Waddell & Reed Financial Advisors Menu

4 elements of creating a DBA

Share

As an independent financial advisor, you can brand your business as you choose, whether that is utilizing your firm’s established brand, your own unique brand through the creation of a DBA, or a co-branding approach. A DBA (Doing Business As) is a business name used to market your practice. For example: Sunshine Financial Group.

Creating a DBA is done through a streamlined four-step process:

  1. Choosing your DBA name - Naming your business is often the hardest part and should be done with the future of your business in mind. It includes:
    • Finding a name that is creative and unique to you and your business, does not infringe on another business name and is without regulatory concerns.
    • Consulting the Practice Development Team to identify strategies to help you create a name and for direction to stay within regulatory guidelines.
  2. Conducting your research – Researching your name is an important step to protect yourself and your business. Consider the following:
    • Do preliminary research on your own before consulting your Practice Development Team for guidance and resources.
    • Explore the trademarking process, including benefits and hurdles, and determine whether that is a good decision for your business.
    • An attorney specializing in copyright and trademark law can help you understand the level of risk associated with your chosen name.
  3. Establishing your DBA – Once you’ve thoroughly researched your name:
    • Obtain the required legal registrations, whether you are forming a legal business entity or simply filing the DBA name with your local government. An attorney can help with any legal processes.
    • Complete a questionnaire to formally declare your DBA and assign titles for everyone involved.
    • Consult the Practice Development Team for guidance through requirements and best practices for building your brand.
  4. Marketing your DBA – Creating a brand is the main purpose for forming a DBA. Marketing that brand involves:
    • Finalizing your marketing materials prior to your official launch.
    • Developing a prioritized branding timeline and communication plan.
    • Taking the time to write your story, update your business’s look and feel, reinvigorate your team and share with your clients.
    • Maintaining brand consistency across all client- and public-facing communications.
    • Meeting with the Practice Development Team to ask questions, discuss policies and look at examples from other DBAs.