I have read many of the SEO articles Wingspan Portfolio Advisors paid their Search Engine Optimization companies to put out and there really isn't a grain of truth to any of them. They paid good money to have these companies put a sweet spin on an ugly situation.
The fact is this.. WINGSPAN PORTFOLIO ADVISORS HAS "TERRIBLE" GROWTH PROSPECTS. Point blank. Period.
Wingspan Portfolio Advisors grew so rapidly because they entered the market during the height of the great recession when pretty much everyone knew someone who was losing their home. Bank of America was struggling with an oversupply of foreclosures and modification requests. Wingspan was a small company in 2009. A very small company. With less than 50 employees. Their building located at 4100 Midway in Carrollton, TX was practically empty.
That is why I knew something was strange to hear about Wingspan expanding to over 1,500 employees in 2012. This type of growth was phenomenal and the first question one would have to ask is what has made Wingspan Portfolio Advisors so attractive that all of a sudden it would be pulling in this much business? Overnight? The answer is...NOTHING.
Wingspan Portfolio Advisors "pads" its employment numbers. It always has. When I worked for Wingspan I found it odd that the company would tell employees in a meeting it may have to layoff, but were rolling through training class after training class during this same time frame. All of a sudden, the company would go on "firing sprees" and terminate half its workforce for frivolous reasons. Any reason. The company's management had started giving orders to write everyone up for any reason. A few of the team leads came out and told us about this. They warned us that they were suppose to meet "write up" quotas which were to be eventually used against employees when they would be "eventually" terminated. This was so Wingspan would be able to avoid paying Unemployment Insurance.
Wingspan would hire and fire large numbers of employees every few months, flipping their workforce essentially. However, for purposes of taxes, the tax man didn't consider this a turnover nor did the Cities of Dallas, Frisco, Carrollton, etc. If Wingspan hired and fired 50 people every month, it would simply appear that the company was continuing to grow.. The cities nor the IRS would consider the fact that Wingspan essentially was not growing. It was replacing people.
It never made sense to me why Wingspan Portfolio Advisors would engage in this type of Workforce Flipping until I read up on the tax code. For purposes of Tax Credits, this is what the IRS has stated..
FAQs About Qualified Employees
(06/01/10) QE1: Who are qualified employees?
A-QE1: Qualified employees are individuals who begin employment with a qualified employer after February 3, 2010, and before January 1, 2011, who have been unemployed or employed for 40 hours or less during the 60-day period ending on the date such employment begins, who are not employed by the qualified employer to replace another employee of that employer, unless the other employee separated from employment voluntarily or was terminated for cause, and who are not family members of or related in certain other ways to the employer.
(So if you were terminated "For Cause" the company does not have to state you were "replaced".. Because by doing so they would lose out on the credit. They can list the new person as being hired to fill a previously unfilled job which is simply not the case)
(03/20/10) QE4: Does the payroll tax exemption apply to wages paid to an otherwise qualified employee hired to replace an existing worker whose employment terminated?
A-QE4: The payroll tax exemption does not apply to wages paid to an employee who is hired to replace an existing worker, unless the existing worker terminated employment voluntarily or was terminated for cause.
(Again, if you terminated the employee "FOR CAUSE" you still get the tax credit. It is simply working the system. This is why Wingspan instructed its managers and team leads to "write up everyone for anything" and would go on firing sprees. Wingspan Management even denied employees work and then turned around and fired them for not turning in enough work. This company operated in a dirty, dirty fashion and its manages are nothing more than "YES MEN" who will do and say anything, whore themselves out in any direction, to keep their jobs.. They have no regard to the lives they have destroyed)
