These detailed release notes cover everything new in our Mourvedre release from the perspective of a Practifi super user or administrator: someone who needs a clear understanding of what's new, what's changed and how to enable the latest and greatest features in their Practifi instance.
Read on to learn more about the release, and remember that your Client Success Manager is here to help as well. Let them know if you have any questions or would like to learn how to make the most of these product improvements.
Contents
- Release Highlights
- Integration with eMoney Keeps Clients and Their Financial Plans in Sync
- Track Contact Information without Limits Using Contact Points
- Ask Your Clients Risk-Related Questions, Track Responses and Assign Scores with Risk Profile
- Keep Your Finger on the Pulse of Your Firm’s Day-to-Day with Time and Cost Tracking for Tasks
- Send Household and Organization Members off on Their Own Journey with the Remove from Household and Organization Actions
- An Enhanced Addepar Integration: Multi-Currency Support, Improved Performance and More
- Enforce Task Dependencies in Your Processes with Predecessors
- See the Posts Made across Every Task in a Process from the Process Feed
- Keep Tabs on Key Client Insurance Details with Policy Coverage
- Redesigned Modal Windows Provide Clarity and Consistency
- Keep Track of Your Clients' Critical Documents with the Reference Documents Object
- Turnkey Enablement for Key Wealthtech Integrations Makes Setup a Cinch
- Data Model Extensions
- Other Features and Enhancements
- Resolved Issues
Release Highlights
Integration with eMoney Keeps Clients and Their Financial Plans in Sync
We're pleased to announce the first fruits of our partnership with eMoney: an integration between the two systems that keeps not only important client information in sync, but also allows Practifi to store any financial plans generated in eMoney against the client record, so you can relate them to activities such as tasks and events, report on them, and view them alongside all the other important information you keep for your clients.
To learn more about enabling or using the eMoney integration, be sure to check out our dedicated knowledge base articles on those topics.
This feature appears on the Client record page. If your firm has customised this page then the feature will not be automatically enabled when you receive this release. Administrators can enable this feature by referring to the Client record page included in the Practifi package, and replicating the component layout used for the eMoney integration.
Track Contact Information without Limits Using Contact Points
Addresses, phone numbers & email addresses can now be optionally stored as Contact Point records from an individual’s record page, rather than by using the existing fields on the record itself. Not only does this handle any amount of contact information you have on hand, but the Map to Record field allows you to keep selected contact points in sync with the parent record, maintaining compatibility with the Salesforce platform and ecosystem.
Learn more about Contact Points, as well as how they fit into our overall approach to managing contact information, by reading our guide to managing contact details and preferences.
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How do I access the feature? From the Specifics tab in the Overview section on the record pages of all Individual (Person Account) records.
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Households and organizations do not support Contact Points.
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How does the Map to Record feature work?
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The value in the Map to Record field denotes which field on the parent Individual record is populated, e.g. Postal Address, Mobile Phone or Alternate Email.
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Once a Contact Point is mapped to the parent record, the address, phone number or email values are kept in sync between the two, e.g. editing the Email field on an Individual record will update the mapped Contact Point (if there is one), and vice-versa.
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Do I need to use Contact Points? The feature is entirely optional; users can continue to use the existing fields as they are.
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How do I migrate my Individuals to a Contact Point-based model en masse? Contact Point records that match the existing information in your Practifi instance will need to be created; the export of your existing Individuals for reference and import of new Contact Point records can be managed using Salesforce tools such as Data Loader. Reach out to Practifi Support or your Client Success Manager if you need assistance with this process.
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What is the Alternate Email field? This has been introduced to provide more flexible record mapping options than a single Email field would allow.
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This email address is factored into suggestions displayed by the Outlook and Gmail side panes.
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Ask Your Clients Risk-Related Questions, Track Responses and Assign Scores with Risk Profile
Users can access a clients Risk Profile history or create a new one from the Client record page, by opening the dedicated page section found in the Navigation Panel. A table of existing Risk Profile records is displayed, as well as an action button for creating a new one.
Creating a new profile displays a pop-up form, which contains a set of risk-related questions predefined by the firm. Users can complete the form immediately, or provide a partial response and save the profile record for future completion; the form remains accessible from the Risk Profile record page.
Each response provided by the client is assigned a points value, with the total points of the profile placing each client into a risk band defined by the firm.
- How do I enable Risk Profile? To make this feature appear to your users, assign the "Practifi - Risk Profile" permission set to either the Standard User, Super User and Administrator permission set groups provided by Practifi, your own permission set groups, or directly to the relevant users.
- I can’t find Risk Profile in the data model, where are the responses captured? The object that stores these responses is named Questionnaires, rather than Risk Profile; this is to keep the option open of broadening scope in future releases.
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How do I change the questions and responses in the profile? Use the Question object - accessible from the Settings app - to manage the set of questions displayed when creating a risk profile.
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Questions must be multiple choice, single response.
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Add a new Answer record for every possible response to the question.
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Answers can be optionally assigned a Score in points, which are totalled on the Questionnaire record.
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Risk Profiles can have a maximum of 15 questions.
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How do I change the risk bands? Use the Risk Band object - accessible from the Settings app - to adjust band sizes, or add, rename and remove bands from the set.
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The upper and lower limits of each Risk Band record are set manually from the record page. Limits can be made to overlap if the administrator configures them that way, but this is unsupported by the feature.
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Keep Your Finger on the Pulse of Your Firm’s Day-to-Day with Time and Cost Tracking for Tasks
Available as an optionally-enabled feature, time tracking on Task records introduces a new set of fields for capturing the days, hours and minutes spent completing the task, and makes capturing it easy and intuitive with the Log Time action, as well as integration with the existing Complete Task action. Firms can even convert time spent into dollars by leveraging the Hourly Cost field, which is captured on the Team Member record.
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How do I activate this feature? Assign the “Time Tracking - User“ permission set to the relevant Practifi permission set groups (Standard User, Super User and/or Administrator), or to individual users if you want more precise control over who can track time.
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What does each action do? The Log Time action adds a block of time to the existing total, while the fields shown in the Complete Task action represent the total itself, and allow you to perform a final adjustment before the task is closed.
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How do I report on time and cost information? Use the Lightning Report and Dashboard Builders to construct analytics that meet your firm’s needs.
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First, construct a custom report type based on Users with at least one related record from “Activities (Assigned To)”.
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Then, create a report based on your new report type. Use a row-level formula to calculate the Total Cost of each Task record.
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Summarise cost information based on various metrics - such as by Month, Client Segment or Advisor - and visualise using report charts or dashboards.
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This feature appears on the Task record page, Task page layout and User Profile page layout. If your firm has customised these items then the feature will not be automatically enabled when you receive this release. Administrators can enable this feature by referring to the items included in the Practifi package, and replicating the component and field layout used for time and cost tracking.
Send Household and Organization Members off on Their Own Journey with the Remove from Household and Organization Actions
Available as an action button on Individual Member record pages, this action safely cuts the ties between a household or organization member and the parent record, enabling you to track them as a separate prospect, client or influencer.
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When I complete the action, what happens?
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The Primary Entity value is removed from the Member record.
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The Member’s record type is changed from Individual Member to Individual. This causes the record page to appear with an Entity side pane like households, organizations and other standalone individuals.
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The End Date of the Relationship record between the Member and Primary Entity is populated with today’s date. This hides the record from record tables for both the Member and Primary Entity, however the Active table filter can be used to toggle display of inactive relationships.
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The member is no longer visible in the Household or Organization Members section of the Primary Entity’s Key Records tab, or in the Contact Details side pane section (if a Primary Contact or Partner).
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If the member is a Primary Contact or Partner, then the value in the lookup field of the same name on the Primary Entity is removed.
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Asset and Liability Roles are currently not removed as a part of this action; any changes you wish to make to these must be done manually.
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What happens to the member’s related records?
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You can optionally elect to remove certain types of related records from the Primary Entity while completing the action:
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Open tasks
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Future events
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Open deals
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Open processes
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All records of the chosen types will have references to the Primary Entity removed from lookup fields.
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If the member was directly linked to a Task, Call or Event using the Name field, then it will remain visible in the activity timeline on their record page. These are the same records that would have been visible on the member’s record page prior to the removal.
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This feature appears on the Individual Member record page. If your firm has customised this page then the feature will not be automatically enabled when you receive this release. Administrators can enable this feature by referring to the Individual Member record page included in the Practifi package, and replicating the component layout used for the Remove from Household/Organization actions (including "Set Component Visibility" criteria).
An Enhanced Addepar Integration: Multi-Currency Support, Improved Performance and More
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Asset values and annualized revenues will now be adjusted to the reference currency (as opposed to defaulting to USD) defined in a client firm’s Addepar instance, thus allowing Practifi to support multi-currency reporting at the firm level.
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Syncing asset records when uploading large data sets of Addepar IDs will now be done asynchronously to enable them to be processed without breaching Salesforce platform limits.
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More meaningful and verbose logging messages have been made accessible via the Salesforce developer console to enable an easier troubleshooting process.
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Firms can adjust the queries used in their Addepar integration through metadata configuration. For example, a client can override the default currency in their Addepar instance with a different reporting currency in Practifi or a client can choose to hide certain Addepar fields (not in use) from being synced into Practifi. However, it is not yet possible to add previously unmapped Addepar fields into Practifi using this feature.
Enforce Task Dependencies in Your Processes with Predecessors
When creating and configuring Process Tasks in the Settings app, administrators can define one or more Tasks in that Process that need to be completed first by adding them as Predecessors.
How do I define a Predecessor?
- Go to the Process Task you wish to define as a predecessor (not the one that will be created once the predecessors are completed).
- Add an action using the New Action button with an Action Type of “Create New Task in this Process”.
- Open the overflow menu next to the newly-created Action record, and click Edit. The From Task field will be prefilled with that Process Task’s record. Populate the Create Task field with the Process Task record that will be created once predecessors are completed.
- When defining multiple Predecessors, follow the first three steps for every predecessor you wish to define. While editing the Action record in step 3, the Group field determines how predecessor logic is enforced:
- If any predecessor with a blank Group is completed, then the subsequent Process Task is created.
- If all predecessors with the same Group value are completed, then the subsequent Process Task is created.
See the Posts Made across Every Task in a Process from the Process Feed
The Feed tab on the Process record page includes not only posts made on the Process record itself, but also ones made on any Task related to it, centralising communication between team members and making it easier for everyone to stay informed about progress.
This feature appears on the Process record page. If your firm has customised this page then the feature will not be automatically enabled when you receive this release. Administrators can enable this feature by referring to the Process record page included in the Practifi package, and replicating the component layout used for the Feed tab.
Keep Tabs on Key Client Insurance Details with Policy Coverage
Provide greater depth to your client profile by adding information about what coverage areas they have across their insurance policies. The Policy Coverage section of the Client record page displays a list of coverage areas, and new ones can be created with an action button.
Household and organization members can be assigned roles on any given Policy Coverage record, and records can be related to Tasks, Notes and Files.
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How do I enable the Policy Coverage feature? Use the “Practifi - Policy Feature” permission set, which must be assigned to each user wishing to access Policy Coverage. Add the set to your Standard User, Super User and Administrator permission set groups to simplify permissions management.
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What information is stored on a Policy Coverage record? Other than the standard fields such as Name, Batch and Related Division, Policy Coverage records store the following information:
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Amount (Currency)
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End Date (Date)
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Insured (Lookup - Entity) - Use this field to track the name of the insurer, typically stored as an Organization.
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Policy Number (Text)
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Premium Amount (Currency)
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Premium Frequency (Picklist - Monthly, Quarterly, Annually, Biannually)
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Start Date (Date)
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Type (Picklist - Term life, Whole life, Universal life, Variable life, Long term disability, Short term disability, Supplement disability, Individual long term care, Joint long term care, Fixed annuity, Variable annuity, Indexed annuity, Auto, Homeowners, Commercial property)
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Redesigned Modal Windows Provide Clarity and Consistency
Modal, or pop-up windows, appear in various forms within Practifi, and have undergone a complete visual refresh in this release. Sporting a cleaner, more coherent look, alignment and spacing issues have also been resolved as part of the refresh.
Keep Track of Your Clients' Critical Documents with the Reference Documents Object
Managing expiry dates of key client documents just got easier, with a dedicated page section and record table to provide a single location for reference document information on the Client record page. Includes fields to capture document type, issuing authority, expiry date, file URL and more.
This feature appears on the Client record page. If your firm has customised this page then the feature will not be automatically enabled when you receive this release. Administrators can enable this feature by referring to the Client record page included in the Practifi package, and replicating the component layout used for the Reference Documents section.
Turnkey Enablement for Key Wealthtech Integrations Makes Setup a Cinch
Our integrations with custodians Schwab and Pershing, as well as the planning tool Envestnet MoneyGuide, and the portfolio management tools Envestnet ENV2 & SS&C Black Diamond, have become much easier to enable within Practifi, as the on-screen elements they include, such as columns in record tables and tiles on home pages, are now enabled dynamically.
These features appears across multiple page layouts, Practifi components and Lightning pages. If your firm has customised any of these, then the feature will not be automatically enabled when you receive this release. Because each firm has unique customisations, please speak to your Client Success Manager if you need assistance with enabling a particular integration.
Data Model Extensions
These enhancements affect the following page layouts: Household, Household Client, Household Prospect, Individual, Individual Client, Individual Prospect, Instalment, Organization, Organization Client, Organization Prospect, Service and Task. If your firm has customized one or more of these page layouts then the enhancement will not be automatically enabled for that layout when you receive this release. Administrators can enable the enhancement by adding the new fields to their respective custom layouts.
Households, Organizations and Individuals (Entity)
- All Individuals
- Citizenship Status (Picklist - US Citizen, Resident Alien, Non-Resident Alien)
- Country of Origin (Text)
- SSN (Text) - Also known as Social Security Number.
- Anticipated Retirement Date (Date)
- Households, Organizations and Individuals
- Date of Last Disclosures (Date) - When the client was last given ADV/Privacy Policy disclosures.
- Loss Reason Notification (Picklist - Custodian, Letter, Client) - Describes how you were notified about the loss.
- Reason for Loss (Picklist - Self-manage, Fees, Service, Move, Deceased, Competition, Undisclosed)
- State of Residency (Picklist) - Contains the two-letter state codes for all 50 US states, plus the District of Columbia.
- Tax ID Number (Number)
Installment
- Actual Gross Amount (Currency)
- Description (Text)
- Entity (Lookup)
- Paid Date (Date)
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Related Entity (Lookup)
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If the instalment is related to a Service, display the Entity of the related Service.
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Otherwise, display the Primary Entity of the record captured in the Entity field.
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- Type (Picklist) - Invoice, Commission, Expense
- Stage (Picklist) - Awaiting Payment, Paid, Cancelled
Service
- Contract Sign Date (Date)
- Date of Last Financial Plan (Date)
- Last Review Date (Date)
- Next Review Date (Date)
Task
- Task Type (Picklist - Onboarding, Review, Meeting Preparation, Client Communication)
Other Features and Enhancements
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Portals: Display a list of the logged-in user’s Servicing Team Members as a portal component, including contact information.
Portal users are disallowed from accessing the AccountTeamMember object due to a Salesforce platform limitation, so we’ve created a custom object - Team Member - that replicates its records without this permission issue.-
How do I enable the Team Member object? Navigate to Custom Settings in Salesforce Setup, select the “Manage” option for Practifi Trigger Settings, and tick the box next to “Sync AccountTeamMember To TeamMember“.
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How do I display Servicing Team Members in our portal? Use the “Community - Account Team Members” record table from in the Component Library.
- Mark as Lost Prospect/Client actions: The new Loss Reason and Loss Reason Notification fields have also been included in these actions, making it easy to provide this information at the relevant time.
Resolved Issues
- Add to Household/Organization actions: The “Reassign related records” checkbox is not prefilled, increasing the likelihood of user error.
- AUM field (Entity): Assets linked to inactive Services are included in the field’s calculation logic.
- Batch record page: Unable to scroll the page vertically, leaving several record tables inaccessible.
- Entity record pages: Items in the Navigation Panel display incorrectly after adding an individual to a new household or organization.
- Key Records component (Entity record page): Tasks displayed in the Open Tasks section do not include the year of the due date, causing comprehension issues with recurring tasks.
- Record tables:
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An error message is shows when attempting to sort a record table using a picklist field column.
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Some record table filters which previously defaulted to “All” now default to a blank value, causing unexpected display results.
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- Start a Process action: Process record is not created successfully for pre-existing Asset/Liability records.
- Theme and styling:
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The top of record pages periodically disappears, hiding components from view such as the Entity Header and Key Fields.
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Multiple scrollbars appear for record pages opened as subtabs.
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Text is sometimes cut off when printing Tear Sheets.
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- Tasks and Events: Multiple values appear while selecting an object to search within the Related To field that shouldn’t be visible: Answer, Asset/Liability Role, Policy Role, Question and Questionnaire.
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