Every advisor has a turning point in their career.
It can be a passive event, such as when they are presented with an option and need to determine which path to take.
Or a more proactive one, such as seeing the proverbial handwriting on the wall and realizing it’s a sign that they may need to make a change.
For Evan Mayer, there were several such moments. And as he shares, “All things happen for a reason.”
He started in the bank channel, intending to transition to a financial advisor role someday. Yet time passed, and he was offered the option of becoming a bank manager for Bank of America. So he had a decision to make: Stay the course or take the path.
Yet as fate would have it, an advisor position became available, and he stayed with the bank, BankAtlantic, until the next juncture. That came in 2012 when Evan transitioned to SunTrust, which became Truist after a merger with BB&T in 2019, one of the biggest bank acquisitions of its time.
“That was a lightbulb moment,” Evan said.
Driven to do more for his clients but limited by the bank model, Evan wanted to be able to share educational information and market to clients and prospects freely.
Taking a proactive stance, he explored his options. Evan decided to launch Fortuna Wealth in Boca Raton, FL with Raymond James, and he hasn’t looked back since—perhaps only to recognize he’s grown his business from $180mm in assets under management in 2019 to over $600mm today as an independent firm.
Evan shares his incredible journey with Louis, including:
- The key differences between working in a bank channel and being an independent advisor—and how the different features of each influenced his business;
- The secrets behind his extraordinary growth—and what he could do in independence that he could not in the bank channel;
- The process of transitioning from a bank model to an independent practice at Raymond James—and what impact he saw on portability;
- The ability to market creatively—and how having a popular podcast drives his bottom line; and
- Life as a CEO—and how it differs from being an employee.
Many advisors get their start in the bank channel and find a pathway to growth. But for some, the model becomes too limiting. For Evan, it was a realization that changed his business life: He was missing out on the things he could do for his clients and the business. But by making a change, Evan could do everything he wanted and then some.
It’s an episode that reminds us to be aware of the messages around us—they often hold the key to finding our best business lives.