Talk of The Villages Florida - View Single Post - Need help for my parents they have GWG L Bonds with Michael Whitaker and Associates
Thread: Need help for my parents they have GWG L Bonds with Michael Whitaker and Associates
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Old 04-11-2023, 09:21 AM
retiredguy123 retiredguy123 is online now
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Originally Posted by MDFlyer View Post
Michael L Whitaker and Associates is sending out disclaimers about NOT acting as a Fiduciary. I assume this is being done to dissuade any clients from going through the process of filing a claim against his company or him personally. Has anyone, other than us gotten such an email? His contention is that he did not charge a maintenance fee so he did not have the obligation to act as a Fiduciary. ???
I don't think being a fiduciary has anything to do with charging a maintenance fee. But, if he advised clients about their qualified retirement account, such as an IRA, a 401K, or 403B accounts, then the advisor is required by Federal law to act as a fiduciary. This is a law created by the Department of Labor. See Post No. 33 for a link to the law's requirements.