newnew,  So you “grossed” $95k in commissions and salary and bonuses were $80k. How many accounts did you open in a month to get the $1,600. and how much did you net/net/net.

I just recently got hired with EJ and just got my compensation package. They are paying me hourly for my study time at $13.50 an hour, but I had a pretty good salary at my previous job, so that might even be on the higher end (!!)

How many hours a day do they assume you study?

I’m under the impression that they assume you study 8 hours at day.

i opened 240 accounts the first year, approx. I wanted to earn three shovels, but only achieved 2. to answer the other question, all I did was exactly what the training said to do. I found that almost all my classmates “cheated”, or took shortcuts. most people find many reasons NOT to prospect, and the reasons seem legotimate enough that they fool themselves into thinking that they MUST do this papershuffling rIGHT NOW, it is SO  much more important than prospecting!

Doesn't the BOA soley exist just to take care of the paperwork and logistics of opening accounts, while the FA prospects?

“and the reasons seem legitimate enough that they fool themselves”…You can do all the paperwork you want. The BOA cannot analyze your prospects portfolio, or analyze what you will present as an alternative, or analyze what new products you like, or analyze your next annual client review, etc. (do these things before 9am or after 5pm or on saturday, unless you want to make less money—your choice))

newnew, How much of the $175 gross did you get to deposit in the bank? Is this typical?

i opened 240 accounts the first year, approx. I wanted to earn three shovels, but only achieved 2. to answer the other question, all I did was exactly what the training said to do. I found that almost all my classmates “cheated”, or took shortcuts. most people find many reasons NOT to prospect, and the reasons seem legotimate enough that they fool themselves into thinking that they MUST do this papershuffling rIGHT NOW, it is SO  much more important than prospecting!

if you are new/new you will not have a BOA unless you get an office, which is not guaranteed at all.  what new/new said is correct.  spend your time prospecting, but there will be some paperwork.

dRAPALA- 175k was not net. The way it works is you get about 40% of the gross--but I was saying that I actually kept about 95k because it wasn't all tied to commissions: some was salary, some was taxable trips, some was various bonuses, etc

the best trip was to Manhattan for Pacesetters--I achieved the 34 month goal in month 13. I am only bragging on this now after posting for a year because I saw people saying you cannot do it unless you get a big GK book----NOT TRUE with hard work (most people work hard; what I mean is prospect hard---we get more pay for more rejection)

ps Thanks for the kind words, Miss Jones, my favorite anonymous joneser

If you get goodknighted at Jones, do you get an office and BOA sooner than if you were "newnew"?  Seems like you would need a BOA to help with the existing accounts...

Hey NewNew,
That is an awesome first year success story!  You set a very high bar.

I’ve been assigned to a legacy office for training and my first year.  I was just asked by another FA if I am interested in a GK with him.  He is a great guy and would be a great mentor.  I’m not sure if I can do both, though they are both in the same town.  I’m not positive I want the least attractive clients from someone else, though getting a jump on referrals is very appealing.   My other thought is that I would probably take all comers to start anyway. 
Should I jump at $5M in assets?

a great mentor is important. every situation has too many variables for me to comment definitively, but if you do take the 5MM, don’t sloiw down prospecting. You’re right–those will not be desirable for the most part. On the other hand, it is a proven fact that your odds are better with even a (very) small headstart. 5MM in funds only means 5K in you pocket, but it’s something.

Hey NewNew,
That is an awesome first year success story!  You set a very high bar.

I’ve been assigned to a legacy office for training and my first year.  I was just asked by another FA if I am interested in a GK with him.  He is a great guy and would be a great mentor.  I’m not sure if I can do both, though they are both in the same town.  I’m not positive I want the least attractive clients from someone else, though getting a jump on referrals is very appealing.   My other thought is that I would probably take all comers to start anyway. 
Should I jump at $5M in assets?

Spaceman and newnew....  Thanks for the advice.  I'll move on it tomorrow, though I am just getting started.

I've kept my P&Ls and paystubs from jones days for reference...nothing to be so excited about.