Over the course of their careers, many advisors find themselves going through a branding or rebranding process more than once. Sometimes it’s because they’re taking on a partner and launching a new name; they might be breaking away from a broker-dealer and going independent; and other times it’s because they’re in the final 10-15 years before retirement and they want to create an identity that’s more attractive to a wider market.

 

Whatever the reason for a rebrand, naming your financial practice is a big decision.

 

The moniker you choose will be used in just about all your company’s collateral (on your business cards, your website, social media profiles, email signature, etc.), and it’s how clients will come to recognize your brand for years to come. You’ll use it when you introduce yourself, and your clients will say it to their friends and family every time they refer you to someone.

 

So naturally, you want it to be good great.

 

Yet it is this very desire for greatness that sometimes sends advisors down a frustrating path.

 

Why Some Advisors Get Frustrated When Trying to Choose a Name for Their Practice

Let’s pivot for a moment and talk about your brand story.

 

Your brand story is incredibly important. It tells people why you do what you do, how you’re different, how you can help them, and why they should trust you. It’s one of the foundational elements of your brand, and it’s the emotive powerhouse that inspires people to reach out to you once they’ve been referred to you. Your story (all of which should be told on your website) should bleed into the content on your social media, in your pitch deck, and even in your spoken language.

 

But (contrary to popular belief) it does not have to influence your company name.

 

Your name is only a few words, so it’s not the right place to tell your brand story. Your name can have meaning; it can tie into your story—but try not to make that a prerequisite before you explore all your options. 

 

A lot of times, advisors and teams get bogged down with the idea that their name needs to tell part of their story. They want it to reflect the difference they make in people’s lives or the special way they approach the planning process.

 

And while a meaningful name is cool, it’s not necessary. In fact, sometimes looking for a meaningful name that’s also available from a trademark, competitor, and domain standpoint just makes it a lot more challenging to find one.

 

So consider all your options before you get caught in a (very well-intentioned yet potentially frustrating) rabbit hole in your search for a name. Maybe your name doesn’t have to have a super-inspired backstory or clever explanation. Maybe it’s just something you love that people will remember and repeat for generations.    

 

There are lots of different name types, and no one is better than the other. Here are some examples to get your wheels turning:  

 

Types of Business Names

Name-Names

Example: Smith & Jones Financial Group

 

Classic and simple. The preferred style of attorneys, CPAs, and many financial professionals. A Name-Name could come from your last name, middle name, maiden name, initials—anything that involves your name.

 

While at first highly personal, these name types can also evolve into some of the most well-known and iconic brands. Think Ford, Chanel, Johnson & Johnson, Harley-Davidson, Hermès—they were just names. Now they are symbols.

 

Location Names

Example: Main Street Financial Group

 

Another classically simple approach is to name your business for its location (or even a location that’s just meaningful to you). That could be a street name, city, beachfront, anything. We have several clients who have taken this approach, and it works well. Oh, and there’s our agency—Lawton Marketing Group (known as LMG to our entire team and many of our clients).

 

Some well-known examples include: Kentucky Fried Chicken, American Airlines, Abbey Road Studios, Adobe (named after Adobe Creek in Los Altos, California).

 

Made-Up Names

Example: Veridian Wealth Advisors

 

Some of the most iconic brands have names that mean nothing at all. Rolex, Kodak, Spotify, Oreo, Hulu, Zara—these aren’t even real words. Starbucks, Firestone, Goodyear—they might be comprised of real words, but do they make you think of coffee or tires? (Well, they do now.)

 

Meaningful Names

Example: Marathon Wealth (because wealth management is a marathon, not a sprint)

 

Of course, Name-Names and Location Names can be meaningful, but for our purposes, “Meaningful Names” are those derived solely for their meaning. These names relate to the company’s mission, approach, vision, clients served, or something else relevant to the brand story.

 

Meaningful names have several variations:

• Straightforward (e.g., Dove, a word that evokes purity and peace)
• Translated (e.g., Volkswagen, which is German for “people’s car”)
• Combined (e.g., Netflix = internet + flicks/flix)

 

There are lots of ways to play with meaningful name ideas by combining translated words, using well-known names from history or mythology, including numbers, shortening a real word—there are endless possibilities.

 

Some other well-known examples include:

• Sephora (which, according to Sephora’s X account, is a translated and combined word that comes from the Greek sophus, meaning beauty, and Zipphora, Moses’s wife who was known for her beauty)
• Nike (the Greek goddess of victory)
• Groupon (group + coupon)
• Caterpillar/CAT (named for the way the machines move)
• Cisco (short for San Francisco, where the company was founded)
• Airbnb (a nod to when the company’s founders rented out air mattresses as part of their makeshift bed and breakfast)
• Lego (from the Danish phrase, leg godt, meaning “play well”)

 

Something to note about these very well-known and meaningful names is that most people don’t know what they mean offhand. Some (like Netflix and Airbnb) are relatively self-explanatory, but many of them are memorable simply because the company itself is popular.  

 

Which brings us to a very important point: You bring meaning to your business’s name, not the other way around.

 

Much of the power of a name is simply in its familiarity. So while it’s fun if your company’s name alludes to some special meaning, it’s not essential. Beyond being available from a trademark and domain standpoint and being unique enough that you’re not likely to be confused with a competitor, the most important factors are that your name is:

 

• Easy to say
• Easy to spell
• Sounds good

 

It’s that simple.

 

Need Help Finding a Name?

The concept for developing a name may be simple, but the complete process is not. Once you find some ideas you love, there’s still a lot of vetting to be done. If you want help with your DBA naming process, let us know by clicking the button below. We can help you from brainstorming all the way to finding a good domain, or we can help you vet some name ideas you already have in mind.