Practifi's innovative product suite helps advisory teams integrate systems and automate processes while maximizing revenue, boosting growth, and strengthening client relationships.
FREMONT, CA: Envestnet has expanded its partnership with Practifi, the business management platform powering high-performing financial advice firms worldwide through solutions in automated workflows and unified data. Under the strengthened relationship, Practifi and Envestnet's unified advice platform are now fully integrated.
"This increased level of collaboration enables us to now make Practifi's innovative solutions and tools available to advisors throughout the entire Envestnet ecosystem, which includes Envestnet | MoneyGuide," said Blake Wood, Senior Vice President and Director of Product Strategy at Envestnet. "We first partnered with Practifi in 2019, originally rolling out an integration via the Envestnet | Tamarac platform. After seeing the many efficiencies and related opportunities for scale being offered to advisors on our Envestnet | Tamarac platform as a direct result of this partnership, we were eager to bring it one step forward. This full integration widens our net, offering even more advisors these new opportunities to help clients achieve financial wellness."
This next level of product integration between the industry leaders in wealthtech and unified advice will offer advisors:
Envestnet/Practifi Integration Benefits for Advisors:
• Efficiency and Workflow Automation: Advisors can save time adding new Envestnet clients by accessing Practifi's most updated client and member details directly from within Envestnet's platform.
• Growth Support: Advisors can also launch new Envestnet proposals from within Practifi and manage them as bespoke services for their firms. They can also view a list of all in-process Envestnet proposals and open proposals in Envestnet from within Practifi.
MoneyGuide/Practifi Integration Benefits for Advisors:
• Simplicity: With a simple click of a button, advisors can quickly and easily create and update a client's key household data in MoneyGuide from Practifi. This can mitigate risk by bringing consistency through integration—and save time by reducing workflow steps.
• Centralized Client Data: Advisors can also maintain a comprehensive client view between systems by linking to and easily accessing the MoneyGuide My Plans page showing financial plans directly from the Practifi client record.
"We share a common vision with Envestnet, as our team consistently develops innovations to meet the needs of today's advisors, family offices, wealth firms, and their clients," said Adrian Johnstone, Co-Founder and Chief Commercial Officer at Practifi. "One of the many things we agree on is the idea that the future of financial advice relies on data-driven insights, which we are powering today. The intuitive user experiences that we offer were created to empower advisors to grow their practices and deepen their relationships with clients at the same time, making our relationship with Envestnet a perfect fit."