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Michael Kitces' #FASuccess Podcast: Matthew Jarvis on Creating a System of Efficiency

Jarvis Financial's Matthew Jarvis details how his practice has evolved since he was one of the first guests on the podcast.


FAS-Ep-247-Matthew-Jarvis-02-768x768.pngWelcome back to the 247th episode of the Financial Advisor Success Podcast!

My guest on today's podcast is Matthew Jarvis. Matthew is the owner of Jarvis Financial, an RIA in Seattle that manages $240 million for 170 households.

What's unique about Matthew, though, is his ongoing focus on increasing the overall efficiency and profitability of his firm first by systematizing his business processes in order to deliver even more value to his clients ... and then raising his fees so that he's fairly compensated for the greater, more systematized value that he now delivers.

In this episode, we talk in depth about how Matthew's practice has evolved since he was one of the first guests on this podcast, including hiring an additional advisor who is taking over 90% of the firm's client relationships so Matthew could scale the launch of his advisor coaching program and fintech solution, how by graduating clients that aren't a good fit for his firm (and referring them out to younger advisors who are) Matthew has managed to more than double his AUM in the past four years by focusing on onboarding increasingly higher-net-worth clients, and how Matthew uses a concept he calls "extreme accountability" as his own impetus to move forward on important (but sometimes unpleasant) business tasks … by making the status quo more even more unpleasant than the task itself.

We also talk about why Matthew feels that mastermind groups are so important (and the specific steps advisors can take to create and nurture their own mastermind groups), how Matthew decides which clients to "graduate" in order to improve the performance of his practice (and the things he does for those clients to make their transition as smooth as possible) and Matthew's thought process behind his decision to raise his fees (and how he communicated that increase to his clients).

And be certain to listen to the end, where Matthew shares how his entrepreneurial drive has continued in recent years, including the launch of The Perfect RIA advisor coaching program, a fintech offering, and two podcasts, how Matthew got over his own limiting beliefs and (as he calls it) "head trash" around hiring another advisor on his team by envisioning what he wanted his practice to look like five years from now and identifying what was standing in the way of him getting there, and Matthew's four rules for success, including, "deliver massive value, be intentional, do what works, and willpower is not enough".

So whether you’re interested in learning how Matthew honed his business process in order to deliver more value to his clients, how he doubled the size of his practice with only a slight increase in the number of clients he serves, or how he uses the concept of extreme accountability to move his practice forward, then we hope you enjoy this episode of the Financial Advisor Success podcast, with Matthew Jarvis.

TAGS: Careers
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