As discussed last week, Advice Mapping is an important piece in the engagement, the articulation of your value, and the management of your advice clients.
We also pointed out that the first crucial steps for you to implement Advice Mapping are to read up on mind mapping, and realise that current statements of advice should not be regarded as client engagement tools.
Now assuming your firm already has a client fact find questionnaire or financial needs analysis survey, the other steps you need to take to start constructing advice maps for your clients include:
- Aim to produce an Advice Map that your clients understand and don’t need you to interpret. If you produce an Advice Map with terms and products they don’t understand, you’ve missed the point. Your client must be able to comprehend your maps and ‘feel comfortable’ with the jargon and your advice priorities.
- Use your advice map to record the scope of your advice but NOT the detail strategy associated with your advice. The detail strategy, like the pilot’s flight plan, is for your statements of advice. Suffice to say, there’s lots of debate about the detail required regarding strategy on your Advice Map. Our advice is to make the complex as simple as possible.
- Divide your current client needs analysis/client fact find questionnaire into the following seven sections:
- Desired Experiences
- Desired Goals
- Relationships
- Interests
- Process
- Advisers (the client’s current professional advisers)
- Assets/Insurances/Liabilities.
- Build your client’s advice map using a blank A3 piece of paper. Ideally this is done by another person from your firm while you ask the questions. (We also insist that these conversations are recorded because much is missed when relying solely upon memory and writing speed.)
- Once completed in the meeting, get a good piece of mind mapping software (our recommended supplier is www.mindjet.com where you can download a free trial version for a short time) and finish your Advice Map for presentation at your next meeting.
These are the best of times to be doing everything possible to bring greater simplicity to the financial lives of your clients.
If anyone wants to get a sample advice map or is interested in attending a webinar on Advice Mapping, email me at [email protected].