Evan Savarick started investing when he was just 10 years old.
Savarick’s father opened up a custodian account in his son’s name and helped him invest his birthday and holiday money, giving him first-hand experience with picking stocks.
“My dad helped me figure it out,” says Savarick, a wealth manager at Morgan Stanley. “I remember him saying, ‘You’re going to have to tell me why these companies are going to do well in the future.’”
While he doesn’t recall the specifics, Savarick is sure he made a well-diversified investment with the five companies he picked.
This was one of the many lessons his father would teach him about financial planning.
A FAMILY TEAM
Savarick, 30, says he is starting his fourth year as an adviser, while his father, Roy, has been a financial planner for 38 years. The two work on a team with Evan’s brother Matthew, who has been in the industry for six years.
The team, operating in Fort Lauderdale and New York, has just north of $100 million in AUM, according to Savarick.
Savarick did, at one point, toy with the idea of avoiding the family business and becoming a psychologist. However, when he was in college, he gave finance a chance and took an internship with his father, who was working at what was then Smith Barney.
“I saw how appreciative the clients were. This could actually be a helping profession; it’s not just about making money,” Savarick says. “Watching clients come in and seeing that they were very happy and appreciative that he helped them with their finances kind of steered me away from psychology.”
BEYOND INVESTMENT ADVICE
However, Savarick didn’t stray too far away from the field. He credits his father with teaching him that, when it comes to being an adviser, it’s not just about investment advice.
“I didn’t come in with the understanding of what a client’s fears are, what they really are looking for, and that was the biggest lesson I learned from [my dad] in the beginning,” Savarick says.
While Savarick says he “couldn’t pass up the opportunity to work with family,” he admits that conflict and disagreements are inevitable.
“I think it’s for the better. When we disagree, it pushes us to have an in-depth conversation to prove our point,” he says. “We don’t get angry with each other, but there are times when we disagree. But I think that’s what motivates me to do more analysis.”
Doing more research, even after hours, is something Savarick also inherited from his father.
“I remember on weekends going in with him, always talking about investments,” Savarick says. “Ever since I was a kid, I was always excited about [investing].”
Savarick adds that he always thought managing investments would be his favorite part of the job. But, ultimately, the highlight has been working with his father.
“He always jokes he’s going to work another 30 years,” says Savarick of his father, who is now 70 years old. No matter how long they work together, Savarick says he’s looking forward to continuing what his father started.