Ep 007: Building a Highly Profitable Lifestyle Practice by Age 35 with Matthew Jarvis
Financial Advisor Success
Michael Kitces
4.8 • 696 Ratings
🗓️ 14 February 2017
⏱️ 83 minutes
🧾️ Download transcript
Summary
In this episode, Matt talks about how he transformed a stagnant firm into a profitable lifestyle practice with the help of his father Nathaniel (the founder of Jarvis) and his two excellent office staff. He outlines the business’ metrics, service model, and the infrastructure he’s built to ensure his clients get excellent service even if he’s not in the office.
We also talk about industry criticism of lifestyle practices and the heavy investment Matt and his team have made in the technology that keeps the business running. He discusses the future of the practice and the factors he weighs when considering new clients, including potentially spending less time with his family.
Get the full show notes and transcript for this episode at: https://www.kitces.com/7
Transcript
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| 0:00.0 | Welcome to the Financial Advisor Success Podcast, where you go behind the scenes with financial planner, |
| 0:08.4 | speaker and consultant Michael Kitsis to hear stories of how leading financial advisors |
| 0:13.6 | navigated the inevitable challenges that arise on the path to success and get insight from leading |
| 0:19.2 | industry consultants about how to break through to the |
| 0:22.0 | next level in your advisory business. And now here's your host, Michael Kitsis. Welcome, everyone. |
| 0:29.0 | Welcome to the seventh episode of the Financial Advisor Success podcast. My guest on today's |
| 0:33.9 | podcast is Matthew Jarvis. Matthew runs what most financial advisors would call |
| 0:38.1 | a lifestyle practice. He has two staff members who support him serving 150 clients, takes off |
| 0:43.4 | more than 80 days each year for vacation and travel and to spend time with his kids. Yet despite |
| 0:48.4 | that admirable work-life balance, Matthew has what most would consider to be an incredibly |
| 0:52.7 | profitable and successful financial |
| 0:54.5 | advisory firm. He manages almost $150 million under management, generates nearly $1 million of gross |
| 1:00.6 | revenue, and the business runs with a whopping 54% profit margin. Oh, and Matthew is just 35 years old. |
| 1:08.6 | So in this episode, Matthew shares how he built his advisory firm, |
| 1:11.7 | from taking over his father's not very profitable advisory firm in the depths of the financial |
| 1:16.3 | crisis, to getting more efficient and serving clients because the firm had to after |
| 1:20.9 | downsizing staff in the financial crisis, to the breakthrough he had after trying and not |
| 1:25.6 | succeeding with multiple different sales and marketing |
| 1:28.2 | programs for financial advisors until he finally found the Academy of Preferred Financial Advisors |
| 1:33.0 | in 2011, which helped him systematized bringing on $10 to $15 million in new assets every year since. |
| 1:39.2 | And be certain to listen to the end, where Matthew shares his strategy for time blocking, |
| 1:43.7 | how he maximizes his personal |
... |
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