How Do We Select a New Name for Our Firm?

Beverly Flaxington is a practice management consultant. She answers questions from advisors facing human resource issues. To submit yours, email us here.

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Dear Bev,

We are changing the name of our firm. We have recently acquired a couple of individual advisors who had run practices using their own names. Our firm was originally named for the downtown street where we had our office when we were founded almost 30 years ago. We have since moved and the new partners have no association with our original name.

We realize it is a big process – changing everything. But we are very excited about the chance to work together to bring about a collaborative approach with our new partners.

What’s the best way to go about doing this? Are there names we should definitely stay away from in our search? Some team members are getting out of the box and I’m not sure our clients (who are mostly in or near retirement) would like high-tech-sounding names. I’m also not sure if we should be wealth management, financial planning, life planning or simply “advisory,” which is what our firm is now.