The wealth management industry has seen a boom in recent years, particularly in the US, with a similar trend set to emerge in the UK and many other countries across the world. With the market becoming more saturated and your competition increasing by the day, as a financial planner, it’s more important than ever to stand out from the crowd. One of the best ways to achieve this is by offering a more engaging and collaborative service for your clients – and Mind Mapping software for wealth managers is the perfect tool to help you do just that.
It’s customer service 101; offer your customers a great experience, and they will be more likely to use your products or services again or recommend you to others. Though the definition of this will differ from industry to industry, research from McKinsey shows that changing your mindset to focus on the customer (as well as making operational and IT improvements) can generate a 20% to 30% increase in their satisfaction.
As George Ray from The Business of Financial Advice explains, wealth managers are no longer just competing with other financial advisory firms; the likes of Amazon and Apple have entered the arena in recent years and they are dominating the landscape by providing their clients with memorable experiences whenever an interaction takes place. Using Mind Mapping software for client discovery in wealth management can propel your customer experience to the next level by offering complete transparency, allowing them to see instant results, and making the process of data gathering more engaging.
Mind Mapping isn’t a new concept, having first been used by the philosopher Porphyry of Tyros in the 3rd century BCE. In fact, you may remember using ‘brainstorms’ or ‘spider diagrams’ (as Mind Maps are also often referred to) back in your school days or throughout your working life to organize meeting notes, structure essays, or plan reports.
As these examples suggest, Mind Mapping is a popular creative thinking tool that can boost your planning and organizational skills – both of which are vital for financial planners. Starting with a central idea with interconnecting branches that radiate outwards, Mind Maps can help you to think more creatively and generate innovative ideas because they encourage your brain to make associations between related keywords.
One of the biggest benefits of a Mind Map in various contexts, from a marketing team planning an advertising campaign to a wealth manager creating a financial plan, is that you can capture a wealth of information quickly and put it into a highly visual and easy to process format. This makes them a great asset for facilitating collaborative brainstorming sessions with your clients as you can quickly gather the information you need.
By using a Mind Map in a financial planning session with a client, they can also see everything that’s in the pipeline to help them achieve their financial goals, so they can have complete trust that they’re getting value for money. With every part of the financial plan laid out in the engaging and visually stimulating format of a Mind Map, clients are further reminded of the value you’re providing as they can easily see the “shadow work” being carried out behind the scenes – which may have otherwise fallen under the radar.
Using software to create a digital Mind Map will also give your client a record to refer back to, ensuring they’re always kept in the loop and that they don’t need to wait until their next session to access their plan. With modern Mind Mapping apps (like Ayoa) having features to enable users to add comments and attachments to branches, clients can get quick responses to their queries whenever they need more clarity. Choosing a cloud-based app, like Ayoa, will also ensure that changes to the plan are saved automatically – so no important information gets lost.
Though the coronavirus pandemic won’t keep people apart forever, one thing it has taught us is that virtual meetings can be just as effective as physical ones. By using a collaborative digital Mind Mapping platform, you can widen your customer base to multiple cities, countries, or even continents without losing transparency. Ayoa has many exciting features coming soon to aid remote working (such as a Zoom Integration and Live Share) so you can run-through your Mind Map with clients as though you are in the same room.
Choosing software that combines Mind Mapping with Task Management capabilities is also beneficial as it enables you to put your ideas into action without the need to switch apps. By adding Start and Due Dates, setting Reminders, and charting your progress for each task, clients can be reassured that everything is on track to help them reach their financial goals. Ayoa offers each of these features, as well as enabling you to turn the branches of your Mind Map into tasks that you and your clients can easily manage.
Collaboration, trust, and strategic planning are key to successful wealth management and can ensure your clients’ satisfaction. Offer them a unique and engaging experience with Mind Mapping and Task Management software from Ayoa. Manage every step of the financial planning process by brainstorming and laying out ideas in visual Mind Maps, then ensure their goals are achieved by turning your plans into actionable tasks – so you can set Due Dates, track your progress, and more. Try it for free today!
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