Practifi

About Practifi

Founded in 2013 by Glenn Elliott and Adrian Johnstone, Practifi is a business management platform specifically engineered for the wealth management industry. The company originated in Sydney, Australia, with a vision to address the operational disconnects within financial advice firms. Johnstone, now CEO, previously consulted for Australia's major financial institutions, while Elliott, who remains on the board, spent nearly two decades designing customer applications. This combined experience informed the development of a unified platform to help financial professionals streamline their operations.

Practifi operates on a B2B subscription model, serving registered investment advisors (RIAs), family offices, and broker-dealers. The company has secured significant funding, including a Series B round of $16.3 million in January 2020, to fuel its global expansion, which included establishing a North American headquarters in Chicago in 2018. Pricing is structured with a base platform subscription that includes a set number of licenses, with additional licenses available on a per-user, per-month basis.

The platform is built on Salesforce and functions as a centralized hub for wealth management firms. It provides a comprehensive view of client data by unifying information from various systems, giving teams access to client ages, assets, net worth, and risk tolerances in one place. Key features include workflow automation for processes like account opening, compliance management by tracking communications and documents, and robust pipeline tracking. The platform offers role-based applications for different team members and provides advanced analytics and reporting to turn data into actionable insights. To ensure flexibility, Practifi has an open API and integrates with other industry-specific technologies. More recently, the company announced a strategy to integrate artificial intelligence to provide features like one-click client summaries and intelligent follow-up recommendations.