PBºN Episode - 28

Summary

This podcast features an interview with Jeff Atwater, a prominent figure in Florida's banking and public service sectors. Atwater, a lifelong Floridian, discusses his journey from a banking career to serving in various political roles, including Florida's Chief Financial Officer (CFO). He shares insights into his family life, mentors, and the challenges and achievements during his public service. The discussion also covers Florida's financial landscape, economic challenges, and strategies for growth and resiliency.

Key Topics

• Background and Upbringing: Jeff Atwater is a lifelong Floridian, moving to North Palm Beach in 1965. His father was an FBI agent and WWII pilot, and his mother was an athletic volunteer who taught tennis at the YMCA, instilling values of community involvement and perseverance.

• Family Life: Atwater is married to Carol for 40 years, with four children and three grandchildren, all living within close proximity. He emphasizes family closeness and traditions, including cutting his children's lawns and cooking breakfast for them.

• Banking Career: Atwater's career began in banking, specializing in financing. He valued working with small business owners, understanding their models, and helping them create value.

• Transition to Public Service: His move to public service was driven by a desire to "give back" to his community, starting with the Village Council in North Palm Beach.

• Political Career Highlights:

  • Served on the Village Council in North Palm Beach.

  • Elected to the Florida House and then the Florida Senate.

  • Served as Florida's Chief Financial Officer (CFO) from 2010.

• Challenges as CFO: Faced the economic collapse of 2009-2010, which hit Florida hard due to its revenue streams. His main challenges were:

  • Protecting Florida's credit rating.

  • Creating an environment for capital investment by supporting entrepreneurs and small businesses.

  • Making difficult budgetary decisions, including cutting 25% of General Revenue in 30 months, without raising taxes or increasing debt.

• Combating Insurance Fraud: A significant issue during his CFO tenure. Atwater implemented aggressive measures, collaborating with state attorneys and sheriffs, leading to 7,000 arrests to combat fraudulent claims (e.g., fake car accidents, exaggerated property damage). The goal was to attract private insurance capital back to Florida by ensuring a predictable and fair market.

• Major Accomplishments in Public Service:

  • Worked on K-12 education reforms, including school accountability, school choice, and homeschooling.

  • Committed to fiscal discipline, ensuring state and local governments operate on balanced budgets and deploy resources effectively.

  • Implemented transparency in state contracts, requiring online publication of contracts and outcome-based measurements.

• Current Role: Chair of the Financial Services Group at Ballard Partners. Focuses on advocating for clients and ensuring Florida's policy landscape remains competitive for capital investment and new financial technologies.

• Impact of Public Sector Experience on Current Role: His experience provides a deep understanding of governmental decision-making and fosters professional relationships and friendships that facilitate honest and open dialogue.

• Florida's Financial Challenges and Outlook:

  • Insurance Market: The high cost of property and auto insurance, driven by fraudulent claims, remains a significant challenge. He believes recent legislative efforts will bring rate relief within 12-24 months by attracting more private capital.

  • Economic Stability: Florida's economic outlook is currently good, but Atwater emphasizes the importance of diversifying industries beyond sales tax-dependent sectors like tourism. He credits past governors for efforts in attracting life sciences, financial services, and manufacturing.

  • Resiliency: Florida has significant financial reserves, placing it among the most fiscally disciplined states, which is crucial for responding to natural disasters and economic downturns.

• Advice for Young Professionals:

  • Understand the entire business model and industry you are in.

  • Become "indispensable" to your team by constantly adding value.

  • Invest in building successful teams and developing future leaders.

• Mentors:

  • Colleen Courtney (10th-grade teacher): Encouraged him to lead and believe in himself.

  • Hugh Jones (CEO of Barnett Bank of Jacksonville): Emphasized a broader role in building community and taking responsibility.

  • Mike Strickland (Executive VP at Barnett Bank): Taught the business of banking and encouraged talent development.

  • Jeb Bush (Governor): Admired his boldness, respect for others, and willingness to take criticism while leading.

• Work-Life Balance: Despite a demanding public service career, Atwater prioritized family, ensuring he was present for his children's events. He made conscious efforts to return home from Tallahassee almost every weekend.

• Wife's Role (Carol): Described as the family's anchor, Carol consistently supported his career moves and encouraged him not to quit, famously telling him to "put your tennis shoes on and start going door to door" when he was 30 points down in a Senate race.

• Family Traditions: Focus on collaborative family projects like building a pitcher's mound or playhouses, and regular gatherings for breakfast.

• Legacy: Hopes his legacy is that he invested in and believed in others, fostering an environment where talented individuals can thrive and contribute to the community and their respective enterprises.