The Portfolio Life: David Steele on How You Should Be Rethinking Work-Life Integration for the Modern Era

The traditional notion of work-life balance increasingly feels like a relic of the past. Today’s most successful individuals aren’t seeking balance – they’re pursuing integration. A “portfolio life,” where professional pursuits, personal passions and purpose seamlessly intertwine, is emerging as a compelling alternative to conventional career paths.

David Steele, founder and CEO of One Wealth Advisors, a wealth management firm managing more than $1 billion in assets, exemplifies this approach. His ventures span industries from restaurants to yoga studios to music. In San Francisco, his Flour+Water Hospitality Group has created some of the city’s most acclaimed dining destinations, including the renowned Flour+Water, Penny Roma and Trick Dog. He has also expanded into the Tahoe region, where his Great Gold Hospitality Group operates the popular Great Gold and Tangerine Bistro restaurants. Yet his path wasn’t about juggling multiple passions at once — it was about strategic, deliberate growth.

“I was a boring financial advisor from the age of 24 until the age of 42,” Steele said. “I worked in restaurants through high school and college. I knew I wanted to eventually open a restaurant, but I didn’t want to do so until I knew I had financial security.”

In contrast to today’s “hustle culture,” Steele focused on mastering one thing at a time. “The problem with not having focus for the first phase of your career, that is to say, the problem with allowing yourself to have myriad interests professionally… is it chips away at the probability of you being comfortable financially enough to satisfy your base needs,” Steele said.

His philosophy emphasizes building expertise and security in one domain first, then begin to scale strategically.  “Once they have myriad interests or they start imagining it, they sure as heck better make sure they understand how to scale themselves, which almost always involves delegating to elevate,” Steele said. His “delegating to elevate” approach nurtures talented team members early in their careers, empowering them with skills and then transitions from hands-on execution to mentorship.

At One Wealth Advisors, Steele partnered with his brother, Jonathan, who joined him six years after he founded the practice. Together, they built the business “the right way—one client at a time,” with Jonathan eventually taking on the role of chief operating officer.

Similarly, in his restaurant ventures, Steele recognized the talent of Chef Thomas McNaughton, who was just 24 when Steele hired him. He mentored McNaughton’s growth from chef to CEO of Flour+Water Hospitality Group, which now employs more than 250 people.  He is taking the same nurturing approach with his co-founder and chef partner Brandon Kirksey with Great Gold Hospitality Group, a second restaurant company in Steele’s portfolio.

“When you find talented people who share your vision, the key is to give them real ownership—not just in equity and title, but in decision-making power,” Steele said. “I call the disease of non-scalability the belief that ‘if you want something done right, do it yourself.’ The truth is, when you empower great people and let them turn that job into their own, that’s how you build sustainable businesses that can grow beyond your personal bandwidth.”

For Steele, the shift from entrepreneurship to mentorship represents a more sustainable approach to professional fulfillment. At 57, he’s focused on guiding others. “What I see is for the rest of my life, my goal is to help other people achieve their goals… I have my work cut out for me as a coach, as an advisor, as a partner.”

People are driven by two basic needs: feeling loved and feeling valued, according to Steele. This approach also requires a fundamental shift in how success is measured. Rather than focusing solely on financial metrics or the number of ventures, Steele suggests evaluating success through the lens of sustainable growth and meaningful impact. “I really do think you have to pick your niche, and I tell anybody who has asked me for advice about starting a business… you absolutely cannot be all things to all people. You have to choose your focus and you own it, but it should be ideally based on your ability to easily find a playbook,” he explains.

Embracing a portfolio life also demands a different approach to time management and personal development. Steele argues that success isn’t about working longer hours but working with greater intention and his success proves his point.

“I am in the most luxurious position I think a human being could be in,” Steele continued, “which is to say I have achieved all the goals that I had set for myself.” Yet he continues working, not out of necessity, but from a desire to create value for the community and help others do the same.

The portfolio life isn’t just about achieving work-life balance or even financial success – it’s about building a life rich in meaning, impact and continuous growth. As Steele said, “If there’s anything we do that is not about in the service of others, it’s not going to make us happy.”

As traditional career paths become less relevant, this model offers a more sustainable and fulfilling approach to life — one that prioritizes thoughtful progression, integration, and lasting value.

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