Naming Your Financial Planning or Wealth Management Firm
- Starting a new firm?
- Rebranding your existing company?
- Need help with a practice name or a team name?
Use my Name Brainstorming Exercise below
Choosing a name for your new or re-branded financial planning and wealth management firm can be a challenge. I am Suzanne Muusers, Business Coach to successful advisors. I have helped hundreds of advisors rebrand, create a new name for their company, and find solutions to their branding concerns.
My Brainstorming Exercise below will help you come up with business name ideas, give you some good company name tips, and help you create a great name for your practice!
These days it’s important to secure your domain name at the same time that you come up with the business name. I use www.godaddy.com to find out if a domain is available, but there are many other sites. The best names for financial firms have 3-4 words. These days it may take four words to find a name that also has a domain name (dot com) available.
Motivational Words or Nature Words
In the Brainstorming Exercise below I have provided a list of money/motivation words and a list of nature words. Some of my clients prefer to name their business using motivational words that coordinate with money. Other clients prefer to use words that convey a natural meaning. Take a look at both and decide what works for you. Finding good names for a financial company takes creativity and a little work. Good luck!
Once you’ve selected a business name, then it’s time to brand your business. Branding is how you build credibility in the marketplace.
Step 1. Brainstorming
• Print out this page.
• Circle words that appeal to you in the second column below -see the Brainstorming Exercise.
• Combine your circled words with helper words from the left and right columns. Then add to the options in the fourth column. To find additional words, use http://thesaurus.com. The best names are 3-4 words and have a nice “ring” to them.
• Come up with a list of ten options for names that appeal to you.
Step 2. Domain Name Availability
• Make sure the domain names are available for the ten names you came up with during brainstorming.
• There’s really no point in considering any name if it is not available with a dot com because your firm may be confused with another firm and you want to keep your brand distinctive.
• Put your list away and sleep on it for a day or two.
Step 3. Ask for Feedback
• Ask only one or two key people (clients, center of influence) their opinions (if you ask too many people, they may get their feelings hurt if you don’t go with their suggestions).
• Ask your staff what they think.
• What sounds the best to you? What name personifies your firm’s values?
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Step 4. Make a Decision
• Which name is going to help you be more successful, attract your ideal clients, and grow your firm?
Step 5. Make it Official
• Make sure no other firm has your name – do a Trademark search on the federal government web site: http://www.uspto.gov/main/trademarks.htm
• Secure the domain name
• Follow the steps your tax advisor suggests to create your legal entity.
• Start the process to set up your name with your broker dealer and any other firms or authorities.
Step 6. Naming your practice after yourself – pros and cons
• There are many reasons why you should NOT name your business after yourself. It’s important to think long-term with the big picture of where you want your business to be in 5-10 years. If you’re not sure about this AND you’re interested in hiring ME to help you brand and grow your business, I’d be happy to discuss this with you. (I do not, however, work on small projects).
Step 7. Create your Branding and Marketing Strategy
Ask yourself these questions:
• What is your money philosophy or message?
• Are you coming from the right brain or left brain?
• What do you want to be known for?
• What concepts do you want to share?
• What are the results clients will achieve by working with you?
Money / Motivation Words
Naming your company is a process that requires great thought and understanding. Take the time to really understand the consequences of this decision and how it impacts your Business Plan, your brand, and your long-term success.
AVOID COLOR MISTAKES! READ:
When you work with me you will have access to my Private Client Website with my Brand Coaching Program exercises and examples from many successful advisors I have worked with since 2004. You will shave years off your learning curve, saving you time and money!