The creators of award-winning PractiFI says FOFA debate is holding the industry back from technological advancement

21 May 2014: The creators of an award-winning client management tool for financial advisers have said that the ongoing regulatory debate distracts advisers from what’s truly important to their business: their client relationships. Additionally, the industry needs to catch up with contemporary standards of CRM technology in order to regain ground lost over recent years. Co-founder of PractiFI, Adrian Johnstone, said that if advisers harnessed the best technology to manage relationships, engagement between the industry and clients would improve. “Every adviser wants good relationships with their clients, and the average Australian doesn’t know or care about FOFA. But for those of us in the industry, FOFA has dominated the conversation and our attention for far too long. We’ve missed a huge opportunity for technological advancement in the single most important aspect of our businesses: our client relationships.” Mr Johnstone said that although the wealth

industry has typically spent big on technology[1], the proliferation of out dated, inflexible software is evidence that the industry has fallen behind what’s possible. “The number one aim of PractiFI is to bring the best of contemporary CRM features to a neglected industry, allowing advisers to strengthen their relationships and improve business management.” PractiFI is a flexible cloud system that allows anyone who provides financial advice to manage what is most important in their business: their client relationships. PractiFI provides a genuine technology alternative for financial planners, licencees, accountants, super funds, mortgage brokers and insurance brokers. Co-founder and CEO, Glenn Elliott, said PractiFI is backed by the power of Salesforce, which is the market leader in the CRM thanks to its robust platform and rich features. “PractiFI lives on the Salesforce1 Platform because it’s the best cloud around. High performing, massively scalable and secure, it just works. “Salesforce spans the needs of SMEs right up to large enterprises. But for most advice firms, undertaking the necessary customisation is complex and costly. So we’ve used the flexibility of Salesforce to create an advice practice management solution that brings the relationships across a practice’s client base to life. We’ve put the client and everything about them — conversations, calls, file notes, documentation, agreements, advice written, tasks and more — upfront. Para-planning tools and processes, along with the transactional SOA/ROA, are back-office outputs. “Planning is about so much more than just producing statements of advice, so we’ve created a tool that way around, then wrapped it in a beautiful user experience.” Mr Elliott said feedback has been extremely positive amongst clients and the Salesforce community. Having tasted success at Dreamforce 2013 in San Francisco for its groundbreaking user experience, PractiFI recently picked up a second award at the OzForce event in Sydney showcasing Australian innovation on the Salesforce1 Platform. “We set out to create an elegant, indeed beautiful, solution to the task of managing the core business of financial advice: client relationships. The great feedback we’ve received from the industry tells us that we’re on the right track.” Media contact: Christine Toll Shed Media 0414 621163  

May 21, 2014

Advice technology experts say ongoing regulatory debate diverts attention from client relationships

The creators of award-winning PractiFI says FOFA debate is holding the industry back from technological advancement 21 May 2014: The creators of an award-winning client management […]
May 20, 2014

Wealthtrac receives 4 Apples ratings from Chant West

Wealthtrac has been awarded two Four Apples ratings from independent research firm Chant West for it’s Wealthtrac Superannuation Master Trust (Super and Pension). The report from […]
May 15, 2014

The Back Shed- Q&A with Bill Nikolouzakis

Shed Media caught up with Bill Nikolouzakis, Founding Director at Nyko Property, to ask him about challenges that he has faced throughout his career, industry issues […]
May 15, 2014

Fund managers should not glorify diversification, says expert

Fund managers should not glorify diversification, says expert One important reason why fund managers as a group do not add value for their clients is that […]
May 14, 2014

Decision on excess non-concessional contributions a win for SMSF trustees

The Federal Government’s decision to introduce a mechanism to allow taxpayers to withdraw excess non-concessional contributions made after 1 July 2013 is a win for SMSF […]