Establishing Your Brand as an Independent Advisor

Whether youre thinking about going independent or have already made the decision to leave the wirehouse, youre likely considering all the steps needed to make this transition a successful one. Of course, there will be much uncertainty as you step out on your ownbut there will also be plenty of opportunity. Its your chance to make a name for yourself and tell your brand story for the very first time. An effective and true story will help you retain existing clients, as well as attract your target audience. It will need to include why you do what you do, whom you do it for, and how your new partner firm will support your business and your clients.

So, how do you put it all together? A good place to start is with the very basics of your breakaway brand story.

Back to the Basics

There are a few important elements youll need to craft a good brand story. Weve broken down the major areas that will help you build an effective one that reflects you and what your business stands for.

What do you want your brand to be? The financial services industry is built on servicing clients needs. Its not surprising, then, that your brand encompasses you, your clients, and your prospects.

• Identify your specialty. One reason youre considering independence is you are confident you can make this move a successful one. In turn, this confidence likely comes from the skill set you bring to the table. Dig deep and think not only about who you are, what you do, and why you do it, but also about your overriding philosophy on being a financial advisor.
• Define your target audience. Think about your current clientele and the specific niches you hope to reach. Do you want to grow your pool of high-net-worth clients with complex planning needs? Or perhaps your target is the next-gen investor who is focused on ESG investing. When you clearly define who you want to reach, its that much easier to write your story.
• Pinpoint that audiences needs. Of course, your audiences needs may be quite diverse (e.g., legacy planning, student loan debt management, retirement planning). But whatever they may be, they should be addressed in your brand story. Clients and prospects alike want to be assured you understand those needsand have the technology, knowledge, and flexibility to satisfy them.

Whats in a name? As you enter veritable sea of independent advisory firms, select a firm name that separates you from your wirehouse. You may want to think twice, however, before using your own name as the firm moniker.

Advisors who choose to include their names often find this choice to be limiting. Would a seasoned advisor join your firm if only your name were on the door? What happens when youre ready to retire? These are the long-term questions you should consider as you brainstorm name ideas. Further, think twice before using the all-too-common capital management, partners, and wealth management. When youre trying to stand out from the crowd (and in Google searches), a generic firm name just wont do.

Instead, focus on the story you want your firm name to tell. For many, the intrinsic qualities or values a firm embodies are reflected in the firms mission statement. Do you consider yourself agile, cutting-edge, and independent? Are you focused on client relationships, community, and service? Or does your sense of place define you (in which case you might include a geographic or natural landmark as part of the name)? Whatever you choose, be sure to test it out with those who know you best to ensure that youve hit the mark in terms of the message youre trying to convey.

How do you market yourself? Last, but certainly not least, youll need to use all of the various vehicles for getting your story out there. Word of mouth cant be dismissed, as you are the ultimate steward of your brand. There are also the standard print materials that carry your name and company information to consider, including stationery, business cards, and informational brochures. But if youre looking to focus your efforts, there are three areas you may want to start with:

• Intelligent website design. An easy-to-use, compelling website should move your target audience to action. It is one of the most effective ways to communicate your brand and establish yourself as a resource, explaining your strengths, ideal clients, service and investment offerings, and overall approach to doing business. Remember, your social media presence can help increase visitors to your site, but its the content you include there that will keep them interested and help convert prospects into clients.
• Bio. Hand in hand with your website is your bio. The bio page is regularly the best-performing page on an advisors website, so craft yours with care. The goal is to make a positive first impression; a good bio often includes what you do, who you are (if youre getting personal, youre doing it right), and career achievements, as well as a photo that is both professional and personable.
• Social media. If youre not active on social media, many clients simply wont be able to find you. As part of a wirehouse, your use of social media may have been limited or restricted. But as an independent advisor, youll likely enjoy a far greater breadth of use. You will find that Facebook, Twitter, LinkedIn, and Instagram can all be powerful brand boostersas long as theyre used correctly. So find a firm that can guide you toward best practices, such as thinking before you post, being aware of who follows and likes you, and sharing content (e.g., blog posts youve written or industry insights) that engages readers and drives them to your website.

Are You Ready?

Theres no doubt that telling your brand story is an exciting step on the road to independence. But when added to the list of other concerns (compensation, client retention, and technology, just to name a few), it can be a daunting prospect.

So take a deep breath and think about all you have to gain. Youll be your own boss. Youll have more control over how your clients and prospects see you. And youll have the chance to tell your own brand storythe way you want to tell it. Weve given you the steps to help get you started. So, are you ready?

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This post originally appeared on Insights, a blogauthored by subject-matter experts at Commonwealth Financial Network, Member FINRA/SIPC, a Registered Investment Adviser.

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