Financial advisors have traditionally relied on referrals and word of mouth to bring in new clients. This can work really well especially if you’re working for an established firm. But if you’re just starting out on your own, you’ll need to build and develop your own brand so that you can set yourself apart from your competitors.
Why You Need to Develop a Good Brand
Making a name for yourself as a new financial advisor practice is hard and takes a lot of time.
It’s especially difficult in the beginning stages because people don’t know who you are, and your reputation and experience are still unknown.
You simply can’t rely on referrals and word of mouth to bring new business in. You’ll have to do a lot of cold calling and networking before you can build up a client base that can sustain your operations.
It’s much easier to do all this if you have great branding to back you up. Branding lets you craft a story for your company and gives it a deeper meaning behind its existence. Even if you’re operating as a solo advisor, having a nice brand name can even the playing field and allows you to compete on the same level as your much larger competitors.
Good Branding Helps With First Impressions
A well thought out branding strategy ensures that your website and all your marketing collateral can clearly present what makes your financial advisory practice unique.
If you do get people to pay attention to your pitch, they’ll eventually want to learn more about you and your business. If they go online and all they see is a generic-looking website with your name on it, you’re not giving them any compelling reasons to sign up with you.
You need a unique brand name and a logo that can accurately represent your company values. When people see that you’ve put some thought into your branding, your credibility goes up. It will give your prospects and potential clients the impression that you’ve got a solid plan for success and you’re not one who leaves anything to chance.
Makes Marketing Easier
A well-crafted brand will help your marketing efforts immensely. One of the major benefits a good brand can provide is that it makes your business easier to remember.
Your logo and your brand are the first things that people will associate with your firm. When you think of your favorite brands, you don’t usually think about who’s behind it, but rather what the brand name means to you at what it stands for.
It’s hard to make people feel emotional about a financial advisor brand that’s just named after its founders or managing partners. This only works for firms that have built their reputation in their respective communities over decades.
With a well thought out brand name and a professional logo, people can better relate to what you’re trying to accomplish as a company. If you want to make your brand easily relatable, you can use brand archetypes during the brainstorming and development process.
Great branding also makes it easier to catch people’s attention which makes them more receptive to what you have to say. You can easily add your logo and/or brand name to all the marketing materials you put out so that people will know that your company is behind it. You just need to remember to be consistent with your brand image, which includes your visual identity and your messaging, so that you can easily build up awareness and recognition for your brand.