Edward jones Goodknights
55 RepliesJump to last post
So would someone do this after Eval/Grad that way they have something to show that they do the work and have the the drive, potential, skills etc? This is under the assumption that get more then 25 contacts a day and sell a couple accounts at Eval/Grad
SVM, it’s my understanding Goodnights typically happen before Eval/Grad. They do some specific training in St. Louis during that training program. I’d just give your RL a call and ask about any in your region. Worst thing he’ll tell you is to keep knocking - hopefully you’d do that anyway!
Thanks for the insight into the GKN.
Voltmoie - I don't think Goodknights are for losers. If you want to look at someone at Ejones look at the people who take over like 20 million and NEVER doorknock and never cold call yet they get awards/bonuses & trips. Those people scream loser. After hearing about the bonus missing with expectations. has anyone heard of jones changing this?One mans gold is another mans garbage! Becareful what you get sold, because it could cost you your career! You may get a head start at the begining but it won’t matter 5 years down the road. Your goodnight clients will never be as faithful as the one you develop on your own
[quote=UNDERMINDED]You have to get offered one by a vet. I’d start by asking your RL if anyone in the region is interested in doing one.
PS!!!!!!!!! I was in ST Louis a few weeks ago, and Wind's pic was in all of the training rooms, under a sign that read: Employee of the Month.[/quote] How far from the home office was that Taco Bell?[quote=voltmoie]Goodknights are for pussies. Real men start out with nothing, work out of their hallway, and work themselves up.
Ok, my 5min. break is over ... back to doorknocking.[/quote] funny i got no dog in this fight what the f%$# is a goodnight?You are given an FA’s worst clients…typically 5 million is the minimum. You get a list of clients to phone who might know where your office is, can be a nice situation as long as you don’t plan to live on it
I should thank this board for helping me understand these Goodknights and pick up a $200,000 account in the process. This is the father of a client of mine and he'd been with his Ed Jones guy for 20 years and was extremely loyal to him, well they got into a pissing match when the market tanked last year and so his Jones guy Goodknighted his account this spring. Anyway, long story short the new Jones guy is badgering the client to trade his stocks and move his A-share American Funds into anything he'll let him. I explained to the client (who just wants to sit in what he has) that this new Jones guy will not let-up and will do everything he can to churn his account to generate new commission because he has higher goals he has to hit now that he accepted this client's account and others like him, and if this guy fails, another new Jones guy will get his account and absolutely pisspound him to move his money around all over again.
We're doing the ACAT at the end of the month. I don't know if it's more that the client likes me and what we can offer him or that he knows he can't stay where he is and will not get any peace as long as he's with Jones.What kind of pissing match did the guy get into with his original Jones guy?
Please tell me you didn't actually tell the guy all those things about the new Jones rep. If you did, shame on you. I agree with Volt that you potentially lied to the guy about the new rep's intentions. That's just not cool and if you think the only way you were going to get that account is through scare tactics, then you don't deserve it.I think the only scare tactics were those used by the new Jones Rep in criticizing this guy's holdings to try to make him move. I explained how the compensation schedule works on A-shares, the 1 stock holding the guy had, and how the commissions will work if he purchases the zero-coupon bond the Jones Rep was pushing and the Van Kampen Funds. His account is worth $450 per year in 12b-1 to the rep of record and he himself said that his account isn't worth much unless he makes changes. He likes the fact that he can sit with his stock and his American Funds as long as he wants with us and won't be badgered because we don't have investment-commission goals. (Ours are insurance-based)
-Shame on Jones for ditching a loyal client rather than resolve the hurt feelings over this guy not being able to talk to his broker and having to talk to the BOM (I'd assume) when the market was melting down -Shame on Jones for not explaining how fees work -and shame on Jones for rattling this guy's cage to try to get paid a 2nd time on money he had already paid a sales charge to invest with themShame on an insurance guy thinking he knows how to best manage an investment account.
(good transfer though, I'd be excted to get it too!)Seriously, too much time on your hands.Some famous EJ guy, Jack something or other Goodknight
[quote=Spaceman Spiff]
What kind of pissing match did the guy get into with his original Jones guy?
Please tell me you didn’t actually tell the guy all those things about the new Jones rep. If you did, shame on you. I agree with Volt that you potentially lied to the guy about the new rep’s intentions. That’s just not cool and if you think the only way you were going to get that account is through scare tactics, then you don’t deserve it. [/quote]
C’mon we all know that Goodknight knows absolutely jack sh!t about portfolio management. I disagree with BB on some things, but I think what he did was legitimate. He explained how the investments work. We also know that the only reason this client was Goodknighted was so that the original FA didn’t have to deal with him.
And sell his A-share American Funds? What happened to, “Nobody ever got hurt owning American Funds”. Sound like this guy got advice from my old mentor. “Your clients should be in investments YOU are comfortable with. Remember, you are responsible for the branch”.
My guess is he DIDN’T lie at all. Even though the new rep THOUGHT he was doing the right thing, he doesn’t know enough to know what the right thing is. If it was that imperative that this guy change investments, wouldn’t the 20-year vet do it?
That rep had a bogey to hit and so he attempted to churn the account.
Good for you getting that account BB.
Yes, yes, yes…congrats on getting the new account. Bully for you.
We don't know, because BB hasn't told us, if the GKN knows anything about investments at all or not. Maybe he's some sort of wunderkind like ice that knows a ton about investments and portfolio management (as well has how to kick some butt on Xbox Live) and he truly believed that what he was recommending to the client would benefit him in the long run. We don't know what American Funds the client owns or what the FA was trying to sell. We also haven't seen the notes between the original FA and the client. Maybe the client was pissed at the original FA because his funds went down 35% and he didn't think that should have happened and he figured it was the FA's fault. At that point, the zero might look attractive as an alternative. We don't know what stock the client owns or how much of the portfolio it might be. Maybe he owns a ton of USB that no longer pays a great dividend, but he's not willing to give it up for something that does. There are too many facts here that we're just making assumptions about that could make or break the allegation that the new Jones FA was churning the account only for the commission. We also don't know what the new FA told the client about commissions. BTW, BB, what did you tell the client about the commissions on the zero? What did you tell him about commissions on the VK funds? Was the Jones FA suggesting a wholesale change from American to VK? What are YOU going to do with the account once it's in your office? Just let everything ride for the rest of his life? That's not really good portfolio management either. You can't really build a well diversified portfolio using only American Funds, so how are you going to address that with him? My guess would be that your client made so much of a jerk of himself last fall that the original FA knew that they wouldn't ever be able to patch up the relationship. So, when he had the opportunity to move the account to a new FA, thereby creating a new relationship with an FA with no baggage, he took it. He could have just kept him and ignored him. Collected his $450 a year and never called him again. Of course, just like you, Moraen, I'm just guessing.