Enabling the MoneyGuide Integration

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Please note: This content is intended for Practifi System Administrators and is technical in nature. Please discuss your integration installation plans with your Practifi Customer Support Team for their assistance.
Some of the functionality described in this article is available as part of our Montepulciano release and will not be available if your Practifi instance is not upgraded to this release.

Overview

Our integration with MoneyGuide enables Advisors to open a corresponding Client or Prospect record in MoneyGuide. It uses a connection method to send a request from Practifi to open a Client/Prospect record. If a corresponding Client/Prospect record is not found in MoneyGuide, the system will call Practifi to extract the Client/Prospect and Member details and create a new record. The My Plans page for the Client or Prospect is opened if a record is found. 

This complex integration requires a Practifi Customer Support Engineer to perform the enablement process. This article outlines the enablement process of the MoneyGuide integration in your organization and the information that needs to be provided to ensure a smooth activation process. For more information about the MoneyGuide integration, please consult our Using the MoneyGuide Integration article.

Integration Information

Our integration with MoneyGuide enables Advisors to open a corresponding Client or Prospect record in MoneyGuide. If the Client/Prospect and its Members do not yet exist in MoneyGuide, the record is created immediately in MoneyGuide. Any updates in Practifi to Client/Prospect and Member details are synced back to MoneyGuide. However, updates made in MoneyGuide to Client/Prospect and Members are not synced back into Practifi. By design, Practifi is intended to be the source of truth for client/prospect and member details. The creation and review of Financial Plans are performed solely within MoneyGuide. 

As of the Montepulciano release in April 2024, the functionality of the MoneyGuide integration has been extended to include Prospect records. This enhancement allows for a broader scope of data transfer between the two systems for both client stages. If your firm's organization has not been upgraded to the Montepulciano release, you cannot access this functionality. 

Installation Steps

Practifi Customer Support will liaise with the customer and the team at MoneyGuide to activate the integration in the customer's system. This exchange will involve the allocation of a MoneyGuide CustomerID, nominating a user account by the customer who will be used to pre-approve connections between Practifi and MoneyGuide, and the full Salesforce system path by which MoneyGuide will communicate with the customer's Practifi system.  

Broadly, the remaining steps involved are:

  1. Verify that the customer Practifi system is compatible with the current version of the MoneyGuide integration.
  2. Enable the My Domain setting on the customer system if not already enabled.
  3. Import the MoneyGuide JKS certificate issued to Practifi.
  4. Create a new Connected App within the customer system for connecting with MoneyGuide, and add a series of custom attributes to the App definition. Ensure the Practifi Customer Permissions are allocated to the MoneyGuide App.
  5. Set up an App to allow MoneyGuide to call the Practifi API.
  6. Load the public certificate provided by MoneyGuide to support the authentication MoneyGuide requires.
  7. Set up an OAuth 2.0 provider and provide the "Callback URL" by which Practifi initiates contact with MoneyGuide.
  8. Add a new field to identify the user calling on MoneyGuide to be identified to MoneyGuide.
  9. Update Practifi's settings to include the linkage configuration created in these earlier steps.
  10. Apply MoneyGuide user access permissions to every user accessing the system.
  11. Modify the Household account page to include the Link to MoneyGuide link.

Data Field Mapping

The data passed from Practifi to MoneyGuide comprise key details from the following. Detailed and personally sensitive information, like Date of Birth, is not passed and needs to be entered directly into MoneyGuide as part of its Client/Prospect record.

  1. Primary Contact
  2. Partner Contact
  3. Dependents
  4. Addresses
  5. Assets
  6. Holdings within Assets
  7. Liabilities

Any updates in Practifi to the Client/Prospect, Contact or Financial record data are reflected in MoneyGuide. Updates made to the information in MoneyGuide are not passed back into Practifi.

 

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