Rebranding can be part of legacy planning or be used to target a specific type of client.Grindi/iStockPhoto / Getty Images
For many advisors, rebranding is a way to ensure consistent messaging, plan for the future or attract clients aligned with your services.
No matter the reason for overhauling a brand, advisors say approaching this process with clarity is vital – including knowing exactly why a rebrand would benefit both the business and clients, and having a realistic idea about the time commitment and the cost.
Legacy planning was top of mind for Adam Watson, wealth advisor and portfolio manager with Fairway Wealth Management at National Bank Financial Wealth Management in Chatham, Ont., when he and his partners completed the rebrand of their business in 2023.
Formerly the JMRD Watson Wealth Management team, Mr. Watson was concerned about adding and subtracting individual names from the business as the team grew and people retired.
The name Fairway, which refers to both golf and operating in a “fair way” avoids that issue, he says. It’s also simpler and ensures brand longevity.
“It provides the name and the business beyond me, beyond any of us, as we get from 20 to 30 or 40 employees in the future,” he says.
The change also ensures standardization of service for clients across five offices, says Mike Ankers, a wealth advisor and partner on Mr. Watson’s team in London, Ont., who joined just after the rebrand.
“When Adam decides to retire, the clients now know they’re dealing with people who have the same values,” he says. “When you have one consistent brand across, you build everybody in the team to that brand and set the standards accordingly.”
Rebranding, Mr. Watson says, took about a year – including the bank’s risk assessment process, working with a marketing firm, choosing a new logo and changing the branding on everything from statements to social media and sponsored events.
National Bank Financial Wealth Management took care of the regulatory considerations, such as registering the new trade name. The firm permits advisor teams to have a trade name that doesn’t reference their last names, which is often the industry standard.
From a client perspective, Mr. Watson says, his team mentioned the branding change in its weekly e-mail newsletter to clients a month or so before it took effect, including the reasons for the change and how it would benefit clients.
Consistency over messaging
Julie Bredin, managing partner with Market Logics Inc. in Toronto, says timing is crucial for advisors considering a rebrand.
That means making sure you have six months to a year that can be dedicated to going through an audit of how your business is positioned, seeking client feedback and developing an action plan to make your messaging consistent.
“You want to be heavily invested,” she says. “If you want to do a really good job, you want to make sure you do the audit, you want to [do] the questionnaire yourself so that you know what you want to say, defining who you are and committing to that. That whole process, it takes time.”
As Ms. Bredin says, each firm has its own set of branding guidelines that must be adhered to, in terms of consistency of design elements and whether taglines are permitted.
For advisors who have registered trade names, for example, she says it’s common to see a 50/50 visual weight balance between the team’s name and the company logo to indicate the strength of the partnership.
At the same time, she says, “Guidelines allow for the flexibility of advisors to meet specific marketing needs and promote creativity.”
Attracting the ideal client
On the advice-only side, Natasha Knox, certified financial planner and founder of Alaphia Financial Wellness in New Westminster, B.C., chose to overhaul her brand, formerly known as Pax Financial Planning and Education, in 2021. The decision came after an analysis revealed that her existing brand and website weren’t attracting clients aligned with her expertise.
Designing a new logo, a website that communicated her personality, process and services better, and a new name – Alaphia – that’s based on the Yoruba word alaafia, meaning peace, took five months, she says.
As a planner who works mostly with clients on a per-project basis, her rebrand didn’t come with as many considerations as for advisors with a book of business, she says. Ms. Knox announced the changes in her newsletter and on social media. The results, she says, were almost immediate, in terms of engagement.
“Something that was different about the brand is that it has a point of view and it’s not trying to be attractive to everyone,” she says. “It’s designed to be clear for the people that I’m well equipped to serve.”
The realities of rebranding
No matter how an advisor’s business is structured, a brand redesign or refresh isn’t something that should be taken lightly or without clarity about why the changes are necessary. Rebranding often comes at a significant cost – both financially and in terms of the time commitment for everyone involved.
“Beware of that investment – because if it’s for naught, and you don’t have a good reason for it, perhaps other than vanity or something, you’re asking a lot of yourself and your partners,” Mr. Ankers says.
Sign up for the Globe Advisor weekly newsletter for professional financial advisors. For more from Globe Advisor, visit our homepage.