Should I take a GoodKnight?

or Register to post new content in the forum

30 RepliesJump to last post

 

Comments

  • Allowed HTML tags: <em> <strong> <blockquote> <br> <p>

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
Jun 27, 2008 3:11 pm

YB,

  You sound like you have an open mind and a good head on your shoulders.  Take the GK, then stop coming to this forum - it will sour you completely.
Jun 27, 2008 9:38 pm

[quote=Spaceman Spiff][quote=noggin][quote=YoungBanker]

First post here....

A local EDJ rep here has been on me to take a GoodKnight plan from him. I have been knowing him all my life and he has been wanting me to join the firm because he thinks I would do well.  EDJ feels they could use another rep or two in the area.  I am a banker for a community bank with 11 years in the local market.

The last offer was around $30 million of his book for the Goodknight plan.  He has a very successful offices and ranks high on the FA list.  I know that most of the GoodKnight plans are the "dog" accounts, but one of his goals is to start the retirement process and he says EDJ probably won't allow one rep to take over his office due to the size.   What are your thoughts on the GoodKnight plan?[/quote] Some items to consider: How will you feel when they bring in another 1-2 reps? - You can feel secure in knowing that Jones doesn't just add people on a whim.  There are rules about when and where they will add people.  If your GKN vet is going to hand you $30MM, plus like B24 said, you can add another $10MM you won't really care if they bring in another person.  How will your bank and specifically commercial loan officer take you leaving the bank? - If they act like adults they won't begrudge him leaving the bank to start a new career.  They'll be happy he's not going to the other bank across town to compete with them.  They won't like having to fill his position, but they'll do it.  Why does it matter what a commercial loan officer thinks about his career choices anyway?    After 11 years in the bank, why do you want to make a change? - Because he likes to make money.  And a friend has offered him a great opportunity.  Has he done a goodknight before, if not why? - Does it really matter?  If he has, then he won't be getting all the "dog" accounts.  If he hasn't he's still being offered $30MM.  Who cares?   What does his book look like, is it mostly mf's, fixed income or what? - This one is actually a valid question.  Make sure you ask him.  Can you stand to be his gofer for 2 years? - He's not a sales assistant, he's not a licensed BOA.  He's an FA who is working with accounts that have probably been ignored for a long time now.  He has the same duties and responsibilities as the Vet does.  That's a poor representation of the GKN program and you know it.  [/quote]   The only questions I'd add to nog's list are how will you feel when some guy on a forum a) badmouths you for going to work for a sub par company like EDJ (see June 2008   SmartMoney article on full service brokerage firms)   b) same guy tells you that he's better than you because he wasn't handed a $30MM book (chuckle at him while you are cashing your paycheck and sitting on the beach in Costa Rica courtesy of EDJ)   c) same guy tells you that you are a kool aid drinker who has lost the ability to think for himself (see parenthetical statement for item b))         Take the GKN and enjoy the rest of you life.        [/quote]   I'm glad that you are able to answer for Youngbanker. The point of the question of the gofer is that I have seen people who liked and had a friendship and once the GK started that turned sour. The New FA is not the equal of the Vet and you know that unless the Vet makes sure that everyone knows and sees the Vet treat him as an equal partner.   In a small town no job changes occur in a vacuum, so therefore that's why I asked about leaving the bank.    
Jun 30, 2008 2:55 pm

Just wanted to poke my head in here and say hi!  Also, good luck on the GK, I say do it.  A local guy mentioned it to me, say 10MM, and I turned up my nose to it.  If I had taken it, I could have converted them into fee paying clients, eventually… but I would’ve had to leave behind my fee paying clients… interesting how that works, huh.  But it’s a good way to get started…

Jul 1, 2008 4:11 pm

What about licensing?  Who is going to pay for you to get 7, 66, and insurance?

Jul 1, 2008 4:15 pm

EDJ pays for all licenses.  AND they’ll help him study for and pass them. 

Jul 9, 2008 12:45 am

saul

please be like a very bad cold and just go away           (cant we get this guy off the boards?!)
Jul 9, 2008 1:16 am

Are you kidding me with this crap? This guy doesnt know if a 30mil goodnight is something he should take? He should be fired immediately for lack of basic understanding!

Jul 9, 2008 1:18 am
Ace Planner:

Just wanted to poke my head in here and say hi!  Also, good luck on the GK, I say do it.  A local guy mentioned it to me, say 10MM, and I turned up my nose to it.  If I had taken it, I could have converted them into fee paying clients, eventually… but I would’ve had to leave behind my fee paying clients… interesting how that works, huh.  But it’s a good way to get started…

  So, how many billionaire clients do you have now?   How's that PhD coming along?
Jul 9, 2008 7:36 pm

take the goodknight.

Jul 15, 2008 1:21 pm

Any update on your decision to take the GK?