Benefits of Mind Mapping for Financial Advisors

1. Workflow

1.1. During your first prospect meeting with the client, create a new mind map

1.1.1. Call it e.g. "John Doe's Finances"

1.2. Ask questions

1.2.1. Assets

1.2.1.1. Real Estate

1.2.1.1.1. Location

1.2.1.1.2. Value

1.2.1.2. Human Capital

1.2.1.3. Portfolio investments

1.2.2. Relationships

1.2.2.1. Children

1.2.2.2. Spouse

1.2.2.3. ...

1.2.3. Objectives

1.2.3.1. Fund lifestyle in retirement

1.2.3.2. Become a house owner

1.2.3.3. Fund children's college education

1.3. Map out client's entire financial structure.

1.3.1. Resulting Map

1.4. Review a few months’ worth of bank account statements to pinpoint any troublesome trends, identify a weak spot, like emotional shopping; add those to mind map

1.5. Share mind map with client (viewing rights only)

1.6. Begin your subsequent update meetings with a review of the mind map

2. Involve clients in discovery process

2.1. New clients

2.1.1. First discovery meeting

2.2. Old clients

2.2.1. Rediscovery meeting

3. Quickly capture information

3.1. Add links, files, notes

3.2. Everything in a centralized place

4. Lay out information in a different way

4.1. Visualize entire financial situation

5. Clear goals and next steps

5.1. Easy to review and update