Naming your practice

“If it doesn’t reflect your business, it’s not a good name,” Heft says. “The brand is the promise of what you’re going to provide.”

Here are four steps to keep in mind when settling on a name:

1. Check with your firm
Consult your dealer regarding any rules it has on naming a practice. Many firms prefer that financial advisors name their practices after themselves, and use the firm’s marketing material as a part of their branding, Heft says.

So, if you are Sara Jones, your practice might be the Jones Group; any brochures or e-newsletters you produce will integrate your firm’s logo, colours and message.

Each firm has its own policy, so it is best to get in touch before making any decisions.

2. Choose between your own name and a concept
If you are an independent advisor or your firm has given you leeway in this matter, you might have the option of naming your practice after yourself or using a more creative image or phrase to represent your business.

There are pros and cons to each option.

If you have a strong name and a great reputation in the community, connecting your name to the business can work in your favour. The downside is that a business named after yourself might be more difficult to sell when you are ready to retire.

Using a name based on an idea, such as “Eagle Eye Planning,” may illustrate a strong image that you feel represents your practice. However, it is important to examine whether the concept you choose may become dated over time.

3. Consider long-term implications
Shortsightedness is a common problem among advisors naming their practices, Heft says. Be sure to consider how appropriate that name will be in years to come.

For example, if you want to establish a community-oriented atmosphere by naming your practice after your neighbourhood or your street, that could work — as long as you know you will not be moving your business.

Another common mistake is having a name that indicates a specific service, such as “Jackson Insurance Services.”

Think about the potential growth of your practice, Heft says. You might begin with insurance but expand into mutual finds, financial planning and wealth management.

“As you broaden your service offering,” Heft says, “you don’t want your name to restrict it or to keep changing.”

Changing your name is not out of the question, he adds, but sticking to a consistent message is best.

4. Ask for feedback
Get input on your potential business names, from team members or from friends. They can help you brainstorm or at least bring a third-party opinion on whether the name you like really reflects your business and is easy to say.