Practifi has rolled out its new data visualisation tool to serve various stakeholders in the wealth management industry.

Dubbed Practifi Propel, the new tool can be used by wealth organisations, broker-dealers and registered investment advisors (RIAs).

Practifi Propel features a data processing platform that arranges and snapshots the Practifi data model.

The data-driven platform also features inbuilt dashboards that convert data into insights.

The company claims that the unified analytics tool will allowing management officials to take ‘well-informed’ decisions on customers, profitability and overall business prospects.

It is designed to provide a wide-ranging outlook on a company’s basics, demography of its customers and advisor performance.

Practifi Propel will also help in minimising a company’s exposure to risk, the company added.

Practifi CEO and co-founder Glenn Elliott said: “High-performing wealth management firms must ensure they are on track to meet their goals by constantly monitoring the quality and source of new business and organic growth.

“But the insights they seek are often inaccessible when data is siloed and located on multiple platforms. We believe investing in a firm’s data and analytics infrastructure ultimately amplifies the firm’s core strengths – transforming the way the firm makes decisions.

“For financial advisors and other executives at the heart of business development, Practifi Propel offers a game-changing data visualisation experience that uses best-of-breed technology to leverage the power of data analytics.”

The latest launch follows the introduction of Practifi’s new business development (BD app) application in August this year.