How Wealth Management And Wealthtech Firms Can Avoid Elon Musk’s Rebranding Mistakes

It’s been less than a week since Elon Musk changed the name of Twitter to X and tweets to xeets but the early read on the rebranding has so far been more of a punchline than a celebration. It didn’t have to be this way and wealth management firms and wealthtechs looking to rebrand for the next phase of their business can learn from — and avoid — Musk’s mistakes.

Rebrandings are not uncommon in the business world. Sure, there are the many that made the transition to distance themselves from scandal: Valeant Pharmaceutical became Bausch Health in 2018 following drug price-hiking controversies while Philip Morris became Altria in 2003 to de-emphasize its association with tobacco. But many rebrandings are a reflection of changing times. Weight Watchers switched WW in 2018 to place greater emphasis on its new tagline “Wellness that Works” versus a focus on the scale while Dunkin’ Donuts became just Dunkin that same year, as beverages became a greater portion of its revenue.