Wednesday, 14 July 2010

Coyle Asset Management using MindGenius for Financial Planning Services

In the current economic climate it is vital to keep on top of finances but even with the help of Financial Advisers, it can be difficult for the average person to develop understanding on how any financial assets fit together and what the data actually means for them.

Coyle Asset Management, based in Glenview, Il, has provided financial counsel to families since 1972. Their team of 17 professionals helps families achieve their priorities and to navigate changes and transitions in their lives.

Their offering is quite distinct in the Financial Services arena, they aim to help families become educated themselves and gain perspective on their finances with many clients expressing that Coyle’s services have helped them connect their finances with their personal and family lives for the first time.

They have used MindGenius for 4 years within their firm, with their financial planning clients & their back office staff for working out processes and working on projects. Gary Klaben, Financial Advisor/Owner of Coyle believes MindGenius helps set Coyle apart from other Financial planning offerings and they always get a “wow” response from their clients when they use MindGenius to show the overall structure of a client's family & wealth estate. The map format allows them to tangibly illustrate various finance, estate, tax, legal, accounting, real estate & other financial areas in an easy to understand format.


Fig 1 - Section of sample Financial Planning map.
Please click on image for full screen view


The key benefits of working this way are it’s easy for clients to understand their financial information and it’s also easy for other advisors/ and others involved in managing the information to understand the complexity, how it’s all connected, and who's involved. Clients are also given a printed map to take home with them so they can keep a record of their information for reference in a format that is clear and logical.

Their belief in MindGenius is so strong, that they became MindGenius affiliates 9 months ago and have made a success of this through promoting MindGenius to their clients via their intellectual capital company, Protinus. Protinus clients are financial advisors who do the same activities & provide similar services as Coyle Asset Management. They go to Coyle for training which takes the form of a one day workshop and teaches the “Mind Map Illustrator™” process with the ultimate goal being for the attendees to be able to apply what they have learned.

The Mind Map Illustrator™ is a process by which greater value is delivered to their clients through clearer communication and enhanced capabilities. Attendees are given a road map to assist them with implementing the plan to reinvent their firm and obstacles to changing to this new process are quickly eliminated as their colleagues quickly see the benefits the technique can bring. Workshop participants receive hands on practical experience which help achieve these goals and implement the Mind Map Illustrator™ process as soon as they return to the office.

The response has been impressive with much positive feedback. In one workshop, using mind maps as a review of a client case, Coyle discovered a major error on a client’s beneficiary designation that otherwise would not have been caught.

Traditionally, they would have used the Microsoft suite of tools, portfolio software, financial planning software or investment management software, combined with many different printouts of these to explain a client's account. Not only was this more time consuming to produce, the format wasn’t as easy to understand. The mind map allows the client to see the associations and once you have associations then you have connections and once you have connections then you have memory.

Gary Klaben, the Owner of Coyle Asset Management believes that:

“MindGenius has enabled us to provide a new level of clarity for clients, clients can now see all of their financial assets by looking at their individual Master Map we create. This process has also helped our back office to organize all of the relevant information & to process it.

Most importantly, MindGenius acts as a self teaching tool for staff to understand complex financial, estate, and tax strategies.”


Kim Frank, Complexity Manager said:

“I selected MindGenius as our mind mapping software because of how easy it is to learn the basics. Within 10 minutes our workshop participants are off and creating their first mind map. The software is intuitive and “falls away” so that you can focus on creating and not thinking about how do I do this.”

Find out more about Coyle Asset Management at http://www.coyleasset.com/

Have you used MindGenius for financial planning? How have you found it?

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