Adam Figura welcomes Jon Randall of XFA to discuss why marketing isn't the real obstacle to scaling an advisory business—capacity is. They unpack the top constraints that stall growth, how to optimize your client mix, boost revenue per client, leverage team capacity, and create a more scalable, profitable practice. Jon also shares real benchmarks, industry data, and practical strategies that top-performing Barron's 100 firms use to grow smarter.
Timestamps & Chapters
00:01 – Welcome & Set-up
Adam frames the episode: the biggest scaling issue isn't leads—it's bottlenecks. Jon Randall joins to talk solutions.
00:56 – Guest Intro
Jon shares his excitement to contribute and set the stage.
01:02 – The Real Growth Ceiling
"More, more, more" mentality hits a wall. Top firms grow by focusing on quality over quantity.
02:37 – Rising Demand, Shrinking Supply
Jon cites studies predicting a 100,000-advisor shortage by 2034. Quality-focused firms are best positioned to thrive.
03:02 – Psychology of Change
Advisors cling to familiar playbooks. Scaling requires embracing new roles, uncomfortable changes, and delegation.
04:49 – Capacity Management: The Biggest Constraint
To reach 8–9 figures, advisors must shift from being the main producer to leveraging other advisors' capacity.
05:35 – Benchmarks & Bottlenecks
Owner vs. team capacity benchmarks: most firms are overloaded and clogged with sub-profitable clients.
07:42 – Focusing on the Top 20%
Adam and Jon highlight narrowing focus to the best clients and delegating the rest.
08:12 – Building Capacity Through Service Advisors
Real-world example: loading great service advisors with less than 200 clients driving $1.5M in revenue.
08:55 – Two Models That Work
Boutique vs. scale—both are valid, but growth requires avoiding client hoarding at the top.
10:09 – Revenue Per Advisor = Revenue Per Client
Identify and eliminate low-revenue anchors to free capacity.
10:37 – Pricing and Add-On Revenue Streams
Strategically adding planning fees and other services can boost topline by 50–100%—without more clients.
12:58 – Clients Will Pay for Planning
Planning services average $3,000 annually. Start by making them available.
14:22 – Overcoming the "How Do I Charge Now?" Objection
Jon explains how to reposition value so pricing becomes natural.
16:43 – Segmentation and Optimization
Create tiers, increase top-end value, and confidently transition or sell lower-tier clients.
19:11 – Referrals Drive Real Growth
73% of new clients come from existing clients, 24% from COIs. All other channels = just 3%.
20:10 – Narrow Niches Win
Identify 1–3 connector clients, go deep, and replicate success.
22:24 – Benchmark Your Firm
Know where you stand, where you're stuck, and where the opportunities lie.
23:32 – Resource Mention: xfa.coach — Free XFA Growth Guide to benchmark and identify growth constraints.
24:00 – Final Words & Encouragement
Advisors who level up now are positioning themselves to thrive in a high-demand, low-supply future.
24:35 – Closing
Adam thanks Jon and wraps the episode.
Key Takeaways
🔑 Notable Quotes
📲 Connect with XFA
⚠️ Disclosure
The views depicted in this material are for informational purposes only, and are not necessarily those of Cetera Advisors, LLC. They should not be considered specific advice or recommendations for any individual. Neither Cetera Advisors, LLC nor any of its representatives may give legal or tax advice.
Pete Bush, Bill Bush, and Andy Bush are registered representatives offering securities and advisory services offered through Cetera Advisors, LLC, member FINRA/SIPC, a broker dealer and registered investment adviser.
Adam Figura is a registered administrative assistant of Cetera Advisors LLC, member FINRA/SIPC.
Today's guest is not affiliated or registered with Cetera Advisors, LLC. Any information provided by our guest is in no way related to Cetera Advisors, LLC or its registered representatives.
Cetera is under separate ownership from any other named entity.
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