Choosing the name of your new RIA is "like getting married"

Coming up with a new name, especially for a newly established RIA, can be a gruelling process. It’s no easy feat, either. Just ask any parent who had to go through an agonizing time to name a child.

The name of your firm is also a critical component to the business. Monish Verma, founding partner and CEO of Vardhan Wealth Management, a Summit Financial firm, asserts it has to exemplify who the advisor and the firm is at a value core basis.

“It has to have your morals included. It has to signify your integrity, and it has to signify what you're willing to do for people,” he noted.

Creating a new name for the RIA is an important and exciting component of the process, Verma said, “to go from a wirehouse where you have their identity to now having your own identity. This is an opportunity for you to really create something special. You should really pursue it.”

“Picking a name is like getting married,” said Peter Krull, partner and director of sustainable investing of Earth Equity Advisors. “It's something that you're going to be linked up with for a long time.

Verma’s journey to come up with the name “Vardhan Wealth Management", was a collaborative one, he admits, as it involved his family, his team, and even his clients. He began by reflecting deeply on the core elements he wanted his brand to embody, things like integrity, honesty, and a connection to his Indian roots.

"I wanted to make sure the brand represented not only me as a person, but as would we add other advisors to the brand and grow, it could be a brand that people can get behind and be proud of and have some heritage behind it," Verma said.

After extensive research and multiple iterations, the name "Vardhan" emerged as the clear choice. In Sanskrit, "Vardhan" means "prosperity”, a term that resonated deeply with Verma's cultural background and his aspirations for his firm.

Krull, on the other hand, originally started with Krull and Company in 2004. While functional, this initial name failed to capture the essence of the firm's mission and values.

"Krull and Company isn't exactly descriptive," Krull admits. "It was just my name, and that was about it."

In 2017, they embarked on a collaborative naming process, gathering the entire team around a whiteboard to brainstorm ideas around “green” and “sustainability”.

Krull explained that landing on Earth Equity helped when the team focused on conveying their “why”, which was heavily influenced by Simon Sinek’s “Start with Why”.

“Our why is because we care about the people around us, we care about where we're going as a society, and we care about the planet,” he explains. “We believe that the only way, from a financial perspective, to make change and to make things better is through how you invest your money.”

Eric Roberge, founder of Beyond Your Hammock, breaks down and explains the name of his firm.

"'Beyond' captures the idea of going past the norm, past what's expected, even past your own limitations or limiting beliefs," he says. "When it comes to wealth management, we also want to go beyond traditional financial planning. We want more than to just get our clients to a specific end goal or even retirement. 

"'Your hammock' represents a state of relaxation and ease. We want to push hard for big goals, while also ensuring we actually enjoy the process of and journey to securing what’s most important in our lives," he added.

Krull emphasized that while everyone knows what a financial advisor does and how they do it, the true differentiator lies in understanding the firm's underlying purpose and motivation.

Andrew Evans, CEO and founder of Rossby Financial, highlighted he loves the term “blue ocean”.

Using the phrase “calm blue ocean,” he and his team tracked what makes a calm, blue ocean and the weather factors associated with that. They started with water, which led to boats and waves, which led to turbulence.

“There's turbulence in water. There's turbulence in air. Turbulence makes journeys rough to deal with but in all areas, we can navigate around turbulence. Not 100 percent, but we can navigate around it,” he explained.

“So how do we do that? What's the technology? … All that led us all the way back in time to a gentleman by the name of Carl Rossby, who is essentially the godfather of modern-day meteorology,” said Evans.

Ultimately, new RIAs should take good care and not be in a hurry to find a meaningful name that will carry through the ages.

“A meaningful name should encapsulate the essence of your mission and values while being adaptable to change,” said Charlie Rocco, managing partner at Moneco Advisors. “It should resonate with your target audience, evoke trust, and convey a sense of professionalism.”

A go-to resource

Here’s an easy 6-step process to drill down on a name for your potential new firm, according to Verma and Krull.

1. Get a paper or iPad and start by identifying the core values, mission, and identity you want your brand to represent. Write down key words and concepts that are important to you.
2. Involve your team, family, and even clients in the naming process. If you can afford it, get a brand specialist. Someone who knows you and is in your community. Get their input and feedback to ensure the name resonates with the people who matter most.
3. Be unique. Research potential names to ensure they don't have any unintended cultural, linguistic or trademark issues. Make sure the name is easy to pronounce and remember.
4. Consider incorporating elements of your personal or professional background into the name. This can help make the name more meaningful and memorable.
5. Be willing to go through multiple iterations and versions before landing on the final name. After all, Verma's team went through 18 different options before settling on "Vardhan Wealth Management."
6. Remember that your brand name represents you and your firm, even when you're not present. Put in the time and effort to create a name you can be truly proud of.