Jones goodknight program

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edjnewhire's picture
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Joined: 2007-12-14

I am a recent EDJ new hire and was offered a goodknight program.  I am not that familiar with how it will work but I know I will be given assets from a veteran advbisor to start out.  It sounds like he is basically taking me under his wing and allowing me have some success early on.  He is going to let me use an office in his office for calls/appointments or just a place to come to get away from door knocking/cold calling.  It sounded like a great opportunity and one not everyone gets.  Is anyone out there more familiar with this program.  Is it good?  Will it help me beat the odds of failing in the first 1-2 years as I will have something to start out with?  I was already nervous about starting from scratch in such a difficult industry.  He is my financial advisor so he has been so helpful through the hiring process.  Any feed back would be greatly appreciated.  Thanks!

MISS JONES's picture
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Joined: 2007-08-28

edjnewhire wrote:I am a recent EDJ new hire and was offered a goodknight program.  I am not that familiar with how it will work but I know I will be given assets from a veteran advbisor to start out.  It sounds like he is basically taking me under his wing and allowing me have some success early on.  He is going to let me use an office in his office for calls/appointments or just a place to come to get away from door knocking/cold calling.  It sounded like a great opportunity and one not everyone gets.  Is anyone out there more familiar with this program.  Is it good?  Will it help me beat the odds of failing in the first 1-2 years as I will have something to start out with?  I was already nervous about starting from scratch in such a difficult industry.  He is my financial advisor so he has been so helpful through the hiring process.  Any feed back would be greatly appreciated.  Thanks!
 
You are correct. The program allows you to have an office to work out of, a BOA that will help you and creditabilty with your prospects. The draw back could be that he gives you ALL of his shit accounts and you focus too much on developing those relationships whereas you should be focusing on building your business. If your FA does it right you will be out of the office all day bringing in new business. You will have the conference table to work on and hold evening appointments with your clients/prospects.
 
I would say to jump at the chance to work in a office and have someone with experience mentor you on a daily basis.
 
Best of luck- Welcome to the FIRM!
 
Miss J

New2EJ&Biz's picture
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Joined: 2008-02-27

So....is there ever a time to refuse a GK offer?

chaz's picture
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Joined: 2007-08-18

If you are new to the business and your veteran financial advisor is truly interested in seeing you suceed then there probably aren't many better ways to start out.
 
There are other threads that talk about this in depth, search for it on the forum.
 
As for when a GK isn't appropriate- I would say only if you have an established book and/or the veteran financial advisor is the guy who is in his office for 20-25 hours a week and won't be mentoring you.    The single best asset a GK offers his learning under a veteran.  Ideally, imo, you want a veteran FA that is 6-10 years out who is still building his business and feels you will be an extension of his reputation.  That way, he truly wants you to succeed because it is a reflection of him in his town. 

regrep23's picture
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Joined: 2008-02-16

When in the hiring process were you offered the GK program? And how did it come up ? I already had my last interview (got the offer ect..)and start studying for the S7 soon.  Should I expect to possibly be offered a GK program or has the time frame for that passed? Thanks and Good luck with EDJ.

MISS JONES's picture
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Joined: 2007-08-28

regrep23 wrote:When in the hiring process were you offered the GK program? And how did it come up ? I already had my last interview (got the offer ect..)and start studying for the S7 soon.  Should I expect to possibly be offered a GK program or has the time frame for that passed? Thanks and Good luck with EDJ.
 
Normally, this happens once you are out doorknocking. If they see you have a crazy number of prospects that are of good quality then and only then will they ask you to be their GK. Sometimes they ask after you reach and pass EVAL/GRAD.  The thing to remember is they will ask you once THEY decided they want to work with you. Their reputation is on the line if you don't work out.
 
best of luck. Miss J

Broker24's picture
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Joined: 2006-10-12

MISS JONES wrote:regrep23 wrote:When in the hiring process were you offered the GK program? And how did it come up ? I already had my last interview (got the offer ect..)and start studying for the S7 soon.  Should I expect to possibly be offered a GK program or has the time frame for that passed? Thanks and Good luck with EDJ.
 
Normally, this happens once you are out doorknocking. If they see you have a crazy number of prospects that are of good quality then and only then will they ask you to be their GK. Sometimes they ask after you reach and pass EVAL/GRAD.  The thing to remember is they will ask you once THEY decided they want to work with you. Their reputation is on the line if you don't work out.
 
best of luck. Miss J
 
Not sure how the geography works in your region, but making it clear to everyone that you are OK with going to another location in order to secure a Goodknight or open office would help a lot.  Most newbies come in and want to have an office down the street from their house.  Makes it sort of tough if you want to be considered for a Goodknight.  Just be flexible with location.  Otherwise, the guy that IS flexible with location will get the nod over you.

bondo's picture
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Joined: 2007-04-15

My friend at EJ has run a few GKs through his office.  He likes it because he enjoys the mentoring role, it reduces his costs and increases his earnings for the year, plus the chances of success at the firm more than double for the GK.

DRAPALA's picture
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Joined: 2006-01-14

Be sure and talk with the GKs that have been with him before. It's probably a good deal for you but you need to talk with these guys. These situations don't always work out, it depends on if the vet is sincere about it and if you're willing to do the work.

DCnew's picture
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Joined: 2007-11-28

I need a little advice as well, I have been given a Goodknight opportunity, even the option of 5 or 10mm (The vet said the goals are higher with 10) and an amazing FA to work with, or I can go to a location where the median income is 95,500 and start new new. I really enjoyed meeting the Vet, he is very driven, a top producer in the firm, and a CFP. I feel his knowledge would be very valuable but the location of the goodknight the avg. annual salary is about 1/2(IE: 48k).
Advice and guidance is greatly appreciated.
 

bondo's picture
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Joined: 2007-04-15

DCnew wrote:I need a little advice as well, I have been given a Goodknight opportunity, even the option of 5 or 10mm (The vet said the goals are higher with 10) and an amazing FA to work with, or I can go to a location where the median income is 95,500 and start new new. I really enjoyed meeting the Vet, he is very driven, a top producer in the firm, and a CFP. I feel his knowledge would be very valuable but the location of the goodknight the avg. annual salary is about 1/2(IE: 48k).
Advice and guidance is greatly appreciated.
 
 
I have never worked for EJ, just have a good friend who has for a decade and loves it.  I would consider the GK program because of the vet.  My business improved dramatically once I found the right mentor.  Also, simply because a community has a higher median income does not mean they have more investable assets.

Broker24's picture
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Joined: 2006-10-12

DCnew wrote: I need a little advice as well, I have been given a Goodknight opportunity, even the option of 5 or 10mm (The vet said the goals are higher with 10) and an amazing FA to work with, or I can go to a location where the median income is 95,500 and start new new. I really enjoyed meeting the Vet, he is very driven, a top producer in the firm, and a CFP. I feel his knowledge would be very valuable but the location of the goodknight the avg. annual salary is about 1/2(IE: 48k).
Advice and guidance is greatly appreciated.
 

Take the GK for all the obvious reasons. Remember that the fallout% of new/new's is probably north of 75%. Also, and this is important to remember regardless, being in an area of "extreme" wealth is no better (and sometimes tougher) than being in an upper-middle-income or middle income (not the "projects") area. As a new advisor, you do not have a shot at most HNW investors, and they are often the ones living beyond their means.   You want the 55-60 year old that has quietly amassed $750K in his 401K, owns his home, and drives a Buick.

Take the GK with the veteran, and he will show you the ropes. Go new/new if you want to learn from a lot of mistakes. Oh yeah, and work out of your basement.

DCnew's picture
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Joined: 2007-11-28

Thank you for the posts, I appreciate the insight. Any extra input/advice appreciated

DCnew's picture
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Joined: 2007-11-28

I will be making the decision very soon, any last minute advice?

bondo's picture
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Joined: 2007-04-15

DCnew wrote:I will be making the decision very soon, any last minute advice?
 
Believe 100% in whatever decision you make.  If you second guess yourself or think back six months down the road that you made the wrong decision, you are done.
 

yooper's picture
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Joined: 2008-03-27

I beleive jones is getting away from new new altogether, I turned down a 10mm goodknight to take a existing office with less than 5 mm in assets and made the right chioce from what i hear from gk's who got 10 mm worth of pissed off clients & 529's dumped on them so ask alot of questions before agreeing

ednomore's picture
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Joined: 2007-08-29

previous posts are correct, ask alot of questions. You must realize that you won't get the best accounts, but they don't have to be useless accounts. You need accounts that the broker has not had time  to mine for more assets and LTC etc. I got what was supposed to be 10 mil, but turned out to be 6 mil, and was very poorly handled. The broker did not not make an effort to make a smooth transition. I can remember one client that the broker met with and never mentioned the goodknight, and the client received his letter the next day, and he was pissed. In addition,the broker did not do his due diligence on the accounts that he gave me, and made several mistakes which ultimately resulted in some accounts going back to him. Bottom line, if done right it is good, but Jones does not insure that it will be so you need to make agreements in advance. 

Broker24's picture
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Joined: 2006-10-12

DCnew wrote:I will be making the decision very soon, any last minute advice?
 
Did you decide?

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