The historically reformed approach to the passage (Boston for example), was that Jesus specifically answered the man's question, "what must I DO to inherit eternal life?" Jesus then referred him back to the covenant of works to show him not only that perfect obedience was required to inherit eternal life on his own, but also that the man had failed to do so because he violated at least the first commandment in idolizing his wealth. Jesus referred him back to the law to teach him his need for a Savior not a "good teacher."

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Patrick
OPC
MDiv, RTS Jackson.

"He does well, that discourses of Christ; but he does infinitely better, that by experimental knowledge, feeds and lives on Christ." Thomas Brooks.