The 5-step branding process for new RIAs

Just like the name of your new RIA, the brand is the next most critical aspect of the firm. After all, it’s your lasting first impression to your esteemed fellow colleagues and prospective clients.

Dr. Preston Cherry, founder and president of Concurrent Financial Planning, says the process begins with asking oneself about the brand's purpose and philosophy and “figuring out how it helps people progress with their financial journey.”

“People must feel that your brand uniquely speaks to them. The outcome will produce a brand that communicates value, connection, engagement, advocacy, and trust with the ideal audience you want to serve,” he says.

After developing and finalizing on the new firm’s name, the next step of the process is often coming up with a logo and slogan. Cherry highlighted the slogan and the logo are extensions of the philosophy and should speak about the firm’s embedded value added “and why people should connect with you and commit to following your services.”

“When I created the Life Money Balance slogan, I wanted people to immediately engage with the feelings and financial aspects of their wealth management journey to live the life they want through financial advice and education, answering the question of "how do I use my wealth to fund my aspired well-being?” added Cherry.

Jamie Clark, founder of Ruby Pebble Financial Planning, asserts having a well-defined brand is essential to differentiate themselves and attract the right clients.

"Having good branding really helps to cement who you are and what you stand for," says Clark. "It's how you stand out from other firms, especially when you're a small practice."

When launching their RIA, Clark worked closely with a branding specialist to develop a name, logo, and messaging that aligned with their personal values and the type of clients they wanted to serve.

The result was "Ruby Pebble Financial Planning," a brand that evokes cohesion and a holistic approach to financial planning.

"It was really important to me that the branding represented who I am and the clients I want to work with," Clark explains. "I didn't want the typical imagery of older white people that you see on so many advisor websites." I

Instead, their brand speaks to their focus on helping clients "enable living life on their own terms" - whether that means pursuing non-traditional goals or finding financial freedom outside the traditional path, like not getting married or not having kids.

Ruby Pebble’s logo is seemingly on brand, featuring "three pebbles, or stones that fit together perfectly in a circular shape, which indicates cohesion and parts fitting into a whole plan,” explains Clark.

For Mike Davis, founder of Legs Financial, his philosophy is embodied in the firm’s simple yet impactful logo, a capital “L” with a script “F”, and its tagline "Lifting Families, Looking Forward, Living Free."

He explains that the logo's clean design mirrors his own approach, while the slogan's three-part structure reinforces his mission.

“I wanted people to see me as a helper, to know that families are very important to me, and to understand that financial planning isn't just about the numbers, but about creating experiences," he says.

Carla Adams, founder of Ametrine Wealth, explains the name and brand of her firm was inspired by the Ametrine gemstone, which symbolizes peace, calm, and balance.

Adams came up with most of the branding herself, including the logo and slogan, she explains, which feature purple and yellow, representing amethyst and citrine.

She emphasizes the importance of having consistency in messaging across platforms on social media.

At the end of the day, when it comes to having an effective brand or marketing strategy, Adams advises new RIAs to define their vision, which will help them stand out from competitors, and maintain clear, non-judgmental communication.

“People are often intimidated to do something different than what other people are doing out there,” she says. “But if you do the same thing as what other people are doing, then you're not going to stand out.”

“Be clear on what you do, who you work with, who you don't work with, and focus on what your long-term decision is,” she added.

A 5-step branding process

Deidre Childs, director of marketing at Moneco Advisors, highlights a 5-step branding process for new RIAs to consider:

1. Understand and define your firm's core values, authenticity, and unique identity. This should be the foundation of your brand.
2. Carefully consider how to visually and verbally represent your firm's expertise, capabilities, and client focus through your logo, color palette, tagline, and other brand elements.
3. Ensure there is a clear, cohesive connection between your firm's name, logo, and tagline that conveys your expertise and what you can offer clients.
4. Make your brand transportable and shareable, so your firm's essence and quality can be easily communicated by anyone representing the firm.
5. Be willing to evolve your brand over time as your firm grows and changes but maintain the core elements that authentically reflect your identity and capabilities.