New EDJ Advisor

I lost my Job due to layoffs at the director level at the startup i was working for, my boss, me and 2 other directors were let go within a month of each other. Was unemployed since February. I was driving Uber since May to make ends meet while interviewing literally everywhere I could. Ultimately, I landed on wealth management and financial advising as a career path that interested me. Also, I wish my weeks were only 60 hours, more like 80-90 hour weeks, and it was literally killing me.

Because he was probably working 60hrs/week and he wants to make $500k working 30hrs/week?

Make that 700k or more working 15 hours or less  every other week and now you get the beauty of this career. 

My offer was 100k base salary, with standard scale down over 4-5 years. 

I am already in the office I will most likely stay at in a multi-FA (two advisor) situation, and the advisor I am paired with is a level 5 with 50-60m in assets.

I am interested in knowing what my Goodknight size will be? I get the sense that they were only going to give me 5-6m based off of my hiring conversations, but couldn't get them to be solid on that number. From what I have read on the forums, such a small GK is a bit of a joke. Is there room to negotiate a higher amount, and how do I go about doing that?

NajaESG

If you have already accepted an offer of employment and started studying, there is basically no ability to negotiate a larger GK. However, Jones almost never does scratch starts anymore so you will get something. If the other FA is a level 5 with $50mm, you can expect about $5mm. And it will be complete dogshit. Trust me on this.

I did a $12mm GK with a new FA when I only had $45mm AUC, but that was highly unusual. I’ve done several more and the quality of the clients increases each time, but the first one was entirely low-revenue time vampires, PITAS, and non-responsive clients. If this is your FA’s first one, you will NOT be receiving good clients. 

However, if you put in the work, have a good attitude and go out of your way to meet your region, you will likely have additional asset-sharing opportunities down the road. It will help tremendously if you are a woman, identify as one, or are dark-complected. If you’re a straight white man, it will be tougher. Just stating the facts. Also, it’s considered bad form to ask for GKs. If you come across as entitled, it will turn people off. Be grateful for what you receive, but remember that a $5mm or $10mm GK is NOT a sustainable business. Build your own, get a fast start, and you may be surprised at the opportunities that come your way.

Agree with the other posters about prospecting using CDs and money market. Rising rates means our brokerage products will be very attractive compared to the rates at your local banks and credit unions. This will be one of the greatest asset-gathering opportunities of your career. Treat it as such. Good luck!