Finding a unique company name could be an important step toward setting yourself apart from the thousands of financial advisors across the country.
Because most advisors have similar qualifications — in terms of designations and years’ experience — it’s important to differentiate yourself, says Jeff Malcolm, president of Toronto-based AdvisorBranding. “You want clients to realize that they’re getting the best service ever,” Malcolm says, “and it can often start with a name because it shines through with this unique service you’re offering.”
One option is to simply choose your own name, which has been successful for brands such as Dell Inc., the Walt Disney Co. and the Ford Motor Co., according to Asif Nasim, managing director of Wickware Communications Inc. in Toronto. However, if you want something a little more creative, try out these strategies to find the right company name for your business:
1. Make a list
Chances are the first name that comes to mind won’t be the best option. Take some time to create a list of phrases and words that reflect you and your services. “Think of things like: What are your values? What do you stand for?” Nasim says. Talk to friends and clients to gain their perspective and insights.
2. Search for inspiration
Think about what inspires you. Your company name can come from an inspirational quotation or event in history, mythology or your own life. By choosing something that has personal meaning you can create a name that’s “very real and authentic,” Nasim says.
3. T.W.A.A. (Think twice about acronyms)
Words made up of initials from a name or phrase may seem like a catchy and easy choice for a company name — but chances are your acronym will appear meaningless. “There’s no value there at all if it means nothing to the client,” says Malcolm.
4. Choose a name that will last
As you scan your list of potential names, look for phrases that are timeless. Avoid trendy catchphrases that will seem dated in five years, says Nasim. Instead make sure it’s a name that will still resonate in 15 or 20 years.
5. Add a tagline
Don’t stop at just a name. Even a well-chosen name may not make your range of services or area of expertise immediately obvious to potential clients, Nasim says. Consider adding a tagline to help explain the significance of your name and what you do.
6. Identify your specialization
Look for a name that emphasizes your area of expertise. One of Malcolm’s clients, an advisor who specializes in divorce, named her practice “Thorns and Roses.”
“We want you to appeal to the target market that you’ve chosen,” Malcolm says.
Some advisors may believe a specialized name will limit their client base, but Malcolm disagrees. Specialization makes you distinct, he says, and your clients are likely to refer you to friends looking for those services. “These are the people that need you,” he says, “and will talk about you.”
IE