Quote:
Originally Posted by Gpsma
Mr Hadaway…did you look at what Mr Whitaker invested you in? Or did you give him all your money and let him do what he wanted?
As many people have said…go with the big guys, fidelity, shwab, vanguard…tell them your risk tolerance and they will kerp your investments in that lane.
Sorry you lost you money…but why go to a small shop here? Because you got recommended by friends that went to his rubber chicken luncheons?
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To answer your first question, it is a combination of both, I talked with him about my risk tolerances and he suggested certain things that I should be invested in. This system worked out very well for the first 6 years or so, Michael L Whitaker suggested good dividend-paying investments. I truly believe that Michael's lifestyle and financial needs got the best of him and he started putting, not only me but others in more and more risky investments that brought him higher commissions but were not good for his clients. I have known him for over 10 years and have seen this play out over the years. To answer your second question I did attend many of his "rubber chicken" dinners paid for by GWG and other investment entities but this was long after I began with Michael L Whitaker and Associates as my advisor. I think this might be referred to as "keeping the flock together".