Edward jones Goodknights

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Aug 20, 2009 9:42 am

From what I understand an Edward Jones goodknight program is where a veteren gifts 5 or 10 million to  a new broker of their worst clients.


I am sure it is always good to get clients but would a new broker really want my worst clients?


I also understand that if a new broker takes 10 million they have the highest performance expectations in the firm. Even more than the people who take over 30 million from an office that is vacated.


Anyone understand this program or how this really benefits the new advisor?

Aug 20, 2009 9:51 am

It benefits the new advisor in several ways.  Would you like to get several hundred clients who probably haven't gotten great service the last few years?  Some of them will have additional assets that the previous broker didn't uncover.  Would you like to receive some trails/bond calls at the begining of your career?   Do you think working with a veteran broker will make you a better broker, learn how to run an appointment, time management, phone skills?  Goodknights have a much higher success rate than people starting new-new.


Aug 20, 2009 9:56 am

I got a small GK, $5mm.  Two of the accounts added up to $4mm (5 accounts totaled 4.5mm).  Both of them were stock only, and there were very few transactions.  The other 500K was spread among 170 accounts.  So I spun my wheels a lot, but I will say, I made about 5 of those small clients into "real" clients.  How?  My FA bascially only focused on hi largest accounts.  He didn't have time to service these, so had no idea who half of them were (he had inherited many when he took over the office years earlier).  I just started calling.  I was very shocked at how much money some of them had.  There were actually about 3 others with real money, but I was too green to capture them (if this was today, it would have been no problem).

So a lot depends on what clients you get, how good you are at developing relationships with them, and luck.  But it was a hundred or so warm leads.  There were some months when it made the difference.
A friend in my region did a much bigger GK, and he just went through and did insurance reviews and/or sold insurance to all his Goodknights (his vet never focused on insurance).
Aug 20, 2009 11:30 am

It depends on the quality of your Goodknight, but, they aren't necessarily bad clients, they are just clients that didn't click with the GK host for whatever reason.  I also did a small $5Mil (turned into 3 million after the recession)...but it has always been worth it for me.  I have developed several of them into great clients and the trail is nice...and it gives me instant prospects that will talk to me because I have some of their money!  Well worth it for all involved IMHO

Aug 20, 2009 1:45 pm

For me, the best part of being a GK was getting my office faster. There was so much crap in that list (I had clients that lived 400 miles away) that it was a joke; and the clowns only gave me $4.5MM to begin with. Whatever. Like B24, I did create three six figure accounts out of that crap. So Jones certainly won.



The worst part is that "exceeding" suddenly becomes pdh. You're expected to do considerably more, and as a result those $7000 bonuses become really difficult to achieve and even more so in a down market. Really a mixed bag. Did having an office sooner help? Yeah. But I missed out on $14000 in bonuses that otherwise would have been mine and I don't think the two are even close.



Looking back, there's no way I would do it again. None.

Aug 20, 2009 2:01 pm

I had a GK1 (10mm).  The standards are brutal.  You will NOT get your milestone bonuses. 

At least  not at first.    The GK is a HUGE jump start on your career though.  Jones really needs to take a look at the standards for GK 1's though.  My pals that got 30-50mm offices have half my standards.
Aug 20, 2009 2:16 pm
UNDERMINDED:

I had a GK1 (10mm).  The standards are brutal.  You will NOT get your milestone bonuses. 

At least  not at first.    The GK is a HUGE jump start on your career though.  Jones really needs to take a look at the standards for GK 1's though.  My pals that got 30-50mm offices have half my standards.
 
They are definately not fair, particularly because of the milestone bonuses.  I questions my DL and they said it was heavily weighted due to being in the office with a proven Veteran.  Personally, I would rather have the lighter standards and call the Vet up to get advice!
Aug 20, 2009 2:24 pm

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.
Aug 20, 2009 3:19 pm
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.
 
Aug 20, 2009 5:06 pm

I had a 10mil GK.  It was almost entirely crap clients and the production requirements were high.  Even though only about 1/4 of my production came from the GK, the production requirements for milestone bonuses were 3x as high as a new new.  I was highest in my region for 8 out of my first 12 months for seg1/2 advisors and never got a milestone bonus.  Plus, the service those accounts did require ate up a great deal of valuable time.  After about a year of working my tail off and making very little money, I left for an in-house compliance position at a different company (my previous career was as an attorney).  Now, I'm making much more what I would have had I stayed at EJ at this point with very little pressure. 

 
I think EJ is a good company and opportunity for many people.  A GK may not be the way to go, but it's probably better than new new.  The best is to start new new and inherit on office.  There were several good offices I might have been able to inherit, but since I was already doing a GK, I wasn't able to. 
 
For me, the bottom line was that I'd never worked so hard and made so little.  I couldn't get out quickly enough once I had a better opportunity.
Aug 20, 2009 7:59 pm
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.





Or for people who do a much better job than you and someone recognizes that, so they give them a GK.

Aug 20, 2009 8:23 pm

ahhhh .... Windy is back, figured that was you - still have a hard on for me?  How was NY?

From what I understand though you didn't get a goodknight in big 'ol OK City .. wonder what that says about you? 

Aug 20, 2009 8:28 pm
voltmoie:

ahhhh .... Windy is back, figured that was you - still have a hard on for me?  How was NY?

From what I understand though you didn't get a goodknight in big 'ol OK City .. wonder what that says about you? 



Is wind well known around Jones for his actions here?

Aug 20, 2009 8:33 pm

I assume anyone that frequents this site knows who he is since he's made a fool of himself and been outed. 

As for well known, I doubt it. I would hope his RL would ask him to chill out but at the end of the day they only care about $$$ so if he's cranking the numbers doubt they care about him on Reg. Rep.

Aug 20, 2009 9:34 pm

A Goodknight can be a great asset to someone starting new in this business. It certainly was for me. I received a Goodknight 1, which is

10 million. I found a lot of good clients in those that were Goodknight'd to me. As for the milestone bonuses. They were certainly

more difficult to get, but I didn't miss a single one, and they were a

big plus in my compensation.

Aug 20, 2009 11:47 pm

There are good stories and bad stories about every opportunity. A former Jones guy joined us recently and he said he took over an office a couple years back instead of a GK. He said it was in the worst part of town imaginable. He had just moved here and his new RL had him all jazzed up about it.

Aug 20, 2009 11:51 pm
voltmoie:
Ronnie Dobbs:
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.

Or for people who do a much better job than you and someone recognizes that, so they give them a GK.

ahhhh .... Windy is back, figured that was you - still have a hard on for me?  How was NY?

From what I understand though you didn't get a goodknight in big 'ol OK City .. wonder what that says about you? 


 
 
I almost thought this thread was started by Windy aka RealWorld. He should be about ready to do his first GK.
Aug 21, 2009 1:09 am

How does a new FA get a gk? I assume they just don't hand them out.  Whats the criteria?How often does this happen? It seems as if every EDJ guy on this board has/had one.

Aug 21, 2009 10:43 am

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.
Aug 21, 2009 10:59 am
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.