Goodnight with EDJ

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ThinkingAboutIt's picture
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Joined: 2005-10-10

Has anyone done one? How did it go leaving your old career and starting as a broker? Any experience moving back to your home town, and picking up your family and moving?
Also how was the transition with clients? Were they receptive of you?
FTR, I have been out of college over 6 years, married, have a child. Would be leaving a big city to move home to my hometown, a small town.
Any experience you can share would be helpful. Thanks.

exEJIR's picture
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Joined: 2005-05-12

How many other brokers in the town?  What's the town size?  Affluent, middle-class?  Other broker, is he someone who is going to help you grow your biz, or is this just a "pass the trash" situation?
Knowing people in hometwn is good thing, plus you will still have the contacts in the town you are leaving, best of both worlds.
Bigeest question, how does your spouse feel about it?

ThinkingAboutIt's picture
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Joined: 2005-10-10

The town is around 30K, with many small towns around to pull business from. I would call it middle class to upper middle class, a larg amount of health care workers, farmers, and small business people. There are a fair amount of brokers in town, an approximate from EJ, Ameriprise, AGE, Piper I would say around 20 - 25 brokers. The person I would be working with believes there is a good amount available to grow, I trust what he says, it is a family member. Also this person would be sticking around for at least the next 4-5 years.
My spouce is all for it. For the first few years my spouce would still work in the city 3 days a week possible and commute (2 hours each way), saying up the city 2 days a week. I don't see this as a problem. Long term, another solution may need to be found but I believe this will work for the first few years.
Thanks for your reply and any insight you can give.

ThinkingAboutIt's picture
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Joined: 2005-10-10

Sorry, many spelling errors above.. also I meant to say my spouse would be staying in the city 2 nights per week, not 2 days.

exEJIR's picture
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Joined: 2005-05-12

In my opinion, EDJ has a great training program, and it is even better if you can glean from a seasoned vet by working side by side for a year.
It sounds like you have a good situtation.  But, make sure that you know the first 2-3 yrs are going to be probably the toughest of your life, and you will need a good support network.
I say go for it, because 10-20 yrs from now you don't want to ask yourself, "what if..."
 

executivejock's picture
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Joined: 2005-06-29

Compare the benefits to loss matrix.. What would you lose by giving 110% in this career (anything less you will fail). Can your relationship with child and wife hold up during this challenging period.
If you have the confidence, sales and communication skills and strong network... JUST DO IT!!
When everything works out and its 2010 you may be in the top 5% income bracket... If you keep your 50-70k job you will be middle class for the rest of your life.
I am in a different situation, but in my eyes there is no alternative. Good luck and god bless..

moneyadvisor's picture
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Joined: 2005-08-02

TAI - The biggest question for you.....is this what you want to do?, forget about becomming an advisor for the income potential....it's too far out.  Because if you go into this business.....you have agreed with yourself and family to a committment of 5 years of torture, and possibly financial hardship. Have you thought about starting a business, or becomming involved in sales with a different product. Quite honestly, there are some sales careers out there that you will still endure a 2-3 year down period, but could probably get to $150,000 easier and quicker than this business.
 

EDJIR2005's picture
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Joined: 2005-10-12

I am a Goodknight IR and it is an oppurtunity that you should take. It is
essentially a 2-3 year head start over Fresh new IR's. The reason is not
because of the assets you get, although they definately help, it is because
you get to start in an office where as the New IR's start from home.
You also get to work around a successful IR and BOA and learn from
them. Having the office with a veteran in it gives you the credibility and
makes it easier for you to sell yourself, which is the key in this business.
If you have the oppurtunity for a Goodknight, take it.

xej1984's picture
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Joined: 2004-11-30

EDJIR2005 wrote:I am a Goodknight IR and it is an oppurtunity that you should take. It is essentially a 2-3 year head start over Fresh new IR's. The reason is not because of the assets you get, although they definately help, it is because you get to start in an office where as the New IR's start from home. You also get to work around a successful IR and BOA and learn from them. Having the office with a veteran in it gives you the credibility and makes it easier for you to sell yourself, which is the key in this business. If you have the oppurtunity for a Goodknight, take it.
 
So edjir2005, tell us a little about yourself?? are you related to a gp, the ir with whom you are 'gk'ing if not how did you rate such a plum?

Luciddiscord's picture
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Joined: 2005-09-12

"Quite honestly, there are some sales careers out there that you will
still endure a 2-3 year down period, but could probably get to $150,000
easier and quicker than this business."
-What are some examples? 

babbling looney's picture
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Joined: 2004-12-02

Real estate broker.   Loan broker for short term commercial construction loans.

moneyadvisor's picture
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Joined: 2005-08-02

TAI - Don't just take any goodnight, make sure it will truly catapult you - otherwise....it's not worth it. Don't get me wrong - some offer incredible opportunity.
Examples of careers....
Real Estate, Mrtg Broker, Pharma, Medical device sales, WHolesale MF, Self employed  - start ups.
There are a million ideas....I'm just saying, if your going to put the effort into this career necessary for success....You got to like doing it.

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