Understanding and Using Client Segments

Overview

Client Segments are a classification used to categorize 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 specific kinds of relationships, such as managing client assets. 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
• Adding Client Segments to Client Records
• Creating New Client Segments

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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, giving your team a shared framework for how clients are grouped across the firm. 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 by the AUM they bring to your firm, assigning a Platinum Client Segment to those with high AUM so your team can identify and prioritize them at a glance.

When using Client Segments, your firm must decide how to group your client book and which metrics will define each tier. 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. Client Segments instead structure your records based on metrics your firm prioritizes. 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 bringing in new business or impacting 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 Client record type. For example, the record below is a Client Household in Practifi with a Bronze Client Segment assigned to it. 

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Adding Client Segments to Client Records

Tiering a Client record with a Client Segment gives your team an at-a-glance signal of how that client fits into your book. 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. Click the Overview navigation icon in the record side panel if it is not already selected.

   

3. On the Overview page, click the Basics tab. 

   

4. Locate the Client Segment field and click the pencil icon within this field. 

   

5. Select the desired Client Segment from the drop-down menu. 

   

6. Click Save at the bottom of the page to finalize your changes. 

   

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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, so your tiers can reflect the way your firm actually thinks about its book of business.

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

To create new Client Segments in your Practifi organization:

1. Click the gear icon in the upper right-hand corner of Practifi and select Setup from the drop-down menu.

   

2. Click the Object Manager tab in the upper left-hand corner of Salesforce Setup. 

   

3. On the list of available objects, locate and click the Entity object (API name: Account).

   

4. Click the Fields & Relationships tab on the left-hand side. 

   

5. Use the Quick Find search bar on the field table to search for Client Segment and click the Client Segment field label. 

   

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 editing functions. The buttons available are as follows:
   • New: Click this button to create a new picklist value.

     • Please note: When creating a new picklist value, it must be added to the record type to appear in 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 clicking Save to finalize the value's addition.

   • Reorder: Use this button to rearrange 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.

     

7. To create a new Client Segment, click the New button.

   

8. Enter the picklist value in the text box. To add multiple picklist values at once, place each value on its own line within the text box. 

   

9. Click the checkbox to the left of Record Type Name to apply this picklist value to all Record Types. 

   

10. Click Save to finalize your new Client Segment picklist option. 

    

11. Unused Client Segments can be removed from the Client Segment picklist by clicking the Deactivate action next to their value.

    

12. To change the order in which the picklist options display within your organization, click the Reorder button. 

    

13. Click the Client Segment option you would like to move, then use the Up and Down buttons to reorder its position within the drop-down. Then click Save to finalize your changes.

    

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