[quote=Naqoyqatsi]

One  more quick one. Does anyone here know anybody in this field of work who is also in the National Guard or Reserve? Jones hired me knowing that I have such a commitment, and I was wondering what happens to a guy when he comes back after being deployed for say, 18 months?  [/quote]

This is a question you should have posed before being hired, but it's not too late to ask it now. Given the high rate of turnover at EDJ (and this business in general for that matter), an 18 month deployment might mean your clients would go through several FA's before your return. The bad part is that they may not remain your clients for long, especially if a departing FA (who just happens to be covering your clients while you're deployed) decides to get them to transfer to another B/D. Bottomline: Your book of clients could be decimated after 18 months of deployment.

Solution? Maybe other posters, smarter than me, have a better suggestion, but I would try to get your clients assigned to an established EDJ broker - even if they are located out of town. Less chance of the broker leaving, less chance of financial shenanigans.

Oh, and by the way, THANK YOU FOR SERVING OUR COUNTRY!

Don't let the complaining about the big green machine on this board affect you.  Our issues and not your issues.  When you are getting started, 90% of success is just getting up off the ground after you get knocked down (at least 25 times a day!) and asking the next person for the order with a smile. 

There are successful people everywhere, put in your 3 years at EDJ and then decide if you want to stay or make a change.  It is very easy to listen to people on the boards complain and use that as an excuse to quit.  If you don't do it and can just survive 3-5 years, you will have a long successful career in this business.

They have changed the compensation since I went through, but the second year is worse than the first because the salary went away, and the third wasn't really that much better either because my expenses were higher.  You need to live for the next 3 years like you are broke, but realize if you can do that you can survive and the rewards are tremendous later.

[quote=Naqoyqatsi]Thank you all for the advice. I'm sure I'll be getting in touch from time to time as my training progresses and issues come up. Everyone that I've spoken with at Jones so far has not sugar coated how difficult it can be starting out, especially in the first two years. But there also making great money, some after only 3-4 years, so I'm beginning to think there has to be something they're doing right that other Jones reps maybe aren't? Can't just be luck or the town they decided to work in can it?

Maybe it'll be a career, or maybe I'll learn the ropes and go solo after while. Who knows.

One  more quick one. Does anyone here know anybody in this field of work who is also in the National Guard or Reserve? Jones hired me knowing that I have such a commitment, and I was wondering what happens to a guy when he comes back after being deployed for say, 18 months?  [/quote]

We had a guy like that in my region, he served his time and while he was gone a new FA ran his office, when he returned he had his choice of his old office or anywhere in the country he wanted to go with approximately same asset base. I thought it was a good corporate decision.

Thanks all. I recently got word that my unit “might” deploy, which of course, in military vernacular, means that we definitely will and that we definitely will not. Anyway, everyone who I interviewed with was well aware of my Guard status so I figured it was no big deal. Guess I’ll burn that bridge when/if it comes and focus on the rest for now.

Got another quick question. An FA that I interviewed with asked me if I was interested in doing a GoodKnight program with him. Are there any disadvantages to this? What kinds of questions should I be asking about this program.

Thanks again!     

Nagoyatsi,

Ah, the old Goodknight question. I was a Goodknight and it can have its advantages andd disadvantages.  First you do get some assets and some warm clients.  Second you get to work in an office with a vet who could be a good mentor.  Third, you get to tell everyone that you are training under ___ who has been in town XXX number of years and has agreed to mentor you.

Now for bad side. Some of the clients you get are unhappy that the vet has ignored them and you'll get the brunt of their dissatisfaction.  Second, you could get an a-hole of a vet who just wants you because the home office said he could get a box checked off if he participates and he'll be more profitable because you will be paying part of his expenses. Third, the accounts you do get are generally the sludge of the vet's book which may or may not generate any business for you.

Yes, there are good and bad sides but negotiate eveything with the vet.  I was supposed to get all of the walk-in traffic to the office, which starting out, I did.  Then one day a couple came in and I transferred in $1 million and the vet got so p'd off that I never got another walk-in.  He took every walk-in and if they opened an account, he put it in the house book.  The agreement wasn't written down, bad on me.  Don't let this happen to you.

Bottom-line, if the offer is there, take it.  It can't hurt and if you're bound and determined to stay at Jones, get all the help you can.

By the way, the $1 million client is still with me, even though I'm no longer with Jones.

Good job free.  The greedy EDJ broker…what comes around…goes around!!

[quote=bspears]Good job free.  The greedy EDJ broker…what comes around…goes around!![/quote]

The way its been explained to me is that the Goodknight program is an effort to better customer service vis a vis taking a bit of the load off of a veteran FA.
Mind you, I’m green, but not so much as to believe everything I’m told by my EJ advisors; it does sound like, based on prior posts, that the FA I’ll be doing the Goodknight with will benefit somehow. Regardless, it seems like it would make more sense for me to do the Goodknight, have a head start in the business, and share some expenses with the veteran FA, as opposed to starting off with no accounts, and still having expenses.

Changing subjects, any general advice on the series 7?

Cheers,
Noy

Naq,

I think Free’s explanation was pretty on-point. I did a GK, but had the

advantage of a GREAT vet to work with. We became very good friends,

and he was genuinely interested in me “making it”. He is Seg 5, and is

not concerned about competition or any of that nonsense. And he was

very upfront with me that I was getting the bottom of his barrel clients.

So, my advice (which is similar to Free)…take the GK…you will be MUCH

better off than NOT taking it. The alternative is that you start with

absolutely zero and no office. Taking it, you start with SOMETHING and

you get an office to work out of. Not a tough choice. If you are well

connected, have a well established network or something, then that might

be the exception. But I really can’t think of a reason NOT to take it. Just

bear in mind that you and the Vet may hate each other. And yes, get it all

down in writing - the GK “counselor” in STL will explain all of that. Make

sure you actually do it, and that the BOA’s understand the deal as well.

For the record, in my office, whoever took the walk-in would put the

account in the house account, so we split the commission. It avoids the

situation stated by Free.



You also may luck out and have a great Vet that really helps you. Mine

ended up paying for a lot of advertising and stuff for me. And make no

mistake, the Vets make out FAR better than they may lead on. The

program just changed, and it is a SWEET deal for them. They get paid,

reduced overhead expenses (higher bonus), get rid of crummy accounts,

the BOA gets paid (don’t need to give her as much of your bonus), and

you get credit towards partnership. My Vet thanks me every day for it on

his way to the bank.