Creating a Household

Overview

Households are the primary entity type in Practifi for grouping multiple individuals who receive financial planning services from the advisor, keeping the family relationships behind each engagement organized in a single record. They can be created automatically by integrating with an external management service, like a Portfolio Management System, or manually within Practifi. This article outlines the steps to manually create a Household within your Practifi organization. For additional information on Household records, please consult our Understanding Households, Organizations, and Individuals article.

• Global Actions
• Promoting to a Prospect or Client 

Please note: As of the Blaufränkisch release, you can create entities using the Create an Entity wizard. For more information, please see the Creating Entities Using the Create an Entity Wizard article.

---

Global Actions

Creating a Household is one of the actions available under the Global Actions menu in the top-right corner of Practifi, alongside other global actions. After clicking the Global Actions icon, select the Create a Household option to begin creating a household. 

Upon selection, a panel will appear on the lower-right of the screen. Complete the fields as listed, noting the mandatory sections designated with a red star beside the field name.  

Once the household's information is entered, click Next. If the Partner selection is set to Yes, another panel will appear asking for the Partner's details. Click Next to continue.

If the How many dependants do they have? The field on the Primary Household Contact panel shows one or more; an additional panel will appear to collect key details for each dependent. Complete the mandatory fields, then click Next to continue.

After clicking Next, a success message will display confirming the Household has been created. Clicking the hyperlinked name within this pop-up will take you directly to the Household record. Click Finish to close this success message.

---

Promoting to a Prospect or Client

After initial creation, the Household exists as a record in Practifi that you can use for marketing and presales work, but it is not yet a Prospect or Client. As the relationship advances, promoting the household keeps your data aligned with the actual status of each engagement. To convert the Household status, locate the Household using the Directory page.

Once on the record, click the Actions menu in the record side panel and select Promote to Prospect from the drop-down menu. Complete service information in the pop-up promotion wizard. Once promoted to a Prospect, return to the Actions menu and select Promote to Client from the drop-down.