“Lifestyle Practice” Doesn’t Mean What You Think It Does

Many advisors say they want a lifestyle practice – but few understand what it truly means.

5 min read

You’ve heard it before: “I run a lifestyle practice.”

Most of the time, I hear that from other advisors, I smile politely – because I know what’s coming next.

Nine out of ten times, their version of a “lifestyle practice” is just an excuse to slack off.

If your firm looks anything like mine or Matthew Jarvis’, here’s what a true lifestyle practice means:

✅ $150M+ AUM
✅ A hyper-efficient team
✅ Constantly improving the value you deliver to clients
✅ Systems that allow you to live your ideal life, without abandoning your professional standards

If that’s not you (yet), no judgment. But let’s talk about what a lifestyle practice really is – and how you can build one that actually works.

What Is a Lifestyle Practice?

If your “strategy” is to coast through each quarter while collecting AUM fees and putting out the occasional fire… that’s not a lifestyle practice.

That’s a retired practice.

And unless you’re days away from handing in your ADV, that’s not the business you want.

A true lifestyle practice is built intentionally. It’s not just about working less – it’s about working smarter and delivering more value per hour than most advisors do all month.

It’s about having the freedom to take time off – because you’ve earned it by building systems that run without you.

At The Perfect RIA, we define a lifestyle practice as one where:

• You deliver massive value to clients
• You grow professionally year after year
• You build a business that supports your life – not the other way around

Good Intentions Don’t Count

We talk about this on the podcast all the time: intention doesn’t equal execution.

You can plan to run client surge, start video reviews, or build a delegation process – but if it never makes it past the idea phase, you’re just dreaming.

As the saying goes:

The pathway to hell is paved with good intentions.

If you want a lifestyle practice, you have to earn it every day. That means doing the work even when you don’t feel like it.

No shortcuts. No half-measures.

Comfort Is the Enemy of Growth

Let’s say you’re choosing between two surgeons:

• One hasn’t updated his tools or techniques in 30 years
• The other constantly learns, upgrades equipment, and refines best practices

Which one do you trust with your life?

Your clients make the same decision when they choose an advisor. If you’re coasting, using outdated tax knowledge or skipping planning updates, you’re not delivering massive value.

Staying comfortable is risky. Once you stop pushing yourself professionally, that attitude creeps into everything – your health, your relationships, your business.

But here’s the good news:
Intentional growth compounds.
Once you push yourself in one area, the momentum builds. You’ll start showing up better across the board.

Real Growth Isn’t Just About Revenue

Growth doesn’t always mean scaling to $1B AUM. Sometimes it means:

• Getting better at difficult client conversations
• Delegating 80% of your calendar
• Creating space for real time with your family

Whether or not you want to grow your firm’s revenue, you should always be growing as a professional. If not, you’re stagnating – and your clients will feel it.

Don’t Stop at One Big Goal

Ever hit your Big, Hairy, Audacious Goal (BHAG) and then feel… kinda lost?

That’s normal. The high from hitting your goal wears off fast if you don’t already know what’s next.

Top advisors don’t stop when they hit a goal – they level up. They set even bigger targets and use masterminds or peer groups to stay accountable during the dips.

Growth isn’t linear. But with the right support and mindset, your next BHAG can take you even further than the last one.