A name is one of the most critical (and also most overlooked) factors in starting or rebranding your advisory firm. There are a number of considerations to take into account before you decide on your firm's name. According to a recent article in ThinkAdvisor, some of those considerations include:
- Financial advisors need to differentiate themselves. Building a strong brand is important. A name is a relatively low-cost marketing expense with a potentially high impact. It will make marketing more effective and last for the length of the company. So getting it right upfront makes a lot of sense.
- Founder's name versus an original name for a financial advisory. It can make it harder or, at least, complicate things if and when you exit the company. You could have trouble selling the company because it is named after you.
- Names too similar to competitors. If you use a name that is identical or too similar to another company that is providing similar goods and services, the competitor can take legal action to make you stop using that name.
- Brand strategy. Names that sound like financial advisory firms or names that sound completely different will help you stand out. The name includes the ideas you want to convey through the name. Part of that is looking at competitors' names and understanding how you can stand out.
- Standing out. If you are trying to do things differently and want that to be clear to your customers and prospects, you can be a little less conservative and come up with a name that will help you be seen as cutting-edge and breaking the mold.
- Social media. In today's world, a name that allows you to own the same name on different social media platforms is beneficial. Shorter names are better than those that take up too many characters in a tweet or are too long to tweet.
- Can people easily pronounce it, read it, and spell it. You have to have a name that strikes the balance: simple, easy to spell, easy to pronounce but also distinctive and stands out from the crowd.
As you can see, naming or rebranding your financial advisory firm may be one of the most important decisions of your business. Spend the time and resources necessary to develop a name to last for the ages.
Financial Advisor Transitions consults advisors nationwide to explore employment transition options and to preserve and protect their practice in any transition that they make.
