Decades ago, naming your business after yourself was the norm. Whether it was Ford, Kellogg’s, or Disney, it was the easy and logical choice. For those naming or renaming an advisory firm, we’d make the case to go with another option. Here are three reasons why:
- From a recruiting standpoint, other advisors would rather join a firm that isn’t named after you. If you have two advisors and one has their name on the door, the other may feel like they’re taking a backseat.
- When the company is named after you, many clients will want to work directly with you. In some cases this is good, but there are also some clients you’d rather work with your teammates.
- Potential buyers or successors may be less inclined to take over a business that is closely associated with the founder’s personal brand. There’s often a deep emotional attachment that may not transfer easily.
Don’t get upset with us if your name is currently in your company name. Sometimes that just makes sense. After all, our company name is Oechsli. We’ve been around since 1978, have a great reputation, and our name recognition is very helpful. Additionally, ‘Oechsli’ doesn’t immediately come across as a name at first glance; it almost appears to be fabricated. Its uniqueness makes it stand out. Unlike more common surnames like Smith or Williams, its distinctiveness helps it leave a lasting impression.
Over the past year, we’ve had the pleasure of naming and branding numerous firms and we take great pride in finding names that resonate with both the advisor and their target audience. Here are a few we’ve landed on recently:
- Aerial Wealth Advisors – Spearheaded by an Air Force fighter pilot, Aerial Wealth Advisors adopts a comprehensive approach to financial planning, uniquely integrating military precision and strategic foresight into wealth management.
- Frame Wealth – At the heart of Frame Wealth is a pair of advisors whose specialized planning process lays the foundation for all financial decisions. Their meticulous approach ensures a robust framework, guiding clients toward financial security and prosperity.
- TMRW Wealth – TMRW Wealth stands at the forefront of financial advising for the next generation, blending cutting-edge strategies with youthful vigor. Tailored for the forward-thinkers and innovators, this practice redefines wealth management for the modern era.
- Bridgewater Private Wealth – Nestled in a picturesque small town, renowned for its waterways and historic bridges, Bridgewater Private Wealth epitomizes prestige and exclusivity. The firm’s seasoned expertise in wealth management is matched by its commitment to personal service, making it a beacon of financial guidance in a serene setting.
There are several things we take into account when deciding a name:
- Appropriate: The name should align with your target audience and your personality.
- Competition: Avoid names that are overused, but don’t reach too far to be unique.
- Pronunciation: The name should be easy to pronounce for your target audience.
- Memorability: A memorable name helps in branding. Think catchy but not gimmicky.
- Spellability: This is really important for online search and digital marketing.
- Visual Associations: Consider the imagery and emotions the name evokes.
- URL Availability: Check if simple versions of the domain name are available.
- Name Story: Consider a name that relates to the firm’s history, values, or founder.
Sometimes it just comes down to picking a name that “sounds right” to you. Can you imagine yourself calling someone and using that firm name? Can you imagine telling people your firm name at a social function?
For many advisors, renaming is just the starting point. It sets the foundation for rebranding and increased promotion. In almost every case, it offers a breath of fresh air and a renewed sense of enthusiasm.