Monday, 14 January 2013

Commission V's Fee Based Working

Faced with the challenge of transitioning from commission to fee based working, more and more financial planners are turning to mind mapping to help. A mind map is a visual way of capturing and presenting information, that helps people to gain clarity and understanding on any topic.

For financial planners it helps them clearly illustrate to the client the range of work carried out on their behalf, allowing transparency on why the fee is being charged. The map of services becomes a template for a meeting that enables the planner to explore the client’s current financial situation, where they want to be and how they will get there.

For the session to be a success it must engage clients in the process; effective facilitation and management when using the map can ensure the session is interactive, keeps the client visually engaged and results in a financial plan that is understood and identifies opportunities for both parties.

One Company who have been using MindGenius mind mapping software and the technique for years is Wheaton Wealth Management in Wheaton, Illinois. They developed and have been using the 4 Quadrant, Insight map approach, and Rob O’Dell of Wheaton, believes using their Insight Map is a client centric way of working, helping them to facilitate engaging discovery style sessions with the client. They work their way through “Family Matters,” “Legacy Preservation,” “Planning,” and “Investments.” Rob believes that seeing the map on the screen with all of the quadrants makes it clear the extent of the work the agency does.  Rob has said that “MindGenius and mind mapping has been a game changer for Wheaton Wealth Partners.  Almost every exchange--internally and with our clients--is conducted using a map, from compliance and marketing to strategy, and client on-boarding.  The real magic in mind mapping is in using MindGenius interactively with our clients. We have found that this more intimate and innovative experience with clients has meant our client on boarding ratio is extremely high and our retention even higher. For Wheaton Wealth Partners, mind mapping is truly a win-win.”  

Mind mapping could be used as a way to show the range of services and value you are providing, helping you to justify your fees, and as a way to engage clients in the financial planning process. 

Try mapping with a 30 day free trial at, or view this short video on a Discovery style financial planning session.  

All of these maps and more are available on If you are not a member of, you will need to join first before you can download the maps. Joining is free and will only take a couple of minutes.

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