From Employee to Entrepreneur with Catalyst Advisory Founder Steven Bowles

Steven Bowles didn’t take the typical path to entrepreneurship. After spending nearly a decade in sales and business development, he found his calling in wealth transfer planning and life insurance advisory services. For seven years, he worked inside a family office advisory group, gaining invaluable experience helping ultra-high-net-worth families structure their finances, protect their assets, and transfer wealth across generations.

Today, Steven runs an independent life insurance advisory firm that specializes in advanced wealth transfer planning for high-net-worth families, business owners, and investors. In this interview, Steven shares his journey from employee to entrepreneur and the challenges he faces running an independent advisory.

Tell us about yourself and your business.

I’m Steven Bowles, founder of Catalyst Advisory. Before starting my own business, I spent seven years working inside a family office advisory group. That experience was incredible because I got to see how the wealthiest families structure their finances, protect their assets, and transfer wealth across generations. 

Catalyst Advisory, founded in 2022, is an independent advisory group that specializes in advanced planning for high-net-worth families, business owners, and investors. I serve entrepreneurs, real estate investors, private equity investors, CEOs, CFOs, and business owners who typically have a net worth of $15 million and above. What makes Catalyst unique is that we take the best practices I learned from working with ultra-high-net-worth families and make them accessible to a broader range of successful individuals and families.

I’m a Chartered Life Underwriter (CLU®), and my approach is completely independent. I’m not tied to any particular insurance company, which allows me to provide truly objective advice and find the best solutions for each client’s specific situation.

How does your business make money?

Catalyst Advisory generates revenue primarily through life insurance commissions and advisory fees for advanced planning strategies. When we design and implement life insurance policies for our clients, we receive compensation from the insurance carriers. 

For our more complex advanced planning engagements, estate planning coordination, and comprehensive wealth transfer planning, we also charge advisory fees for our strategic consultation and coordination services.

We also provide business protection services, including buy-sell agreement design and funding, key person insurance, and succession planning, which generate both advisory fees and insurance commissions.

What was your inspiration for starting the business?

I noticed a clear gap in the market while working in the family office space. Most private banks and wealth management firms focus heavily on liquid, investable assets. But many successful people build their wealth through businesses and real estate. They’re asset-rich but may not have a lot of liquidity. These families were falling through the cracks. Also, families who are incredibly successful but not quite at the level traditionally served by family offices were clearly being overlooked.

I realized I could take the best practices I’d learned from working with ultra-high-net-worth families and apply them to this broader market. 

The final push came when my employer had to suddenly close its doors. That was the push I needed to take that leap and go out on my own.

How and when did you launch the business?

I launched Catalyst Advisory in the fall of 2022, though the groundwork had been laid for years leading up to that. I had been wanting to start my own business at some point, but I thought that was still a few years away. Then, when my employer went out of business, I decided to give it a shot.

How is the business funded?

I funded the startup costs myself, which were relatively modest since this is primarily a service-based business. The main initial expenses were legal and regulatory setup, technology infrastructure, basic marketing materials, and working capital to sustain operations until income began flowing.

In the life insurance and financial services industry, once you have the proper licenses and credentials, the barriers to entry aren’t massive from a capital standpoint. The real investment is in building expertise, relationships, and trust, which I’d been developing for years.

How did you find your first few clients or customers?

My first clients came primarily through my existing network and relationships I’d built over my years in the industry. Having worked in the family office space for seven years, I had developed relationships with attorneys, CPAs, and other advisors who knew my work and capabilities.

When I launched Catalyst, many of these trusted advisors began referring clients who needed the specific expertise I offered.

Another key source was referrals from existing clients. In this industry, word of mouth is incredibly powerful. When you successfully solve complex problems for one family or business owner, they often have peers facing similar challenges.

What was your first year in business like?

It was a lot of fun, but going out on my own was also a bit intimidating. Since I launched with existing relationships and credibility in the market, I wasn’t starting completely from scratch. I was able to generate revenue within the first few months, which was crucial for maintaining cash flow and confidence.

The learning curve was steep in terms of running all aspects of a business, from operations and compliance to marketing and business development. But having that previous decade of experience in financial services gave me a solid foundation.

What strategies did you use to grow the business?

My growth strategy has been built around:

Strategic Networking: I’m very intentional about building relationships with complementary professionals, including estate planning attorneys, CPAs, wealth management advisors, and business brokers. 

Niche Expertise: Rather than trying to be everything to everyone, I’ve focused on developing deep expertise in specific areas like premium finance life insurance, advanced estate planning, and business protection strategies. 

Results-Driven Approach: I focus on delivering exceptional results for clients, which generates organic referrals. 

What was the biggest challenge you had to overcome?

The biggest challenge has been learning to wear every hat in the business. In my previous role at the family office, I was focused primarily on my core expertise, advanced planning and client relationships. Other people and teams handled marketing, operations, compliance, technology, and other aspects of the business. When I launched Catalyst as essentially a solo operation, I was responsible for everything.

Although I don’t have any employees, I do hire contractors for help with things like managing underwriting, carrier contracting, CRM, the website and advertising. This allows me to focus more of my time on what I do best, but I’m still ultimately responsible for all aspects of the business.

What have been the most significant keys to your business’s success?

Independence: Being truly independent and not tied to any particular insurance company or product has been crucial. Clients trust that my recommendations are based solely on what’s best for their situation, not what generates the highest commission for me.

Deep Expertise: The seven years I spent in the family office space gave me excellent experience. I’ve seen how the ultra-wealthy structure their affairs, and I can bring those best practices to a broader market.

Relationship-Focused Approach: This business is built on trust and long-term relationships.

Network of Specialists: I’ve built relationships with top-tier attorneys, CPAs, and other specialists. Clients benefit from this curated network of experts, and these professionals become referral sources.

Tell us about your team.

Currently, Catalyst Advisory is primarily a solo practice, with an outsourced back office.  I work closely with a network of specialists and strategic partners. This allows me to maintain the high-touch, personalized service that high-net-worth clients expect while keeping overhead manageable.

I do work with contractors and freelancers for specific functions. This gives me flexibility to scale resources up or down based on business needs without the fixed costs of full-time employees.

What makes my “team” unique is the curated network of specialists I’ve developed relationships with. When a client situation requires expertise beyond my scope, I can bring in the right specialist seamlessly.

What is the most important lesson you’ve learned growing the business?

The most important lesson I’ve learned is that success in this business is built on trust, and trust is earned through competence, consistency, and genuine care for client outcomes.

I’ve also learned the power of saying “no” when appropriate. Not every opportunity is the right fit, and not every potential client is someone I can serve effectively. Being selective and focusing on situations where I can add the most value has led to better outcomes for everyone involved.

What separates your business from your competitors?

Family Office Experience: My seven years working exclusively with ultra-high-net-worth families in a family office setting give me insights that most advisors in this market simply don’t have. I’ve seen how the wealthiest families structure their affairs and can bring those best practices to a broader market.

True Independence: Unlike many advisors who are captive to specific insurance companies or broker-dealers, I’m completely independent. This allows me to access the entire market and make recommendations based purely on what’s best for the client.

Comprehensive Approach: Rather than just selling life insurance policies, I coordinate estate planning, wealth transfer strategies, and asset protection. I work closely with clients’ existing advisors to ensure everything fits together seamlessly.

What are your future plans for the business?

My vision for Catalyst Advisory is to build a multi-generational business that continues to serve high-net-worth families with the highest level of expertise and integrity.

Ultimately, my goal is to build something that can be passed on to my sons someday. I want Catalyst to be known as a firm that not only delivers exceptional technical expertise but also operates with the highest ethical standards and genuine care for client success.