Using the Envestnet Integration

Learning Team

Overview

Our Envestnet integration allows advisors to send new client and member details from Practifi to Envestnet without re-entering data, keeping client records consistent across both systems. This article outlines the integration and how to use it.

Please note: This functionality will not be available in your organization if the integration has not been enabled. For information on enabling the integration, please consult our Enabling the Envestnet Integration article.

Integration Summary
Using the Integration

Integration Summary

Practifi's integration with Envestnet allows advisors to send new client and member details directly from Practifi to Envestnet without rekeying data, saving time and reducing the risk of inconsistent records across systems. Updates to member details made in Practifi can be synced back to Envestnet with a single click. Envestnet Proposals can also be initiated within Practifi and completed in Envestnet. The Proposals for the client appear as a list in Practifi for easy viewing. Finally, the Proposal itself can be opened in Envestnet directly from Practifi by clicking the Proposal name.

Using the Integration

Creating a New Client in Envestnet

From the left side panel, navigate to the Household record you want to send to Envestnet and click Send to Envestnet.
The Send to Envestnet flow window will appear, prompting confirmation of the action. Click Next.
If the client is successfully created in Envestnet, a confirmation message will be displayed in the next window. Click Finish.

Updating a Client in Envestnet

When a client has already been sent to Envestnet, any updates to the client details in Practifi are pushed over to update the matching Envestnet record. A confirmation message displays the household members that were updated, and any errors encountered during the update are listed below it.

Please note: If a new person is added solely in Envestnet and does not already exist in Practifi, such as a new dependent, the new dependent will not be added to Practifi. This means that client data is not sent from Envestnet to Practifi, only from Practifi to Envestnet, including creating the client for the first time.

The messages that may appear are:

The following household member(s) exist in Envestnet only:
The following household member(s) updated in Envestnet:
The following household member(s) errored when updating in Envestnet:
You do not have permission to update this client.
- This message will be displayed if the user in Envestnet doesn't have permission over the existing household members.

Clients and members sent from Practifi appear in the Envestnet UMP Portal as Prospects.

Creating an Envestnet Proposal in Practifi

Proposals are a feature of Envestnet and a tool for gathering information to support a detailed risk assessment and profiling of an Envestnet Client. The advisor uses this information to develop solutions to the client's financial requirements, which may include creating Financial Plans. A Proposal does not necessarily result in the creation of a Financial Plan.

You can initiate the creation of an Envestnet proposal in Practifi and promote it to In Good Order (IGO) using the Investment Proposal Creation process, keeping the client record at the center of the workflow from data capture through to investment planning. To initiate an Envestnet proposal in Practifi:

On the Client record, click the Processes & Tasks navigation icon.
Click the Start a Process button.
In the Start a Process workflow, select Investment Proposal Creation (Envestnet) and click Next.
Enter the following information:
- Proposal Name - the name by which this Proposal will be listed in Envestnet
- Investment Amount - the amount to be considered in the Proposal
Click Next.
On the next screen, click the hyperlink to open the Capture basic proposal information task.
On the Task record, click the Mark as Complete button.
If prompted, enter the amount of time spent on the task and click Finish.
A green success message appears on the right-hand side of the Task record. Click the Open in Envestnet link. A new tab opens, allowing you to complete the proposal creation in Envestnet.
When you are done building the proposal in Envestnet, go back to the Processes & Tasks section of the Client record in Practifi. On the Open Tasks subtab, mark the Capture basic proposal information task as complete.
Refresh the Open Tasks subtab and click the Obtain signatures task to open it.
On the Task record, click the Active Form tab.
Click the Upload Files button and upload a copy of the signed Statement of Investment Selection (SIS).

Please note: This will store the document against the Envestnet Proposal record in Practifi, but you will still need to upload the SIS to Envestnet separately.
Click Done in the Upload Files window to complete the upload.
Click Mark as Complete to complete the task.
Enter the time spent on the task and click Next. The proposal will be promoted to In Good Order (IGO) in Envestnet.

Viewing Existing Proposals in Envestnet

To open an existing proposal in Envestnet from Practifi:

On the Client record, click the Financials navigation icon.
Click the Additional Information subtab.
In the Envestnet Proposals area under Financial Advice, click the name of the proposal. It opens in a new subtab.
In the upper-right corner of the Proposal record, click the Open in Envestnet button. The proposal opens in Envestnet in a new tab.

Updating Proposals in Practifi

To pull the latest proposal data from Envestnet into Practifi so the client record reflects the most current information:

On the Client record, click the Financials navigation icon.
Click the Additional Information subtab.
In the Envestnet Proposals area under Financial Advice, click the name of the proposal. It opens in a new subtab.
On the Proposal record, click the caret in the top-right corner and select Check for Updates. A success message appears.