Branding

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Mar 22, 2006 6:49 pm

Are you indies out there branding yourselves with your own name, a company name, or your b/ds name? I'm undecided on how to do this as I plan my upcoming change. The appeal of having my "own company" is high, but my fear is lack of name recognition.


Your comments?


CIB


Mar 22, 2006 8:00 pm

I would recommend using a company name, separate from the B/D's name. That way in the future, you could change B/D's, take on or get rid of partners, or sell the business. And you could make these changes without having to change the name.


It's true that name recognition might be a problem, at first. But, over time, the flexibility to make changes to your company B/D, personnel, potential partner(s), etc. without changing the company name everytime will pay-off. At least, that's the way I approached it.

Mar 22, 2006 9:51 pm
CIBforeveryone:

Are you indies out there branding yourselves with your own name, a company name, or your b/ds name? I'm undecided on how to do this as I plan my upcoming change. The appeal of having my "own company" is high, but my fear is lack of name recognition.


Your comments?


CIB



I read the following at a small vineyard that produced an unbelievable cab. franc


Branding is for cattle

Mar 23, 2006 10:35 am

It is a two edged sword.  I am like Doberman, branding my business, but the name recognition of a known B/D is a plus.  As an independent using a DBA you also have to include the broker dealer information on any advertising and letterhead etc.  I just doesn't have to be as prominent as your own business name.


I tell my clients and prospects something like this:  "This is the broker dealer that I use to obtain access to the markets and investments and explain that I am NOT an employee of the BD but rather the BD works for me.  I then go on to explain that my DBA name covers all of my other services including the investment services.  I offer more than just investments (annuities, life insurance, long term care, health) and shortly will be able to offer fee based services and financial planning.  Because my practice is so diverse the DBA name is more representative of what I do."    This discussion is also a good way to introduce those other products and services.  You will be surprised at how people are surprised that you do more than just stocks and mutual funds.


Yes, the BD is a good name and I am more than satisfied with my working relationship with them.   However, if I should decide to change broker dealers my clients would not see it as such a big change, since they are doing business with ME and not the broker dealer. The business name I have chosen for myself is permanent.


Mar 23, 2006 12:17 pm

I use my name for my business_


Stokwiz financial services (I use my last name in lieu of Stokwiz.)


Ever hear of Edelman Financial Services? If not, Google it.


Ric has over a billion dollars under management. When I went indi 12 years ago I read about him and it makes alot of sense to use your name. Also, LLC yourself



It lends credibility when people know they're dealing with the head honcho. Also change bd's with no problems, etc.


Stok

Mar 23, 2006 6:17 pm

Great Beard Stokwiz... maybe you should cut that off!

Mar 23, 2006 6:19 pm

Sorry for the cheapshot! Otherwise, I will say you have a very interesting and informative site. I am sure your business is phenomenal.

Mar 23, 2006 8:31 pm

I don't think it matters all that much.  Some folks do---while others do not.  I think it's a personal preference and what one feels comfortable doing.  Clients' for the most part don't care.  As you know, I have my own DBA.  But, I don't think it has made any differnce so far. 


It does initially generate some additional confusion and some extra explaining to certain clients.  Some clients needed reassurance that I was backed by a b/d while others were even more excited for me that I was on truly my own with my own DBA.  They sent more referrals as a result I believe.


As I said, I think it's a wash--but go with your gut.  And you can always change down the road if you like.  Remember, it's your business!