Frank Trotter of Battle Bank - The Inside Story of Online Banking

Apr 15, 2025

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Today on the podcast, Rusty and Robyn are joined by Frank Trotter, President at Battle Bank. Frank Trotter has been involved in the banking business since 1981. In 1998, he became a co-founder of everBank.com, a national direct-to-consumer bank which was acquired by EverBank Financial in 2004. From 1998 through the sale of EverBank Financial Corp to TIAA in 2017, he served in various executive capacities including Chairman of everBank.com, President of EverBank Direct, and Chairman of EverBank Wealth Management. From 1981 through 1997, Frank served Mark Twain Banks in various capacities including Vice President of Commercial Lending, and President of Mark Twain International Markets. In 1986, Frank created the WorldCurrency® deposit product for Mark Twain Banks and operated this business through 1997. In 2000, everBank.com acquired this business from the successor of Mark Twain Banks and operated the product line at EverBank. Frank holds a Bachelor of Arts from St Olaf College in Northfield, Minnesota and an MBA from Washington University in Saint Louis, Missouri.

Key Takeaways

[03:21] - What inspired Frank to pursue his path in banking and financial services?
[04:33] - What drives Frank’s writing and what key messages does he hope to share?
[06:02] - How has Frank’s philosophy on work, leadership and financial services evolved over the years?
[07:09] - What are some of the biggest leadership lessons that Frank has learned from his time with EverBank and Battle Bank?
[08:43] - What is Battle Bank, how does it work and what inspired Frank to found it?
[10:21] - What is the story behind the name of Battle Bank?
[12:32] - What specific problems is Frank hoping to solve with Battle Bank that traditional banks are not addressing?
[16:13] - What lessons from co-founding EverBank are shaping Frank’s decision at Battle Bank?
[17:45] - How does Frank see the role of banks evolving as we move forward, especially with the rise of Fintech and digital-first banking?
[20:36] - What is the strategy behind Battle Bank’s unique product lineup (e.g. foreign currency deposits, self-directed IRAs and precious metals)?
[22:16] - How does Battle Bank plan to balance high-tech solutions with a human element in financial services? How will they maintain this as the balances get bigger?
[24:23] - What kind of clients does Frank think will benefit the most from Battle Bank’s offerings?
[26:06] - How will Battle Bank differentiate itself in customer service?
[27:55] - Where does Frank hope to see Battle Bank in five years?
[29:37] - How does Frank see financial advisors fitting into the future of banking? Will banks and advisors collaborate more or is there a risk of banks becoming more direct competitors?
[31:17] - Are there any other trends in banking, or wealth management, Frank thinks that financial advisors should be paying attention to right now?
[32:51] - How does Frank see the current macro environment shaping the future of banking and financial services?
[34:55] - What advice would Frank give to young professionals entering financial services now?
[36:51] - How did Frank get into hiking and mountaineering and what are a few of his favorite hikes?
[38:06] - What is currently Frank’s favorite investment idea?

Quotes

[08:27] - “So, I think [two] of the key revelations over time, [in terms of what I’ve learned about leadership], is…you don’t have to do it all yourself and consensus is pretty darn good in terms of making decisions.” ~ Frank Trotter

[15:12] - “What we do is sort of look for places where there’s a hole in the market. One of those holes is borrowing against your precious metals. Now, if you walk into your local bank with a few gold bars, they’ll probably lend you some money. But, there’s no mechanized way to do that nationally right now. A lot of our clients want to hold onto their precious metals, but they may want to put a deck on the back of the house…so we kind of structured it like a margin account at a broker dealer. Amazingly not available, we’re delighted about that, but also our clients are going to be delighted to get that liquidity.” ~ Frank Trotter

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