Data is the lifeblood of business. It’s what drives decisions, helps optimize operations, and fuels innovation. Businesses need to have a good understanding of their customer base, as well as their industry as a whole. The world is moving forward, and with it comes new opportunities for businesses to thrive. How can financial firms and advisors harness the power of data to accelerate their growth?
In today’s episode, Jack talks with Adrian Johnstone, Co-Founder and President of Practifi, an enterprise-grade business management platform that helps RIAs, family offices, and broker-dealers grow their businesses by unifying data from all sources, automating workflows, and integrating solutions.
For more than 20 years, Adrian has helped businesses of all sizes leverage technology for growth. He is responsible for the vision of Practifi, its partner ecosystem, go-to-market strategy, and global direction. A regular presenter at industry events in Australia and United States, Adrian offers deep insight into the technological needs of advisors.
Jack talks with Adrian about what Practifi has to offer advisors and wealth institutions, how it contributes to clients’ growth, and how it fits into the future of CRM.
Key Takeaways
- [01:03] – How Practifi was founded.
- [02:08] – What sets Practifi apart from other CRM platforms.
- [04:01] – What Practifi has to offer advisors and wealth institutions.
- [08:28] – Why a “one platform mentality” is the least desirable when using CRM platforms.
- [11:46] – Practifi’s data integration process.
- [14:11] – How Practifi contributes to clients’ growth.
- [16:14] – The challenges associated with helping people grow their businesses.
- [18:17] – What CRM should look like in the future.
- [19:46] – How Practifi plays a role in the future of CRM.
- [20:35] – Adrian’s three key takeaways.
Quotes
[02:56] – “From our perspective, we knew that Salesforce was really the platform that people wanted, but not everyone had the wherewithal nor the desire to go and make that upfront and ongoing investment in customization.” – Adrian Johnstone
[20:30] – “There is a huge amount more that your technology can and should be doing for you. Don’t be afraid to change. You need to understand that it’s a big deal. You’ve got to be prepared to lean in.” – Adrian Johnstone
[20:56] – “It’s no longer good enough to accept that you have a lot of disconnected pockets of technology. If you are working with vendors who won’t integrate, it’s time to move. They’re inhibiting your growth. You wouldn’t put up with that in any other aspect of your life. You shouldn’t put up with it in your corporate technology.” – Adrian Johnstone
[21:19] – “Don’t turn yourself into a technology business. Great wealth management firms aren’t technology companies. Don’t get yourself into the trap where you are buying one of these base platforms, whether Microsoft or Salesforce, then all of a sudden you’re hiring developers and having to make that investment to make exactly as you want it. ” – Adrian Johnstone
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