Help me think of a name for a financial coaching business

[Hannah]

Due to his health issues, Dh and I have made the momentous decision to retire early from our corporate jobs.  I've been in this world for thirty years so the thought is terrifying!

Last year I completed an advanced certificate in financial coaching through a local university and I will be starting a financial coaching business as an encore career.

The client and I would delve into their money mindset, goals, and so forth and how to change behaviour to make their financial plans happen.

 So, the first thing to decide is on a name. What would you call it?  And the tagline?  

 

 

Edited August 31 by Hannah
Fixing auto correct typos

[Ottakee]

Not sure on a name but there is a huge need for fiduciary fee only hourly financial advisors.   I had to research a lot to find one.

Will you also be doing investing advice without doing AUM fees?   Like  advising they put their ROTH funds mostly in x type and taxable into y type?  And figuring out a risk tolerance?

I meet with my financial guy once or twice a year and pay an hourly rate to make sure I am on target for investment types, savings rates, tax implications, etc.

[Hannah]

34 minutes ago, Ottakee said:

Not sure on a name but there is a huge need for fiduciary fee only hourly financial advisors.   I had to research a lot to find one.

Will you also be doing investing advice without doing AUM fees?   Like  advising they put their ROTH funds mostly in x type and taxable into y type?  And figuring out a risk tolerance?

I meet with my financial guy once or twice a year and pay an hourly rate to make sure I am on target for investment types, savings rates, tax implications, etc.

I'm not in the USA, so not sure about the fee structures you have, but I will be charging an hourly rate. 

I will not be selling any financial products or investments. 

The initial process explores a client's emotions and beliefs about money. This also includes their risk appetitive.  Then we look at goals and whether their current financial plans are aligned with those goals and what needs to change to achieve this.  Debt reduction, saving for retirement, etc.  Then what vehicles might be suitable for their needs.  I would refer them to a tax consultant for specific requirements.

ETA: The focus of financial coaching is on the psychology of money rather than just the numbers.  I do offer a visual representation of the components of their budget, graphs to show how savings will grow and be used in retirement, etc.

Edited August 31 by Hannah
Typos

[Beth S]

One common name is "Last-Name-Of-Advisor Wealth Management".

Consider getting some certifications. 
My db and his wife did something similar to your plan (recently & successfully), and took the AIF exam.

As I look at his company's webpage, it emphasizes a personal connection with the clients.

I think this is a great idea!

ETA = I don't know enough to advise you!

Edited August 31 by Beth S

[Hannah]

28 minutes ago, Beth S said:

One common name is "Last-Name-Of-Advisor Wealth Management".

Consider getting some certifications. 
My db and his wife did something similar to your plan (recently & successfully), and took the AIF exam.

As I look at his company's webpage, it emphasizes a personal connection with the clients.

I think this is a great idea!

ETA = I don't know enough to advise you!

You have me thinking about the difference between Wealth Management and what I plan to do.  It will have to be very clear when I start marketing.    

Here, Wealth Managers do a financial analysis for the client, but they earn their fees as a commission on the products or investments they sell.  I will not be selling any products. 

My business is to guide and educate about money psychology and financial practices .  I guess a mixture of Dave Ramsey and Ramit Sethi with personal accountability added in.

 

[Ottakee]

36 minutes ago, Hannah said:

I'm not in the USA, so not sure about the fee structures you have, but I will be charging an hourly rate. 

I will not be selling any financial products or investments. 

The initial process explores a client's emotions and beliefs about money. This also includes their risk appetitive.  Then we look at goals and whether their current financial plans are aligned with those goals and what needs to change to achieve this.  Debt reduction, saving for retirement, etc.  Then what vehicles might be suitable for their needs.  I would refer them to a tax consultant for specific requirements.

ETA: The focus of financial coaching is on the psychology of money rather than just the numbers.  I do offer a visual representation of the components of their budget, graphs to show how savings will grow and be used in retirement, etc.

That will be an awesome service.

here is the US many/most advisors charge an AUM fee (asset under management) of 1-2% of the total assets.   Over years and decades that fee can eat up 20-50% of the profits the person could have earned.

[Hannah]

32 minutes ago, Ottakee said:

That will be an awesome service.

here is the US many/most advisors charge an AUM fee (asset under management) of 1-2% of the total assets.   Over years and decades that fee can eat up 20-50% of the profits the person could have earned.

It's the same here.  Even if you invest directly with a fund, you still need to do the homework on historic growth, hidden fees, etc.  It becomes hard to navigate.

[wintermom]

It sounds really exciting! I know very little about this sector, however it seems like joining an umbrella company to help people find you might be useful at the beginning of this journey. Once you have built up a client base, you could go independent. 

However, if through you and your dh's previous careers you already have potential or current clients, then go for it. Name-wise, it's probably good to include your last name + descriptor of what you will do that people will recognize. Then you'll have to ensure that no one else is using that name. Will you actually do the investing of funds, or simply coach/educator your clients? If so, perhaps using terms something like "Hannah Financial Coaching: Building financial security through education." This is too long, but you get the idea.

[Hannah]

30 minutes ago, wintermom said:

It sounds really exciting! I know very little about this sector, however it seems like joining an umbrella company to help people find you might be useful at the beginning of this journey. Once you have built up a client base, you could go independent. 

However, if through you and your dh's previous careers you already have potential or current clients, then go for it. Name-wise, it's probably good to include your last name + descriptor of what you will do that people will recognize. Then you'll have to ensure that no one else is using that name. Will you actually do the investing of funds, or simply coach/educator your clients? If so, perhaps using terms something like "Hannah Financial Coaching: Building financial security through education." This is too long, but you get the idea.

Having Financial Coaching in the name is a good idea.

[Beth S]

I know my db and his wife are bound by very specific ethical/legal boundaries with Financial Advising.

And if you are familiar with Dave Ramsey, our nephew is a "Ramsey Certified Financial Coach".
I have no idea what that involves, but again, it helps to have some credentials.

Agreeing with PP that you somehow need to differentiate yourself from "financial advising".

Another option (to draw people)  is just to host those Dave Ramsey Seminars in your region. 
I think it's called Financial Peace University.

[wintermom]

29 minutes ago, Hannah said:

Having Financial Coaching in the name is a good idea.

I think so, but I'd also be unsure about what 'financial coaching' actually means. That's why a second-line descriptor would work well for me. 

[Frances]

1 hour ago, Beth S said:

I know my db and his wife are bound by very specific ethical/legal boundaries with Financial Advising.

And if you are familiar with Dave Ramsey, our nephew is a "Ramsey Certified Financial Coach".
I have no idea what that involves, but again, it helps to have some credentials.

Agreeing with PP that you somehow need to differentiate yourself from "financial advising".

Another option (to draw people)  is just to host those Dave Ramsey Seminars in your region. 
I think it's called Financial Peace University.

It depends on the credentials. The OP mentioned she is certified. Personally, I would never go to anyone with certification from Dave Ramsey. That would be a huge red flag for me.

[prairiewindmomma]

Here there is a certification designation CFP (certified financial planner). Many professionals will use that designation in their advertising. Same with the word “fiduciary”.

I’d do some strong market research in your area and see how you can both differentiate yourself and also advertise yourself. Most people will google a term to look for someone if they arent getting a personal referral or they will look for certified members listed in a professional registry of licenses. You are going to need a digital presence, and it makes sense to kind of match your local market.  
 

 

 

[prairiewindmomma]

Agreeing above that key terms for me would be:

fee-only 

fiduciary

certified financial planner 

 

 

[Hannah]

1 hour ago, prairiewindmomma said:

Here there is a certification designation CFP (certified financial planner). Many professionals will use that designation in their advertising. Same with the word “fiduciary”.

I’d do some strong market research in your area and see how you can both differentiate yourself and also advertise yourself. Most people will google a term to look for someone if they arent getting a personal referral or they will look for certified members listed in a professional registry of licenses. You are going to need a digital presence, and it makes sense to kind of match your local market.  
 

 

 

You get CFP certification here too.  The university where I did my Financial Coaching Certificate also offers the CFP course in the same department.  We were the first cohort for the Financial Coaching Certificate, which was the first offered in the country, so it's all new territory.  Most of my classmates are CFP's that wanted to add the coaching to their credentials.  I was planning to do CFP, but I want to focus more on the coaching and literacy.

Even though I've not launched the business, I've had two referrals from a classmate who is a wealth manager.  She incorporates a bit of coaching, but her clients wanted more than she offers.  My practicum clients were word-of-mouth and I could tap into that network.  I've also been asked to present a financial literacy seminar at a local small business, and that can also be something to pursue.  It all needs to be tested and I'm fortunate that I won't have to rely on the business as my primary source of income, so there will be opportunity for a bit of trial and error.

My website is in the process of being built. I'm not sure yet if it is worth the effort of weekly updates and content required to maintain a Facebook or Instagram page. 

 

[wintermom]

1 hour ago, Hannah said:

You get CFP certification here too.  The university where I did my Financial Coaching Certificate also offers the CFP course in the same department.  We were the first cohort for the Financial Coaching Certificate, which was the first offered in the country, so it's all new territory.  Most of my classmates are CFP's that wanted to add the coaching to their credentials.  I was planning to do CFP, but I want to focus more on the coaching and literacy.

Even though I've not launched the business, I've had two referrals from a classmate who is a wealth manager.  She incorporates a bit of coaching, but her clients wanted more than she offers.  My practicum clients were word-of-mouth and I could tap into that network.  I've also been asked to present a financial literacy seminar at a local small business, and that can also be something to pursue.  It all needs to be tested and I'm fortunate that I won't have to rely on the business as my primary source of income, so there will be opportunity for a bit of trial and error.

My website is in the process of being built. I'm not sure yet if it is worth the effort of weekly updates and content required to maintain a Facebook or Instagram page. 

 

This all sounds really exciting! I hope your business launch goes really well! I wasn't aware of the 'financial coaching certification' program, and as it's new, you will likely be doing some awareness and education while building up your client base. Referrals will be wonderful, too. It sounds like you are already building your network reach, too. All the best!!

[Hannah]

7 hours ago, wintermom said:

This all sounds really exciting! I hope your business launch goes really well! I wasn't aware of the 'financial coaching certification' program, and as it's new, you will likely be doing some awareness and education while building up your client base. Referrals will be wonderful, too. It sounds like you are already building your network reach, too. All the best!!

Thank you!! I’m excited.

[Bootsie]

I would try something along the lines of Financial Fitness or Budget Builders, with a tag line of "making financial plans happen"

[Rosie_0801]

Would 'Careful' in the name attract the right kind of clients?

[gstharr]

I do not recommend naming your firm Dewey, Cheathem and Howe.

[prairiewindmomma]

2 hours ago, gstharr said:

I do not recommend naming your firm Dewey, Cheathem and Howe.

or Grabbit and Runne

[Hannah]

Many of the names that I was considering like LifeVision Financial Coaching, Balanced Life.. Prosperous Life.. [very common last name] Financial Coaching, etc have been taken. Is “I Owe It to Me Financial Coaching” too cheesy?

[DawnM]

On 8/31/2024 at 12:03 PM, Beth S said:

I know my db and his wife are bound by very specific ethical/legal boundaries with Financial Advising.

And if you are familiar with Dave Ramsey, our nephew is a "Ramsey Certified Financial Coach".
I have no idea what that involves, but again, it helps to have some credentials.

Agreeing with PP that you somehow need to differentiate yourself from "financial advising".

Another option (to draw people)  is just to host those Dave Ramsey Seminars in your region. 
I think it's called Financial Peace University.

My husband and I taught Crown Financial at our church for a few years.   There is no charge to participants, so the person leading it makes no money off of it, it is volunteer.   A friend of ours took Dave Ramsey at her church and it was structured the same.   You pay for the materials, but not the actual course.

[Hannah]

What do you think of “Empowered Choices Financial Coaching”

[DawnM]

I am looking at local financial services for ideas.

Many of them call themselves Financial Consultants or Financial Services or Financial Group or Financial Advisor rather than Wealth Management.   But some do say Wealth Management.   I kind of like the term Financial Solutions.

Most of them have a name in front of the above names.....so Smith Financial Consultants or First Financial Services or Houston Financial.   But it sounds like you want more of the coaching aspect for your business?   

I would keep it really simple though, so it is easy to remember.   A name like Thrive or Freedom.   One word, maybe two.

[Hannah]

Accountability Financial Coaching?

[Rosie_0801]

3 minutes ago, Hannah said:

Accountability Financial Coaching?

That sounds a bit scolding, I think.

Empowered Choices sounds safer.

[Hannah]

Just now, Rosie_0801 said:

That sounds a bit scolding, I think.

Empowered Choices sounds safer.

It does to me as well. This name thing is tough!! Every name I thought of has a website already! Empowered Choices hasn’t come up in google, so a contender.

[Hannah]

Own It Financial Coaching. 
What does that bring up for you?

[Rosie_0801]

2 minutes ago, Hannah said:

Own It Financial Coaching. 
What does that bring up for you?

Judgy

[Hannah]

8 minutes ago, Rosie_0801 said:

Judgy

Empowered Choices is still the front runner.  😀

Edited September 2 by Hannah

[wintermom]

I loved the TV program "The Frugal Gourmet."  I'd remember a company with the name frugal in it, such as "Frugal Financial Coaching." I'm a niche market, though. 😅

Edited September 2 by wintermom