in Addepar.

Where the row has not been already linked to a corresponding Practifi Client (the right-side is empty), click the Edit icon.  This will enable the Practifi Client search panel for that row.

Search for the name of the Practifi Client.  When the Client has been located, click Save.  The Addepar portfolio is now linked to the Practifi Client.  The Assets and Holdings in the Addepar portfolio will now appear as Assets and Holdings for the Practifi Client.  Multiple Addepar client portfolios (Addepar Clients) can be linked to a single Practifi Client from this table.

On the next Addepar integration run the Addepar Accounts and Positions are shown under the Client’s list of Assets. 

Annualized Revenue at Client level

The Annualized Revenues for the client’s linked Assets and Holdings is totalled and displayed as a summary figure at client level.

Annualized Revenue for each Asset

The Annualized Revenues for each Asset within the client’s list of Assets and Liabilities is displayed as a total, alongside the current value of the Asset.

Annualized Revenue as a Tile at Firm (Division) level

The Annualized Revenue across Clients held by the Firm (or Division) is summarized as a Tile figure on the 360 View screen.  Clicking on the Tile opens the list of Clients.

Annualized Revenue as a Tile at Team Member level

The Annualized Revenue across Clients managed by the viewing Team Member is summarized as a Tile figure on their 360 View screen.  Clicking on the Tile opens the Team Member’s list of Clients.

Default Asset Category Value

The default Category of the can now be set under the Custom Settings panel, to nominate the Asset Categories which should be applied.  This Category will not be overwritten on subsequent integrations.  The Asset Category can be changed in Practifi and it will remain as set.

Under Advice Setting

The default value for the Under Advice status of an Asset when first integrated into Practifi can now be set under Custom Settings.  It can then be changed in Practifi, and will not be overwritten on subsequent integrations.