[dewilson58]

Originally Posted by LuvtheVillages

Let’s hope that the Whittaker’s have a large Errors and Omissions insurance policy.

E&O does not cover intentional.

[Caymus]

Would Whitaker receive a higher commission/fee from this as compared to a safer product?

[Toymeister]

Originally Posted by Caymus

Would Whitaker receive a higher commission/fee from this as compared to a safer product?

Almost certainly, depending on what the safer product is.

[MDFlyer]

Originally Posted by Toymeister

Almost certainly, depending on what the safer product is.

Plus GWG and other risky companies are the ones that "sponsor" the dinners that draw customers to Michael L Whitaker and Associates firm. They did not spend this money and put on the dinners because they just like you.

[SallyB]

Originally Posted by MDFlyer

Whitaker has stated, in a private message to me, that he will not respond and lower himself to the level we are. He cannot admit, with positive answers, to the questions you ask because then Michael L Whitaker and Associates would not have any defense when FINRA comes knocking on his door.

Shows his character. Calls us misinformed and liars, when ask to clarify he says he will not lower himself.
Tells me two things, first he has zero prove to back up his claims that GWG was not a Ponzi scheme, second, he doesn't want to answer because he knows we are right and he missed sold GWG to seniors, claiming them to be safer than the market.

[Normal]

I would recommend a nationwide well known firm instead of local?

[Plinker]

Originally Posted by Normal

I would recommend a nationwide well known firm instead of local?

I have always managed our assets and am a big fan of Vanguard. My wife will contact them upon my demise and utilize their advisory services. They charge a very low 0.30% AUM fee. Granted, they will utilize Vanguard funds but this is to your advantage. They are well known for having some of the lowest expense ratio fees on the planet. You can always call and speak to a CFP. They will have no reservations confirming that they must follow the fiduciary standard. And they will never sell you high-risk Ponzi bonds.

[MDFlyer]

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. ???

[retiredguy123]

Originally Posted by MDFlyer

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.

[Plinker]

Originally Posted by retiredguy123

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.

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.

[SallyB]

Originally Posted by MDFlyer

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. ???

Are you kidding me? Well, he should did tell my parents and their friends that he was a fiduciary. What a piece of work.
And my parents have GWG L Bonds in their IRA.

[Gpsma]

Im not defending Mr Whitaker. Perhaps he gabe wrong advise. Perhaps he sold investments that were not appropriate.

BUT…why did many of u go with him for advise?…gave u a rubber chicken dinner? Sold u a bill of goods that he was yoir buddy and best advisor?

Sorry people lost money with him….bit why go to a small investment business here.?…oh you got a meal?

Schwab, Fidelity, Vanguard..etc, etc, etc….they never serve u a sandwich to get your business.

[MDFlyer]

Originally Posted by Gpsma

Im not defending Mr Whitaker. Perhaps he gabe wrong advise. Perhaps he sold investments that were not appropriate.

BUT…why did many of u go with him for advise?…gave u a rubber chicken dinner? Sold u a bill of goods that he was yoir buddy and best advisor?

Sorry people lost money with him….bit why go to a small investment business here.?…oh you got a meal?

Schwab, Fidelity, Vanguard..etc, etc, etc….they never serve u a sandwich to get your business.

According to Michael L Whitaker, Michael L Whitaker and Associates has been in business for 38 years. Another lie is when you use it as part of your title with the intent to influence clients to use your services. He, himself may have been a carnival insurance salesman or something else, low level, in the financial industry for that many years but these jobs, certainly do not qualify you to provide advice to clients and particularly seniors who put their trust in you.

[MDFlyer]

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.

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?

[Toymeister]

Originally Posted by MDFlyer

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?

If he committed to this pledge and now he is repudiating it in writing it seems logical that, in addition to whatever action an impacted party takes, then he could have a complaint against him by the organization that grants CLU. Much like the State bar takes action against wayward Esquires (lawyers).

Perhaps MDFlyer would like to post the details of how to do this. One complaint is irritating several complaints indicate a pattern and is more likely to result in action. Finally, a company which he represents, based in part upon the CLU designation, would certainly like to know his CLU has been acted upon. Granted, this is a long shot.