Originally Posted by rustyp (Post 2024621)

I have had more bad experiences with brokers then good. That said in my opinion the OP shares most of the blame for cutting the transition date too close to the closing. Myself would have made sure the money was to be in the bank at least ten business days ahead allowing for time to unscrew a major problem if encountered. I see no reason to play the senior card here. Try closing an account someday and watch how long that takes.

Originally Posted by AJ32162 (Post 2024616)

What day did you instruct Whitaker to sell the stock? If you instructed them to sell the stock on October 29, 2021, the funds would be credited to your account on that date but not available for withdrawal or transfer until two business days later. I takes two business days for the transaction to 'settle' at which time the funds become available for withdrawal...which would have been November 2, 2021.

Originally Posted by rustyp (Post 2024621)

I have had more bad experiences with brokers then good. That said in my opinion the OP shares most of the blame for cutting the transition date too close to the closing. Myself would have made sure the money was to be in the bank at least ten business days ahead allowing for time to unscrew a major problem if encountered. I see no reason to play the senior card here. Try closing an account someday and watch how long that takes.

Originally Posted by Boomer (Post 2024650)

retiredguy123,

I am asking you this purely academic question because it seems like you know stuff. . .

In a circumstance such as this one, should? would? could? the title company have stepped up to arrange for a dry closing?

OP,

I don’t know anything about whether you have any legal recourse or not. But I think if I were you, I would find another broker. The new broker should handle all the transfers for you so you never again have to talk to the one who dropped the ball. But make sure the new broker explains each type of transfer being used, and why, before you sign off. Different types of accounts might require different types of transfers.

Originally Posted by vintageogauge (Post 2024638)

Last year I had Edward Jones sell of a bunch of stuff and they did it a day late resulting in a loss of $6,000.00 due to a drop in the market value that day. The agent that I dealt with for years absorbed the $6,000.00 and brought my account up to where it should have been if sold the day before as instructed. It's nice when someone you trust with money is honest enough to admit they made a mistake.

Originally Posted by VICAR OF DIBLEY (Post 2024703)

How do I find an excellent broker who has the knowledge to follow through on request, is competent and upstanding.

Originally Posted by Boomer (Post 2024712)

If you do decide to transfer your investments, you will need to spend some time doing your homework to be sure you are comfortable with your choice.

Because you have posted the story here in a public forum, the exposure makes it possible that you might be contacted, via PM, by somebody offering “help.” I would NOT respond to that type of solicitation. You want to be the one to initiate contact for anything financial.

There are “bricks and mortar” offices for Fidelity and Schwab in TV — along with other “knowns” — where you could probably make appointments to talk with someone. That could be a start. If you proceed with a plan to talk to brokerages about transferring, it is probably a good idea to provide specifics at the appointments so the broker can see if transfers can be made in-kind and what type of accounts you have — taxable, tax-deferred, etc. so they can explain how the transfers need to be done.

If you decide you really want to part ways with your current broker, please take the time to be sure you have found your next comfort-zone. Could this be a “better the one you know” circumstance? Only you can decide that.

I looked at the website for the office you are with now, and I see that there are other things offered in addition to investments — under the same roof — Eldercare attorneys, CPAs, insurance, etc. (And they clarify the separation of those offerings in a legal statement on the site.)

If you use other services there, that sounds convenient, and you might be happy with those, but aggravated just at the dropped ball for your closing. I certainly understand your disappointment and frustration with what happened there. (I hope your closing went through.)

I also understand how going through the process of carefully finding a new broker could feel unwieldy at this point, especially considering that it seems you have had a decent relationship up until now. But according to your post here, it sounds like their office was dismissive, so it might be worth spending the time and effort to look around for another place.

. . .But, ya know. . .I would think that your broker, as a professional, should contact you with an apology and an explanation of what the heck went wrong. Maybe communication from him could calm the waters — and you would not need to feel like you have to do anything further. Sometimes, when all is said and done, it does not end up being about the mistake. It’s about how the mistake is handled by the one who made it. (But maybe that ship has sailed.)

Originally Posted by VICAR OF DIBLEY (Post 2024610)

I am an octogenarians in need of suggestions how best to handle this situation involvingone of my brokerage firms, Michael Whitaker and Associates, LLC.

I have been a client of Michael Whitaker and Associates for well over a decade, and for the first time, I needed to sell stock in what had to be a very timely matter—for the closing of a real estate purchase.

I contacted Michael Whitaker’s office to explain the situation, giving the specific date by which I absolutely had to have the funds available—November 1, 2021—as well as the amount of funds I needed available. No problem, I was told; I was given instructions how to accomplish this.

I followed through on the instructions to the letter, as I could not take a chance on any errors occurring. In fact, I adjusted the date to make it even earlier—October 29, 2021—just in case there was a delay. Again I was assured that the funds would definitely be available even before I actually needed them. To be on the safe side, I verified the dates and instructions with Michael Whitaker’s staff.

To make a long story short: On Friday, October 28, the funds were not available in my checking account from which they were to be wired to the closing company. Figuring on a routine delay, since Michael Whitaker had all the information AND I had gone over it with his staff, on Monday morning, November 1, 2021—the day of the closing—I was not able to wire that portion of funds, as they never appeared in my account!

Urgently I sought to contact Marcia at Michael Whitaker’s office, whom I had been told would be my primary contact person, starting the calling at 9:00 AM, and until 9:45 I kept getting a recording saying that the office would reopen at 9:00 AM. Finally, someone answered, and I said I needed to speak with Marcia immediately.

I was told she was with a client. I explained that this was an emergency situation, to please interrupt her. She finally picked up the phone and told me she would call me back ‘later.’ She finally did call me back and told me she had no idea why the funds weren’t there and she could do nothing about it.

This was a far cry from being told not to worry, that everything would be done as needed, that what I was doing was fairly routine. Unfortunately, Marcia took no responsibility for the major problem about which no one in Michael Whitaker’s office could—or would—do anything about.

Essentially Michael Whitaker’s staff did absolutely nothing and offered no possible solutions. I was left high and dry, facing a closing and not being able to have my bank wire the funds as was required by the company handling the closing. What was I to do? Whatever I did, it was with zero support from Michael Whitaker and Associates, LLC!

The thought crossed my mind: Am I being taken advantage of because of my age, because someone was making the assumption that I would not realize what was going
on? I was unbelievably upset, as I had no idea what to do, and hard as it is to believe, no one at Michael Whitaker’s firm even offered a suggestion! These are the people whom I had trusted with my assets and cash over the years.

I spoke directly with Michael Whitaker as well as several of his staff. He essentially shrugged off the problem—not what I would have expected from a company which I hadtrusted and relied on. Now I’m asking myself if I have any recourse to being treated like this by Michael Whitaker and his staff.The funds are there today—Tuesday, November 2, 2021. But the closing was yesterday. In terms of recourse, I would very much appreciate your suggestions. Thank you.

Originally Posted by VICAR OF DIBLEY (Post 2024719)

At this time I am doing research on what options I have. At the same time beginning to make a list of questions.

I have not received any phone calls from Michael Whitaker. Apology - since I have not received a call I don’t know if they have any remote feelings of responsibility.

They are in business to make money, granted that is what businesses are for, since I have NOT received any phone calls from Michael Whitaker’s office - I feel they put making money before being professional.

Your statement about Michael Whitaker responding as a professional, lack of communication from Michael Whitaker says a lot about him and his firm being professional.

At this time I feel taken advantage of because I trusted them. I was verbally guaranteed that everything would be accomplished.

I also wonder if their lack of follow up in this matter has to do with my age - I am 80 years old.

Am I a “sitting duck”, is the question I ask myself because I am elderly.

Originally Posted by VICAR OF DIBLEY (Post 2024610)

I am an octogenarians in need of suggestions how best to handle this situation involvingone of my brokerage firms, Michael Whitaker and Associates, LLC.

I have been a client of Michael Whitaker and Associates for well over a decade, and for the first time, I needed to sell stock in what had to be a very timely matter—for the closing of a real estate purchase.

I contacted Michael Whitaker’s office to explain the situation, giving the specific date by which I absolutely had to have the funds available—November 1, 2021—as well as the amount of funds I needed available. No problem, I was told; I was given instructions how to accomplish this.

I followed through on the instructions to the letter, as I could not take a chance on any errors occurring. In fact, I adjusted the date to make it even earlier—October 29, 2021—just in case there was a delay. Again I was assured that the funds would definitely be available even before I actually needed them. To be on the safe side, I verified the dates and instructions with Michael Whitaker’s staff.

To make a long story short: On Friday, October 28, the funds were not available in my checking account from which they were to be wired to the closing company. Figuring on a routine delay, since Michael Whitaker had all the information AND I had gone over it with his staff, on Monday morning, November 1, 2021—the day of the closing—I was not able to wire that portion of funds, as they never appeared in my account!

Urgently I sought to contact Marcia at Michael Whitaker’s office, whom I had been told would be my primary contact person, starting the calling at 9:00 AM, and until 9:45 I kept getting a recording saying that the office would reopen at 9:00 AM. Finally, someone answered, and I said I needed to speak with Marcia immediately.

I was told she was with a client. I explained that this was an emergency situation, to please interrupt her. She finally picked up the phone and told me she would call me back ‘later.’ She finally did call me back and told me she had no idea why the funds weren’t there and she could do nothing about it.

This was a far cry from being told not to worry, that everything would be done as needed, that what I was doing was fairly routine. Unfortunately, Marcia took no responsibility for the major problem about which no one in Michael Whitaker’s office could—or would—do anything about.

Essentially Michael Whitaker’s staff did absolutely nothing and offered no possible solutions. I was left high and dry, facing a closing and not being able to have my bank wire the funds as was required by the company handling the closing. What was I to do? Whatever I did, it was with zero support from Michael Whitaker and Associates, LLC!

The thought crossed my mind: Am I being taken advantage of because of my age, because someone was making the assumption that I would not realize what was going
on? I was unbelievably upset, as I had no idea what to do, and hard as it is to believe, no one at Michael Whitaker’s firm even offered a suggestion! These are the people whom I had trusted with my assets and cash over the years.

I spoke directly with Michael Whitaker as well as several of his staff. He essentially shrugged off the problem—not what I would have expected from a company which I hadtrusted and relied on. Now I’m asking myself if I have any recourse to being treated like this by Michael Whitaker and his staff.The funds are there today—Tuesday, November 2, 2021. But the closing was yesterday. In terms of recourse, I would very much appreciate your suggestions. Thank you.

Originally Posted by VICAR OF DIBLEY (Post 2024610)

I am an octogenarians in need of suggestions how best to handle this situation involvingone of my brokerage firms, Michael Whitaker and Associates, LLC.

I have been a client of Michael Whitaker and Associates for well over a decade, and for the first time, I needed to sell stock in what had to be a very timely matter—for the closing of a real estate purchase.

I contacted Michael Whitaker’s office to explain the situation, giving the specific date by which I absolutely had to have the funds available—November 1, 2021—as well as the amount of funds I needed available. No problem, I was told; I was given instructions how to accomplish this.

I followed through on the instructions to the letter, as I could not take a chance on any errors occurring. In fact, I adjusted the date to make it even earlier—October 29, 2021—just in case there was a delay. Again I was assured that the funds would definitely be available even before I actually needed them. To be on the safe side, I verified the dates and instructions with Michael Whitaker’s staff.

To make a long story short: On Friday, October 28, the funds were not available in my checking account from which they were to be wired to the closing company. Figuring on a routine delay, since Michael Whitaker had all the information AND I had gone over it with his staff, on Monday morning, November 1, 2021—the day of the closing—I was not able to wire that portion of funds, as they never appeared in my account!

Urgently I sought to contact Marcia at Michael Whitaker’s office, whom I had been told would be my primary contact person, starting the calling at 9:00 AM, and until 9:45 I kept getting a recording saying that the office would reopen at 9:00 AM. Finally, someone answered, and I said I needed to speak with Marcia immediately.

I was told she was with a client. I explained that this was an emergency situation, to please interrupt her. She finally picked up the phone and told me she would call me back ‘later.’ She finally did call me back and told me she had no idea why the funds weren’t there and she could do nothing about it.

This was a far cry from being told not to worry, that everything would be done as needed, that what I was doing was fairly routine. Unfortunately, Marcia took no responsibility for the major problem about which no one in Michael Whitaker’s office could—or would—do anything about.

Essentially Michael Whitaker’s staff did absolutely nothing and offered no possible solutions. I was left high and dry, facing a closing and not being able to have my bank wire the funds as was required by the company handling the closing. What was I to do? Whatever I did, it was with zero support from Michael Whitaker and Associates, LLC!

The thought crossed my mind: Am I being taken advantage of because of my age, because someone was making the assumption that I would not realize what was going
on? I was unbelievably upset, as I had no idea what to do, and hard as it is to believe, no one at Michael Whitaker’s firm even offered a suggestion! These are the people whom I had trusted with my assets and cash over the years.

I spoke directly with Michael Whitaker as well as several of his staff. He essentially shrugged off the problem—not what I would have expected from a company which I hadtrusted and relied on. Now I’m asking myself if I have any recourse to being treated like this by Michael Whitaker and his staff.The funds are there today—Tuesday, November 2, 2021. But the closing was yesterday. In terms of recourse, I would very much appreciate your suggestions. Thank you.

Originally Posted by VICAR OF DIBLEY (Post 2024703)

How do I find an excellent broker who has the knowledge to follow through on request, is competent and upstanding.