Overview
Firms often need a place to track the essential connections they've made across their client book, especially when it comes to referrals for new business. With our Relationships feature, Practifi makes it easier to track new entity referrals along with the contacts who introduced them, giving your team clear visibility into where new business is coming from. This article outlines the steps for managing referrals throughout your business. For additional information about best practices for managing relationships, please consult our Managing Members and Other Relationships article.
Building a Referral Relationship
Adding a New Referral Relationship
When beginning to build a referral relationship, a user must make a few decisions. You will need to find the records you want to relate before deciding how the relationship will be captured in the system. To build a referral relationship, please complete the following:
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Navigate to the People & Relationships menu on a relevant entity within your organization.
Please note: When capturing a referral relationship, a user must build the relationship record from either the referring contact, individual, or entity, or from the referred party being added.
- Select the New Relationship button.
- Select an option from the What type of relationship is this? drop-down menu. The selections include the following choices:
- A relationship with defines this entity as part of the referred party.
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Relationship with someone defines this entity as part of the referring party.
- Click the record type that you would like to connect to this particular entity. Your choices include Contacts, Individuals, Households, and Organizations.
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Additional fields will populate, and users can select Referrer from the Role field.
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Enter the relevant Referrer or Referred party record into the empty search field.
Please note: The placement and field name shown to users will change depending on the choices selected in Steps 3 and 4.
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Click the Next button. The Referral relationship will now appear on both the Referring party and the Referred party in the Relationships tab of the People & Relationships menu, giving your team a clear view of how each connection was made.
Removing a Referral Relationship
If a user needs to remove a referral relationship record, they should click the caret button to the right of the record in the People & Relationships menu, then click Delete.
Confirming Influence Types
Once referrals are captured, segmenting referrers helps you define the quality and strength of those connections, making it easier to recognize which relationships matter most to your business.
To build these definitions, users will start with the following:
- Select the Actions menu in the record side panel of the entity, and click Add Influencer Segment.
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Choose an appropriate Influencer Segment for this entity.
Practifi offers three preloaded Influencer Segment tiers to differentiate referral amounts or quality: Standard, Important, and Critical.
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Click Finish. The selected Influencer Segment will now display in the entity's Definitions section.
Users can change or remove Influencer segments by clicking the Change Influencer Segment or Remove Influencer Segment buttons in the Actions menu of the record side panel.
Tracking Influence
Influence can be hard to define without a clear view of the connections a referrer has made on your firm's behalf. To provide teams with quick access to a dynamic list of referrals, Practifi has built the Influence menu on each Entity record where a referral has been captured and includes helpful information like the referred party's Client Segment, AUM, or Annual Revenue (if any), giving your team a fast way to gauge the value behind each referral. Additions to this list occur automatically as new referral relationships are added to the People & Relationships menu.
To find this section on an Influencer entity, select the Influence navigation icon in the record side panel.
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