Quote:
Originally Posted by Plinker
Here is Mr. Whitaker’s problem (among others):
All ChFC and CFP are fiduciaries, regardless of who they advise. Mr. Whitaker is a ChFC. Therefore, Mr. Whitaker is a fiduciary. Mr. Whitaker can’t turn on and off his fiduciary duties like a light switch. The ChFC takes the following oath-
From the American College of Financial Services:
Becoming a Chartered Financial Consultant® involves taking the Professional Pledge, which reads:
"In all my professional relationships, I pledge myself to the following rule of ethical conduct: I shall, in light of all conditions surrounding those I serve, which I shall make every conscientious effort to ascertain and understand, render that service which, in the same circumstances, I would apply to myself."
“This commitment to a fiduciary duty shows your prospective and existing clients that you will always place their needs above your own. In a world where clients must choose between working with independent advisors, large brokerage firms or even no advisor at all, your willingness to hold sacred the best interest of your clients will help you gain a competitive advantage and secure a book of business that trusts you, depends on your expertise, and sticks around for the long term.”
I wonder what dollar amount of GWG L-bonds Mr. Whitaker personally owns.
As you can see, Mr. Whitaker likely has many dark days ahead.
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Right On - If Michael L Whitaker and Associates, and employees are going to claim the initials behind their names and in your advertising then you are stuck with providing the performance that comes along with them. There is no performance curve that you can operate on dependent on what you charge. To even send us an email suggesting that we, your clients, knew that you were not giving us advise that was in our best interest is insulting. What else would we have been expecting?