ARBOR WEALTH: Maui Jims, GoPros and Folsom Prison Blues

Margaret R. McDowell
Special to The Log
Published: Saturday, August 16, 2014 at 09:30 AM.

“I bet there’s rich folks eatin’ in a fancy dinin’ car …

They’re prob’ly drinkin’ coffee … and smokin’ big cigars.” from “Folsom Prison Blues,” written and recorded by Johnny Cash

 

If you recently received a card from your broker postmarked in Hawaii , you may have helped send him there.

A broker at an investment conference stated in a luncheon recently that he would never consider leaving his firm.  “Why?” someone asked. “The vacations,” he said. “Every year, depending on how many annuities I sell, they send my wife and me to a place we’ve never been. Last year we went to Rome .  The year before, we took an Alaskan cruise. This year we’re going to Paris .  And it’s all free.”

When markets tumbled in 2008 these trips were downsized or cancelled. Now, though, in concert with recent bullish markets, complimentary vacations to resort destinations are once again on the rise. Some educational sessions are usually hosted at conferences now, to lend some professional credence to the trips.

A recent article in the WSJ is entitled “Wall Street Revives Reward Junkets for Top Brokers.” The accompanying photo reveals beachside cabanas at the Ritz-Carlton Kapalua. “In late April, a few hundred of Morgan Stanley’s top stockbrokers and their spouses jetted off to Hawaii for a gathering spiced with golf, deep-sea fishing and suntanning,” writes Corrie Driebusch.  “When they arrived … the first perks of their all-expenses paid trip were waiting for them … GoPro cameras and Maui Jim sunglasses …”



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