At the 2008 Technology Tools for Today Conference, one of the most highly rated breakout sessions was a panel discussion entitled "Mind Mapping Software: A Different Way of Framing Solutions." The success of the session was clearly attributable to the excellent panelists: CFPs Janet Tyler Johnson, Gloria Smith and Don Patrick. Each offered concrete examples of how mind mapping improved their businesses and/or their lives. Since the session generated so much interest, I thought I'd share some observations on the topic.
Although a surprisingly high percentage of the session attendees had at least some familiarity with the concept of mind mapping, many advisors do not. That is a shame, because mind mapping is a technique that seems particularly well suited to the financial advisory practice.
For readers unfamiliar with the term, a mind map is a diagram that usually shows a key word or idea in the center of a page and then expands on it by linking other words, ideas or tasks to it. A mind map can help generate, visualize, structure and classify ideas. It also may help with study, organization, problem solving, decision-making and writing.
Many successful corporations including Amazon, Coca-Cola, Microsoft, 3M and Starbucks use mind mapping software to organize, manage or brainstorm. But up to now, only a handful of intrepid advisory firms have embraced it.
The origins of mind mapping are not clear. Some claim that Tony Buzan, a British author, originated the mind map in the 1970s; others credit Dr. Allan Collin and M. Ross Quillian with creating mind maps in the early 1960s, though there is evidence that similar techniques were used as least as far back as the third century. One thing is certain, however: Buzan refined the technique and subsequently introduced it to millions of readers.
Although mind mapping can be done with a pencil and paper, software can enhance the experience. Comparing paper mind maps with computerized ones is similar to comparing a handwritten report with one prepared on a word processor. With the latter, you can easily rearrange, reformat and correct your document. In many cases, the program will do much of the formatting work for you. It will even check spelling and grammar in your document.
Mind mapping software offers many of the same advantages. Through the use of templates, shortcuts, auto formatting, etc., you can create more elaborate, better-looking mind maps in less time. You can also create hyperlinks, embedded notes and even embedded mind maps within mind maps. In addition, some of the latest software and online applications greatly enhance the collaborative power of mind mapping.
Most experienced mind mappers follow a well-defined sequence during the mapping process. When you start a new map, the recommended procedure is to start by placing the main idea in the middle of the screen. This is called the "central topic." Then supporting ideas, referred to as "main topics" are added in a clockwise fashion, starting at the 1 o'clock position. From the main topics, you can branch off to subtopics.
Once you get the hang of it, editing and enhancing the original mind map become second nature. You drag and drop topics if you want to move them around. You use colors and icons to make maps more visually striking. It is even possible to create hyperlinks to documents, spreadsheets and Web pages so that they are available from right within the map.
So how can mind mapping software help you enhance your practice? As it turns out, the possibilities are limited only by your own imagination and creativity. Let's look at some examples of how advisors are currently using mind maps in their practices.
A number of firms are using mind maps as a client education tool. For example, Mark Farrell, a CFP and director of advanced planning at McLean Asset Management Corp., says: "We use mind mapping during the initial client meeting, and our clients love it." Farrell's firm gathers a client's financial data, asks about other advisors, finds out what forms of communication the client prefers, and inquires about the client's interests, values, objectives and family relationships. The firm then presents this information in the form of a mind map to a client to confirm that all the information is correct. Although some of these mind maps can be quite detailed and complex, the vital information all fits on a single sheet of paper. Bradley Bofford, a CLU and ChFC and a managing partner at Financial Principles LLC, does something similar. He "essentially maps out the client's entire financial life," he says, into a mind map he calls "The Total Client Profile." "Clients have found this to be very helpful and eye opening," he says.
Jamie Milne, a CFP and CDFA at Milne Financial Planning, uses mind maps to take notes during client meetings. Janet Tyler Johnson, a CFP licensee at JATAJ Wealth Advisors Network, suggests that note-taking may be the best application of mind mapping for the typical advisor. "Mind mapping is a better method of capturing and retaining information than traditional linear note-taking," she says. "Mind mapping leads to better retention."
Johnson, perhaps the most advanced proponent of mind mapping in the financial planning community, uses the three questions from George Kinder's book The Seven Stages of Money Maturity to create an interactive coaching session for clients using mind maps: These questions are: 1) You win $100 million in the lottery. What would you do with the money? What would you change in your life? What would you do differently? 2) If you knew you had only five years left to live, what would you change in your life? 3) If you found you had only 24 hours left to live, what would you regret not having done, regret not having had, or regret not having been in your life? As you quickly find out, mapping responses to these questions helps individuals arrive at their core values. According to Johnson, the results are often the same whether you use the traditional method or the map, but the mind mapping route gets you there more rapidly, and it makes the exercise more comfortable for the client.
Some firms use mind maps to educate clients about the financial planning process. For example, Holly Gillian Kindel, the director of financial planning at Mosaic Financial Partners Inc., showed me just such a map her firm had created. Mosaic uses this to help clients understand the process and the benefits that it provides. In addition to mapping client data, as Farrell does, Don Patrick, a managing director at Integrated Financial Group, uses mind maps to illustrate estate plans and estate planning concepts to clients.
Mind maps are also being used as part of the customer service process. Gloria Smith, a CFP with Catalyst Wealth Management, has mapped out the annual client review process in detail, which helps her deliver consistent service to all of her clients. Steve Bell, CFP of Steve Bell Financial Planning, uses a mind map for new clients to illustrate and help facilitate the account transfer process.
Others use mind maps to solve personal or business problems. Gary P. Gardner, CFP of LifeWealth Advisors, shared with me his unique approach to mind mapping, which he has termed "strategic mapping.
"Every procedure in our office is mind mapped," Gardner says. "Some of the maps have over 150 steps. Since procedures change over time, we allow employees to edit the procedural maps, but we keep track of who edits what, and the edits are reviewed to ensure accuracy and consistency."
Building on principles that he learned from Dan Sullivan's Strategic Coach Program, Gardner starts with an objective. He then identifies and maps all the obstacles that prevent him from reaching the objective. This allows him to rapidly identify whatever is standing between him and completion of his goal. Next, for each obstacle, action steps are mapped to overcome the obstacle. What results is a road map for successfully reaching his objective. "Strategic mapping is a breakthrough that has greatly enhanced my productivity" he says.
Having mastered the technique for his office and himself, Gardner now has clients use it too, when appropriate. One challenge many firms face now is creating work flows that they can program into their CRM software in order to automate multi-action tasks such as establishing new client relationships, annual reviews, and the like. Johnson suggests that you use mind maps to visualize the work flows before entering them into your CRM software. "Many work flows are not linear, and you are not going to get them right on the first try," she says. The more complex the process, the more helpful mind mapping software is likely to be.
Mind maps are ideal for staff meetings and brainstorming sessions. Ideas can flow freely during a conversation, and those taking notes can capture the main thoughts and ideas. Once these are recorded, the focus can shift to one or more of the ideas, and participants can drill down to fill in the details. Mind maps also work well for constructing organizational charts, job descriptions, internal to-do lists, client to-do lists and much more. In addition, mind maps seem appropriate for the construction and maintenance of manuals, including the procedure manual, the corporate benefits manual, the compliance manual and the disaster recovery manual.
So what about software? According to an informal and unscientific survey I performed, it appears that MindManager Pro from Mindjet LLC is the most popular mind mapping software among planners. The current version of the application, MindManager Pro 7.0, is compatible with both Windows XP and Windows Vista. Mindjet also offers a "lite" Windows version and a Mac version.
MindManager Pro 7.0 sports a new user interface, one that closely mirrors that of Microsoft Office 2007. The "ribbon" at the top of the screen provides access to all of the program's features, with tabs dividing the various commands and functions based on the task being performed. For example, the "tools" tab includes the following functions: map templates, map styles, a timer, a "start brainstorming" tool and links to the learning center, a help menu and online support.
While there are many good desktop mind-mapping applications available, MindManager Pro 7.0 looks to be an excellent choice for a number of reasons. First, Mindjet already has a large following with close to one million users, including 85 of the Fortune 100 companies. Mindjet offers training, Webinars and free templates. While it packs a lot of power, almost anyone can master the basics in an hour or two, perhaps less. As you progress, you will find that MindManager Pro allows you to create incredibly rich and complex maps, should you need to. In addition, it allows you to print mind maps to the Web, export maps to Microsoft Office applications (Word and PowerPoint), display Excel spreadsheets within a mind map and export maps to Microsoft Project.
Those who want to start off slowly with mind mapping or those who are interested in collaborating with mind maps over the Web might want to check out some of the newer online mind mapping applications. I have not done a comprehensive review of online mind mapping applications, but three that look intriguing to me are bubble.us (http://bubbl.us/), Mind 42 beta (http://mind42.com/) and WiseMapping beta (http://wisemapping.com/c/home.htm).
All three are free and they all allow you to collaborate with others online. Mind42 allows you to import maps from both MindManager and FreeMind, while WiseMapping allows imports from FreeMind only. Bubble.us can export to XML, HTML, PNG and JPEG formats, while Mind42 exports to MindManager, FreeMind and RTF and WiseMapping exports to FreeMind, PDF, PNG and JPEG. All allow you to publish your maps by URL.
Mind mapping software is clearly a tool that is being used successfully by a number of advisors. The flexibility of mind maps means that almost any advisory firm can benefit from trying them. With a street price of roughly $300, MindManager Pro 7.0 seems like a bargain considering all that it can do. If you want to try MindManager Pro 7 before you buy, a fully functional 21-day demo version is available here: http://www.mindjet.com/us/download/.
If you are on a tight budget or interested in collaboration, or if you want to try an easy-to-use mind mapping application, consider giving one of the free online applications a try. Whatever avenue you take, I'm sure you will find that mind mapping can enhance your practice and perhaps your life as well.