Goodknight program
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[quote=advisorman]
For one year you will be tied to the GK FA and you have to make the best of it. Not to be negative but I know one GK FA that had 5 new FA under a GK with him and not one made it for they felt that the accounts they got from the GK took all their time and they made no money. You have to get your own accounts and not depend on the GK accounts if you plan on making it long term. [/quote] I think you may be mistaken here, although you may be right. I would be surprised that anyone would do 5 GK already. I especially don't think it would be likely that all 5 would fail, statistically. I also do not believe that home office/RL would continue to allow that FA to do a GK without making some strides to show him how to complete a successful one. The success of the GK advisor rests with the Vet. The accounts- $5 mil .0025 trail = $12k gross will not be the difference between someone failing and someone exceeding. The veterans advice as a mentor will. They receive a bonus if they complete the program with the GK advisor meeting standards so they have a vested interest.3 out of my original class of 12 are in business today 5 years later. That’s a lot less than 40%…
You are right- that is 25%. Congrats on succesful math. Do yo feel that your sample of 12 must hold true for all classes? Also, you may note that the 45% number was based on 3 years. Seriously, what is your point?3 out of my original class of 12 are in business today 5 years later. That’s a lot less than 40%…
Seven years out, my mentor (who did a GK) is the last survivor from his class of 13…
My class has 2 out of 12....and 1 took over a 40mil office and another was still seg 2 when I left. But its just probably my class that had the high failure rate...I was the only one to go indy...everyone else left the industry.
You guys talk about attrition numbers like they are unique to Jones. They are not. Every firm that takes on newbies has a high attrition rate. Jones is always looking for ways to make the % go down. The new concept is that nobody starts from zero. Everyone gets accounts. Goodknight plans, Legacy plans, Sunset plans, etc all are a way to get the attrition numbers to drop. However, it still doesn’t guarantee success. There was a girl that started in my region at the same time as me. We took over identical offices and then she took over another small office. Ended up with something like $15 mil. She lasted all of three months. So, taking over assets is only a small part of success. You have to want to do the job.
The same is true with my class. Out of 10 there is only 2 left and the one guy that took over a office was one of the first to go. This is a tough business.You guys talk about attrition numbers like they are unique to Jones. They are not. Every firm that takes on newbies has a high attrition rate. Jones is always looking for ways to make the % go down. The new concept is that nobody starts from zero. Everyone gets accounts. Goodknight plans, Legacy plans, Sunset plans, etc all are a way to get the attrition numbers to drop. However, it still doesn’t guarantee success. There was a girl that started in my region at the same time as me. We took over identical offices and then she took over another small office. Ended up with something like $15 mil. She lasted all of three months. So, taking over assets is only a small part of success. You have to want to do the job.
Sorry I forgot to ask, but what is your Can Sell date?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!
Her can sell is this coming spring… We chatted in a few PM’s that is how I know…
My bad, now just 1 out of 12 left. I know its just my class with this low rate, probably nothing more than coincidence.
edjnewhire,
the reason I asked is that if you don't have a cansell date then you need to focus on passing the exams first then where you go is secondary. Now I will contradict myself...unless the GK is in a prime location for YOU. Yes you will be an extension of him. Is he succesful, is this his first GK (in order for him to look good you'll have to be success too). If it isn't his first how many have succeded v. failed and ask why for both. The GK program works, as long as both you and the GK work together (boy is this a "duh" statement). Just remember your advisor is doing a GK just as much for his benefit (if not more) than for you. Having a successful advisor as a mentor gives you something that "legacy" or takeover startups don't get.. A personal touch. One advisor locations go through "lonely times" as you don't have anyone to talk to professionally. Sure you have a BOA but unless they are licensed to sell they have no concept of what you are going through. Having a someone close to bounce ideas off of is lot more condusive to success then having to wake up each morning and having to come up with new ideas on how to find new prospects. Best of luck and good for you for having the foresight to plan ahead.ONLY 2 OF MY ORIGINAL 12 LEFT, AND I'M THE ONLY INDY. ONE TOOK OVER A 30 MILLION OFFICE THE OTHER HAS SCRATCHED HIS WAY TO SEG 4 BUT HASN'T BEEN ABLE TO SUSTAIN THOSE NUMBERS.
SOUNDS SORT OF STANDARD THAT ONLY 20% OR SO ARE STILL AROUND OUT OF MULTIPLE CLASSES.If your advisor is like a “Miss Jones” then I suggest doing a GK. She doesn’t seem to be the know it all kid his hand up saying “o o o I know I know” only to find out he is 3 questions behind with his answers.
[quote=FreeFromJones]
ONLY 2 OF MY ORIGINAL 12 LEFT, AND I'M THE ONLY INDY. ONE TOOK OVER A 30 MILLION OFFICE THE OTHER HAS SCRATCHED HIS WAY TO SEG 4 BUT HASN'T BEEN ABLE TO SUSTAIN THOSE NUMBERS.
SOUNDS SORT OF STANDARD THAT ONLY 20% OR SO ARE STILL AROUND OUT OF MULTIPLE CLASSES.[/quote] Probably about right. Tough business, though. Scary that Jones' attrition rate is actually slightly lower than the industry. It seems to me that it's a combination of people not realizing how tough this busines is (not realizing it's a SALES business, even though it is imprinted on your forehead before you even start), not really liking it once they start (they thought they would sit around managing investments for people), or not being able to generate business (often just the wrong personality). It's a shame, but I don't really know how you fix that in this industry. You can only screen people so closely, but until they are actually DOING the job, you just don't know (of course, I am not including people already in the business).Sorry, but i’m going to take the gk under Miss Jones. I think it would be a great opportunity to get up close and personal and have her show me the ropes. Can’t wait.
Hey Fellas… There is enough of me to go around… Just Kidding… In all honesty- I think NewHire will do well… We have chatted in a few PM’s she asks good questions and has realistic expecations. Either way- best of luck…
Miss J[quote=compliancejerk]
edjnewhire,
the reason I asked is that if you don't have a cansell date then you need to focus on passing the exams first then where you go is secondary. Now I will contradict myself...unless the GK is in a prime location for YOU. Yes you will be an extension of him. Is he succesful, is this his first GK (in order for him to look good you'll have to be success too). If it isn't his first how many have succeded v. failed and ask why for both. The GK program works, as long as both you and the GK work together (boy is this a "duh" statement). Just remember your advisor is doing a GK just as much for his benefit (if not more) than for you. Having a successful advisor as a mentor gives you something that "legacy" or takeover startups don't get.. A personal touch. One advisor locations go through "lonely times" as you don't have anyone to talk to professionally. Sure you have a BOA but unless they are licensed to sell they have no concept of what you are going through. Having a someone close to bounce ideas off of is lot more condusive to success then having to wake up each morning and having to come up with new ideas on how to find new prospects. Best of luck and good for you for having the foresight to plan ahead.[/quote]I just wanted to say 'thank you' for making constructive contributions...it's nice to see.
you like me you really like me (Jim Carrey from the MASK)[/quote]
I just wanted to say ‘thank you’ for making constructive contributions…it’s nice to see.
2 or 12 in my class...I'm about 3.5 years from can sell BOTH took over 8 figure offices. All the new news bombed out by the 18 months markMy bad, now just 1 out of 12 left. I know its just my class with this low rate, probably nothing more than coincidence.