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Written by: Todd Shriber
The advisory business has long been fertile territory for consolidation. It’s one of the most efficient avenues for firms to quickly grow assets and clients while potentially bolstering top-line growth.
Of course, mulling acquisitions and executing them are different concepts altogether. It’s far easier to ponder buying another firm than it is to integrate that acquisition and get it across the finish line. This is where Practifi comes in. With an established track record of excellence in streamlining practices and enhancing efficiencies, Practifi is the ideal behind-the-scenes partner for registered investment advisors (RIAs) and wealth managers considering deal-making.
In fact, Practifi’s Business Development app is positioned as the ideal tech partner for RIAs evaluating acquisition candidates. The Business Development app isn’t an app in the smartphone sense. Rather, it’s in addition to the firm’s broader suite of existing role-based apps to provide curated experiences for advisory teams.
“In the past nine months, we’ve built more functionality and features on our platform to further support the RIA industry while expanding our platform to help enterprise clients achieve their business goals and drive efficiencies. Our previous and upcoming product releases build off the platform’s brand evolution and will continue to include new solutions designed with both enterprise and RIA firms in mind,” according to the firm.
Deep Dive on Practifi Business Development App
Practifi’s Business Development app is relevant today because the advisory mergers and acquisitions space is facing technological gaps. Without proper automation and harnessing of technology, buyers can unknowingly create unnecessary headwinds in the takeover process.
“To keep up in a market with heavy acquisition activity, leading wealth management firms rely on multiple growth activities to stay competitive. However, most firms use siloed platforms to manage these activities resulting in disparate data, unscalable processes and difficulty identifying the ideal acquisition target. Practifi’s Business Development app makes it easy to manage the full acquisition lifecycle within a single, unified platform,” notes Practifi.
Those are important, but even in 2022, growth-minded wealth managers are relying on rudimentary, inefficient technology to manage those growth opportunities. They use one platform for prospecting, another for new staff, another for acquisitions and so on.
That methodology isn’t just inefficient – it invites making mistakes and missing opportunities. Conversely, Practifi’s Business Development app steers users away from those pitfalls, paving the way for them to properly leverage their technology to maximize business-building opportunities.
As just one example, the app “tracks the ROI of growth activities and improves operational efficiency with comprehensive life cycle management through M&A and network expansion,” notes Practifi.
An Advantageous App
When tapping technology to manage acquisitions, RIAs need to ensure that pertinent tech is relevant from the initial conversation to sealing the deal. The new app answers that bell.
“We want to make it easier to manage the full acquisition lifecycle within a single, unified platform. From deal prospecting to onboarding new firms to advisor revenue generation, this new app provides an end-to-end transition management experience for RIAs, IBDs and Networks that are actively acquiring,” adds the firm.
The point: Practifi’s Business Development app is with the buyer from start to finish, offering a robust suite of solutions, including open API, customizable reports, customizable dashboards, industry-level workflows and process automation, among others. That’s confirmation the app has the goods to help advisors stay on the right side of deal-making.
Related: Practifi Pertinent in New Era of Wealth Management Automation