Understanding and Using Client Segments



Client Segments are a type of definition used to classify Client records in Practifi. Definitions are used to categorize Key Entity records in a structured way in your Practifi organization. Unlike Topics, which anyone in your organization can apply, definitions are predefined by administrators and cannot be edited by end users. Definitions also let you take advantage of features built for certain kinds of relationships, like managing assets for clients. There are four varieties of definitions in Practifi—Client Stage, Client Segment, Influencer Segment and Other Definitions. This article explains what Client Segments are and outlines how to use them in your Practifi organization.

Understanding Client Segments

While Client Stages in Practifi indicate where your Key Entity records are within the client lifecycle, Client Segments allow you to place your client book into tiers once their Key Entity record has reached the Client Stage of "Client" in your organization. The Client Segment feature is only available on Client records within your organization.

Unlike Topics within Practifi, which are used to categorize Key Entity records in an unstructured and ad-hoc way, Client Segments allow you to categorize your book of business in a structured manner based on standard metrics like total net worth, AUM, revenue generated for your firm or any other metric your firm considers important. For example, you could use Client Segments to separate clients based on the AUM they bring into your firm, giving clients with a high AUM a Client Segment of Platinum.

When using Client Segments, your firm must decide the best way to group your client book and the standard metric or metrics you will use to define the tier levels. The default available Client Segments in Practifi are as follows:

  • Platinum
  • Gold
  • Silver
  • Bronze

System Administrators in your organization can modify these Client Segments to better suit your firm's needs. Client Segments differ from Influencer Segments, which capture the level of influence your client may have on your book of business, as Client Segments can structure your records based on other important metrics based on your firm's decisions. For example, a client with a high AUM may have a Client Segment of Platinum at your firm but an Influencer Segment of Standard due to their lower level of influence in connections to bring in new business or impact your firm's relationships with existing clients.

Once added to a Client record, the Client Segment will appear below the Key Entity record's name in the record side panel. This will display before the record type of Client. For example, the below record is a Client Household in Practifi with a Client Segment of "Bronze" assigned to their record. 

Screenshot 2023-10-26 at 2.40.13 PM.png

Adding Client Segments to Client Records

To add a Client Segment to a Client record in your Practifi organization:

  1. Navigate to the Client Key Entity record that you would like to add the Client Segment to. 
  2. Select the Overview navigation icon in the record side panel if not already selected.
    Screenshot 2023-10-26 at 2.45.28 PM.png
  3. On the Overview page, select the Basics tab. 
    Screenshot 2023-10-26 at 2.46.52 PM.png
  4. Locate the Client Segment field and select the pencil icon within this field. 
    Screenshot 2023-10-26 at 2.48.08 PM.png
  5. Select the desired Client Segment from the drop-down menu. 
    Screenshot 2023-10-26 at 2.49.10 PM.png
  6. Click Save at the bottom of the page to finalize your changes. 
    Screenshot 2023-10-26 at 2.50.49 PM.png

Creating New Client Segments

If the default Client Segments available in Practifi do not accurately represent how your firm segments clients, additional values can be added by Practifi System Administrators.

Please note: To perform the below steps, you must have System Administrator permissions assigned to your user profile.

To create new Client Segments in your Practifi organization: 

  1. Select the gear icon in the upper right-hand corner of Practifi and select Setup from the drop-down menu.
    Screenshot 2023-10-26 at 2.55.00 PM.png
  2. Click the Object Manager tab in the upper left-hand corner of Salesforce Setup. 
    Screenshot 2023-10-26 at 2.57.17 PM.png
  3. On the list of available objects, locate and select the Entity object (API name: Account).
    Screenshot 2023-10-26 at 2.58.46 PM.png
  4. Select the Fields & Relationships tab on the left-hand side. 
    Screenshot 2023-10-26 at 3.01.02 PM.png
  5. Use the Quick Find search bar on the field table to search for "Client Segment" and select the Client Segment field label. 
    Screenshot 2023-10-26 at 3.01.56 PM.png
  6. Scroll down to the Values section on the Client Segment field details page. In this section, a few buttons are located at the top of the list to perform several edit functions. The buttons available are as follows:
    • New: Select this button to create a new picklist value.
      • Please note: When creating a new picklist value, the new value must be added to the record type in order to display within the picklist's drop-down menu. After entering your new picklist value, ensure that record types have been selected by checking the boxes beside the record type's name before selecting Save to finalize the value's addition. 
    • Reorder: This button allows the rearranging of the existing values. 
    • Replace: Replace an existing value. You can replace an existing value with a new value, other values or a blank value. If you replace an existing value with a blank value, existing records in your organization will not display a value in this field anymore.
    • Printable View: See all of your values at once in a pop-up menu. This display is helpful when creating a picklist with extensive options. 
    • Chart Colors: Customize the appearance of values on charts and reports.
      Screenshot 2023-10-26 at 3.03.55 PM.png
  7. To create a new Client Segment, select the New button.
    Screenshot 2023-10-26 at 3.08.26 PM.png
  8. Enter the picklist value in the text box. Multiple picklist values can be added at once by giving each value its own line within the text box. 
    Screenshot 2023-10-26 at 3.11.21 PM.png
  9. Select the checkbox to the left of Record Type Name to apply this picklist value to all Record Types. 
    Screenshot 2023-10-26 at 3.12.15 PM.png
  10. Click Save to finalize your Client Segment picklist option addition. 
    Screenshot 2023-10-26 at 3.13.30 PM.png
  11. Unused Client Segments can be removed as an option from the Client Segment picklist by selecting the Deactivate action beside their value.

    Screenshot 2023-10-26 at 3.16.03 PM.png
  12. If you need to change the order of how the picklist options display within your organization, select the Reorder button. 
    Screenshot 2023-10-26 at 3.17.29 PM.png
  13. Select the Client Segment option you would like to move and use the Up and Down buttons to reorder its placement within the drop-down. Then select Save to finalize your changes.
    Screenshot 2023-10-26 at 3.19.36 PM.png

For further information on editing picklist values for other fields in your Practifi organization, please consult our Managing Fields and Picklists articles.

0 out of 0 found this helpful



Article is closed for comments.