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Advisors aren’t half as boring as their firm names convey. Read this article, and rename your firm using the process described.
Fear versus creativity
Fear of being different kills creativity, and that’s why advisors sound so boring.
You can present the craziest thing out there – literally the craziest way you could ever think of representing yourself – and if you show it to enough people, somebody will like it. A lot of people won’t, but some will.
Who cares about the haters?
For the 50th time, if you want to have a brand that commands a competitive advantage, you have to stop wanting everybody to like you. You have to stop wanting to be all things to all people. It’s okay to lose some prospects; it’s the sacrifice you make in order to make a statement about being a specialist who exclusively works with a certain type of client.
Why are you foregoing those people who will be like HECK YEAH GIMME MORE in favor of “passing” with everyone? Why is it so important that everybody loves you? Why do you care about where you stand in the minds of those who will immediately forget you?
Stop talking over yourself. Don’t let the inner voice interfere with your creativity. Just write the words down on a piece of paper. Nobody is going to hurt you, okay?
What you can’t include in your new name
Let’s start off with a list of words you cannot include:
- River
- Mountain
- Lake
- Your initials
- Your first and/or last name
- Ocean
- Valley
- Stream
- Plains
- Tree
- Leaf
- Hill
- Bridge
- Peak
- Summit
- Black
- Brown
- Red
- Blue
- White
- Silver
- Gold
- Wealth
- Value
- Green
“Green Blue River Ocean Valley Wealth Management” is not viable, advisors! You are all very environmentally sensitive, but can we forget about the nature names?
And the ordinary color names. You can include a color, but it can’t be a basic color. It can be an unusual color like amaranth, cochineal, quercitron, etc.
Let’s get started! Here’s a three-step process for renaming your firm.
- Declutter and free the mind for creativity
Follow these rules.
- You want people to get what you do, so the words “investment management,” “wealth management,” “wealth,” or “advisors” have to be in the title.
- It should be no longer than three words. Shorter names are catchier, just ask Madonna, Shakira, Eminem, or Prince.
- Use one- or two-syllable words to avoid sounding clunky.
- Make a list
Answer these questions:
- Which celebrity would most of your clients love being on a webinar with? What words describe that person?
- My closest clients are the biggest bunch of ____ers.
- There’s nothing that makes my clients happier than when I ____ them.
- What is the one thing you wish you could tell/ask your clients, but can’t?
Did you notice something strange?
I asked questions that describe your clients, not you! Unlike what every single marketing consultant says, the brand is not about you. It’s about them. Because the point of your brand is to get people to interact with it, not to show off how great you are. Intriguing! I know, this is the opposite of what everyone else tells you!
To quote from my ebook:
THEM NOT YOU
THEM NOT YOU
THeM nOt YoU
them not you
(them not you)
Ellos no tu (in spanish)
Loro no lei (in italian)
So, write down the words that come to mind when you answer those questions. Freely scribble words down, then write any word associated with them, and keep scribbling until you have nothing more to write.
Pick the best ones and add the words “wealth management” to the end.
Sitting down in front of a blank computer screen is too much pressure. Do it when you’re sitting around the dinner table with your spouse, friends, or family. Maybe even after a sip of brandy or two.
Whatever you do, do not consult your marketing person on this. This is of critical importance. Marketing people are notorious for a lack of creativity (contrary to what they want you to believe) and in fact they propagate most of the cliches that people like me loathe. They will suggest, “Green Blue River Ocean Valley Wealth Management.”
Does anyone have kids? If you have kids, grandchildren, nieces, nephews, or if you live near an elementary school, go ask them about this. I’ll save you the $5,000 – a 5 year old will do it for free and do a better job.
Re-rank the names to put the bad candidates at the bottom, but you have to leave them on the page. No erasing or crossing out because it interferes with creativity.
- Marinate
Let it sit for a few days, and then revisit the list. It’ll sound different when you stop thinking about it and hear it afresh.
Once you have a finalist, create a client-review team. Get three clients who will tell you the honest truth about the name you come up with and ask them about it before you move forward with the formal rebrand.
Show this to someone who you know will criticize it. You know how you always have that one person who is unafraid to be negative? They’re highly useful in this scenario. You want to hear the downside before you move forward. If you hear the negative comments and still like the name, you know you’ve found a winner.
Sara’s upshot
If you want me to consult with you on your name, send me an email.
If you are open to nontraditional ideas about how to market yourself on social media, my membership and ebook may be worth a glance.
Sara Grillo, CFA, is a marketing consultant who helps investment management, financial planning, and RIA firms fight the tendency to scatter meaningless clichés on their prospects and bore them as a result. Prior to launching her own firm, she was a financial advisor.
Read more articles by Sara Grillo
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
