Episode 107

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Published on:

14th Nov 2024

EP 107. Elevate Your Practice: From Financial Strain to Financial Success with Matthew Jarvis

What would you say if we told you that charging higher fees might actually be in your client’s best interest? In this episode, we chat with Matthew Jarvis, the insightful mind behind Jarvis Financial, author of "Delivering Massive Value," and host of “The Perfect RIA.” Matthew challenges the pervasive low-cost mindset by showing how quality and value often come with a higher price tag. His journey from a struggling practice during the 2008 financial crisis to a top industry performer is a testament to resilience and strategic transformation. Learn how to overcome the fear of rejection and align your business practices with client needs for mutual success.

We dive into the transformative story of how extreme accountability and strategic reevaluation turned Matthew's financial advisory practice into a success. Facing financial strain and mounting debt, Matthew turned desperation into a catalyst for growth, illustrating how the pain of staying the same often outweighs the discomfort of change. We explore the importance of clear communication and setting client expectations, emphasizing trust and professionalism as cornerstones of service-based businesses. And finally, we discuss how charging higher fees can allow for greater investment in resources and quality of service.

Balance is key, and Matthew shares strategies for achieving a healthy work-life balance through the concept of "free days." Inspired by Dan Sullivan, these days are about disconnecting from work to enhance personal well-being and maintain productivity. We discuss recognizing when clients might be better served elsewhere, and the emotional aspects of transitioning them smoothly. Tune in for insights on maximizing your time off and redefining success in your practice. 

In this episode, you will learn about:

  • Why higher fees benefit clients: How charging more can improve client value and quality of service.
  • Overcoming fear of rejection: Strategies for confidently raising fees to align with service quality.
  • Resilience and growth: Lessons from Matthew’s journey from a struggling practice to top industry performer.
  • Importance of clear communication: How setting client expectations fosters trust and professionalism.
  • Work-life balance tips: Insights on “free days” to maintain personal well-being and productivity.
  • Client alignment: Recognizing when clients may be better served elsewhere for mutual benefit.
  • Practical resources for success: Insights from the "Delivering Massive Value" book and "The Perfect RIA" podcast.

Highlights

0:00

Rethinking Fees and Overcoming Fears

8:36

Facing Fears to Achieve Success

16:31

Setting Client Expectations for Higher Fees

2:33

Business Mindset and Free Days

28:26

Maximizing Free Days for Success

41:03

Expanding Reach With Goals and Resources

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Connect with Matthew

LinkedIn

Website

Jarvis Financial

The Perfect RIA

Podcast

Book

Connect with Kristin

Instagram

LinkedIn

Website

Goal Setting Success Course

Breakout Plan

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About the Podcast

Elite Achievement
A leadership and execution podcast for financial advisors and firm leaders
Elite Achievement with Kristin Burke

You’re a financial advisor. Your calendar is booked with back-to-back client meetings. You have a vision to grow your firm. You’re not sure if you have the right team in place. You’re holding on to work you know you should be delegating. You want to spend more time doing complex planning and working with your best clients, but you’re still trying to deliver for every client in your book.

At the end of the day, you’re still the one driving the revenue.

Or…

You’re leading a team of financial advisors or a firm. You’re responsible for growth, but don’t produce the results yourself. They come through the people you recruit, develop, and retain. And many of them aren’t traditional employees, which means you’re leading as much through influence as you are through expectations and accountability.

Your calendar is full, but your time doesn’t always feel well spent. You start the day with a plan, and it quickly shifts as people come to you with questions, challenges, and decisions that need your input.

You’re constantly balancing competing priorities. Attracting and bringing in new talent. Launching and developing new financial advisors. Supporting career advisors as they continue to grow. Having difficult conversations when someone isn’t performing. Protecting the culture and keeping everyone aligned to the vision.

At the end of the day, you’re still accountable for the results.

Different roles. Same challenges.

How do you create clarity around your vision and get others aligned to it?

How do you focus on the right priorities when everything feels important?

How do you develop people and hold a high standard of performance?

How do you lead effectively while still driving results?

This is the work of Elite Achievement.

A leadership and execution podcast for financial advisors and firm leaders who are building and scaling a firm and being challenged to lead at a higher level as success becomes less about your individual effort and more about how you lead.

Kristin Burke brings over 20 years of industry experience and works closely with financial advisors and firm leaders as they build firms, develop people, and navigate the challenges that come with growth.

Elite Achievement is about setting a bold vision, executing consistently, and becoming the kind of leader capable of building a legacy.