What’s the most ridiculous examples of wasteful spending you’ve seen?
Drop your wildest stories of money being lit on fire. No names, just chaos.
21 replies (most recent on top)
TAP Trips - hands down #1. The stories I have heard from GPs mouths and Field Compliance are absolutely appalling. Cheating on spouses, fighting, drunken id--ts... all with their kids around.
Trips/events to encourage FAs to "change mindset" - Send them Florida to the beach changes their mindset?
Most in person offsites are useless - should have been a zoom.
Trail blazer cafe.
Penny's security team.
Hinge, talkspace, many other benefits are useless - just give us more PTO and we will be better physically and mentally
@1r Wouldn't that be nice. We can only dream.
@bj If only we could turn back the clock.
@by Things definitely would be different.
I was recently in home office for an event and they had an open bar with beer and wine and servers staffed to provide these things. This, while they are laying off people actually doing work for the benefit of the firm.
The trips for advisors. Sure other firms have them but they are only available to the top 10%.
The whole training dept. not listening to our needs. It's like the field is throwing money into a hole and not seeing anything for it. Maybe this is where the contractors come, listen and do what we want them to do.
The TAP trips are loaded with so called professionals misbehaving. One example that comes to mind was the FA who took his wife and BOA to Turks and Caicos. Wife stayed at the firm paid for resort. FA paid for the BOA to stay at another resort on the same island. The island is tiny. Wife ultimately found out about BOA. This is just one of many examples. Spend an hour or two speaking to anyone in Field Supervision. These TAP trips are a huge waste of money.
@e1 I have no issue with FA TAP trips. However I wonder if the GP chaperones get charged the tax withholdings like the FAs? If not they should.
The company funded FA travel trips each year. Thinking they are compensated enough to fund their on personal vacations. Not to mention all the GPs that get to attend free as chaperones (smh)
Allowing GPs to retire and collect partnership distributions, and then hiring them as third party consultants. No, I’m not referring to retired managing partners, these are regular partners.
@ab We just hired a brand new GP located in Seattle. Guess it’s okay for GPs just not associates?
@ba the annual spend for consultants has to be in the range of ELT compensation. How is it fiscally responsible to pay for both?
Paying for make up artists for GPs.
The GP that turned themselves into a hologram.
Virtual country singer concert during Covid. I think it was Luke Bryan, but could be wrong.
@ab good luck finding all the skilled labor you need for a firm the size of jones exclusively in stl and tempe. Oh wait you can't
Hiring of former Googler by KJ to virtually do nothing and just collect GP paychecks
PP's health insurance premiums that allowed her to receive life saving cancer treatment. Things would be so much better for so many people had she not been allowed to receive healthcare.
100th Anniversary Events.
Executive trips to India.
$1,000+ dinners in Toronto for 3 people.
Private jet flights for 4 people/passengers.
Trail Blazers Cafe.
The 10th floor renovation.
Massage chairs in H.O.
Parking space counters @ H.O.
Privacy pods in H.O.
Aramark employees/Allied employees.
Fees for Boston Consulting Group, McKinsey and Growth River.
“Chiefs of Staff”.
Paying a GP’s tax debt to avoid IRS 👀 on all GPs.
Should I go on?
They were allowing people to "work" from home. That was just crazy.
KJ and SMs compensation