[VICAR OF DIBLEY]

Originally Posted by blueash

The Vicar has told us that the settlement day was Oct 22nd. But he has not told us where that cash from the sold stocks was deposited. Did it go into a cash account at the broker? Was the broker told to close out the cash and transfer it to a second institution? Did he have a checking account at the broker?

We are told in post #1 that he expected it to be available in a checking account from which it was to be wired for the closing. But then in post #15 he writes that he was going to go to their office to pick up the money. Those two scenarios do not seem identical. Perhaps the going to the office was to do some paperwork to get the sale arranged not to pick up a check?

Either way, you have no damages unless you suffered a loss. Did the closing go through either on the 1st or the 2nd? Or did you loose the opportunity to buy the property?

Brokerages carry "Errors and Omissions" insurance for protection when they make a mistake.

The location of the cash between Oct 22, the settlement date, and Nov 1, the closing date needs some exploration. Either way, you were poorly treated. Perhaps you didn't understand some requirement or where to find your money. But I think it was their obligation to clearly explain to you how the cash was getting from your account to the closing.

I went to their offices to sign the necessary paperwork and provide a copy of the account where it was to be sent to on the date they gave me.

I don’t know where the funds were from Oct. 22, until they were deposited in my account.
I gave them all the information they requested, followed through on every detail, and was reassured that the funds would be available when I needed them.
I had informed them nearly a month prior to needing the funds.

[VICAR OF DIBLEY]

Originally Posted by Boomer

Vicar, please carefully note post #35 by catholmes99 and posts #39 and #40 by Jayhawk. They are giving you extremely valuable information.

If you want to start finding a connection to a new brokerage now, Fidelity and Schwab are right here and you can talk to someone in person. They can give you as much or as little advice on investments as you want. They can definitely help you with transfers though if you want to get that done before you proceed with anything further.

I agree with you. I have been given excellent advice.
After reading the post you wrote about, I know how to proceed.

[stevesliders]

Originally Posted by VICAR OF DIBLEY

My first call to start the transaction was nearly one month before I needed the funds.
I trusted them “MY ERROR “, next, thinking they were competent.

Kelley Pyles, CFP. (352) 750 - 1637. Very honest and reliable.

[twinklesweep]

Originally Posted by VICAR OF DIBLEY

The date I was given to complete this transaction, came from Michael Whitaker’s office. I had No reason to believe I could not trust them.

Originally Posted by VICAR OF DIBLEY

My first call to Michael Whitaker’s office was nearly one month before I needed the funds. I was told on what date to come to their office, so that I would get the monies for the closing in time.
I thought they were competent, little did I know.

Originally Posted by VICAR OF DIBLEY

My first call to start the transaction was nearly one month before I needed the funds.
I trusted them “MY ERROR “, next, thinking they were competent.

Originally Posted by rsmurano

AJ32162 stated it correctly. you never get your money the same day you sell investments. Some brokerages allows you to sell then buy stocks the same day but never allow you to take the money out.
One interesting note that makes this whole story fall apart was that the OP stated he checked his "checking account" for the funds that he sold and they weren't there. You know that it requires a move from the brokerage account into a checking account which can take a day or 2 in itself especially if they have to transfer the funds to another bank. Or, the OP is confused and thinks the brokerage account where his funds come out of is a checking account, either way, doesn't look good for the OP.
I use a brokerage firm that can wire directly out of my taxable accounts. So when I need to wire money, I talk with my brokerage firm and tell them I need you to wire the funds a day or 2 before the closing date and they will tell me when I need to sell so the funds are ready* for wire in time. Done this a dozen times with no issues but I always wire the funds days before they should be there

Originally Posted by VICAR OF DIBLEY

I went to their offices to sign the necessary paperwork and provide a copy of the account where it was to be sent to on the date they gave me.

I don’t know where the funds were from Oct. 22, until they were deposited in my account.
I gave them all the information they requested, followed through on every detail, and was reassured that the funds would be available when I needed them.
I had informed them nearly a month prior to needing the funds.

The Vicar may have been unfamiliar with how the process works, but there is no doubt that he made it abundantly clear on not one but several occasions exactly what his time frame was and relied on a reasonable expectation that MICHAEL WHITAKER and his staff knew what they were doing. Faulting the OP based on the failure of the brokerage house to properly interpret the dates the Vicar clearly presented to them is short-sighted on the part of these posters whose pervasive attitude may be one of 'blame the victim.'

*Emphasis mine. It sounds as if murano did exactly the same thing as Vicar did, that is, letting the brokerage house determine the dates, though in his case MICHAEL WHITAKER and staff knew his need was to have the funds not wired but available in his checking account. This difference in the routing of the funds is irrelevant in that it was clear what was needed how and when.

[Villages Kahuna]

You could file a complaint with the SEC, but it probably wouldn’t go anywhere because you got the money, just a day late. The recourse you do have is 100% certain. Find another financial advisor, move your assets there and close your account with the Whitaker firm.

[herremans]

i WOULD MOVE MY TOTAL ACCOUNT.

[habjmb@yahoo.com]

I was very surprised to read this “massacre” of Michael Whitaker and associates. We have been clients of Michael since moving to The Villages and have always received immediate response to any questions or issues we may have had. We have full confidence and satisfaction in our relationship with Michael’s firm. What disturbs me the most is that this person (who doesn’t even identify him or herself) is also basically accusing Michael of age discrimination. That’s not only so false but is very inflammatory and demonstrates slander. I understand that the situation described was very stressful but feel the remarks were unfair and rude especially to Marcia and Heather. This person(s) needs to step back and to weigh the good Michael has done for them as a client against this one unfortunate incident.

Originally Posted by VICAR OF DIBLEY

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.

[coralway]

Originally Posted by Goinghiway

Never had a problem with Fidelity…..

Ditto - and I have been trading with them since 1986. Never had a single problem. Cash is usually available to withdraw after 2 days

Never heard of Michael Whitaker, though.

[VICAR OF DIBLEY]

Originally Posted by habjmb@yahoo.com

I was very surprised to read this “massacre” of Michael Whitaker and associates. We have been clients of Michael since moving to The Villages and have always received immediate response to any questions or issues we may have had. We have full confidence and satisfaction in our relationship with Michael’s firm. What disturbs me the most is that this person (who doesn’t even identify him or herself) is also basically accusing Michael of age discrimination. That’s not only so false but is very inflammatory and demonstrates slander. I understand that the situation described was very stressful but feel the remarks were unfair and rude especially to Marcia and Heather. This person(s) needs to step back and to weigh the good Michael has done for them as a client against this one unfortunate incident.

I stated I wondered if my age had anything to do with what happened.

Are you from Michael Whitaker’s office? I did not mention two names, yet you refer to two people from that firm. I mentioned only one name.

[kathy1516]

Originally Posted by VICAR OF DIBLEY

My first call to Michael Whitaker’s office was nearly one month before I needed the funds. I was told on what date to come to their office, so that I would get the monies for the closing in time.
I thought they were competent, little did I know.

They are a competent firm. I’ve been with them for a decade also. The OP was being overly critical and a phone call to delay the closing a day or two later would have been no problem. It’s unfair that OP tried to ruin this firm because the funds were delayed. Why did he wait until last minute to request the funds? Doesn’t make sense.

[asianthree]

Don’t you love it when someone posts, and clearly haven’t read prior posts. If OP closed with Citizens First, the penalty for closing one day late, Will start at $500, I know we were one day late, not our fault Citizens upgraded program, could not close. They charged us $585.

Just because one has been with a investment company, doesn’t mean you have had the same issues. Any investment firm can do yearly distribution automatically.

We had the same issue with our old firm, we gave them 30 days notice on moving money to another account. 7 days prior, in person paperwork. Money left our account, and went to neverland for 10 days. Finally ended back to original. We made a face to face following day, and immediately moved all our money to our other firm.

Your financial guy is good until something goes wrong.

[dhsmith]

We’ve been with Whitaker and Associates for years and never had any problems always top notch.

[joansullivan]

Originally Posted by VICAR OF DIBLEY

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.

Not sure, but I wonder if Crimes vs Seniors could help. Sending a registered letter to the Whitaker firm asking for their explanation of how this financial mishap occurred and what they plan to do about it to mitigate the risk of it ever happening again may help. Like many other posters, I would also transfer my funds from Whitaker to another brokerage firm. Best of luck to you.

[VICAR OF DIBLEY]

Originally Posted by kathy1516

They are a competent firm. I’ve been with them for a decade also. The OP was being overly critical and a phone call to delay the closing a day or two later would have been no problem. It’s unfair that OP tried to ruin this firm because the funds were delayed. Why did he wait until last minute to request the funds? Doesn’t make sense.

Funds were requested approximately one month prior to the date I needed them. They informed me when everything had to be done to-get the funds on time.
All directions were followed.

[VICAR OF DIBLEY]

Originally Posted by kathy1516

They are a competent firm. I’ve been with them for a decade also. The OP was being overly critical and a phone call to delay the closing a day or two later would have been no problem. It’s unfair that OP tried to ruin this firm because the funds were delayed. Why did he wait until last minute to request the funds? Doesn’t make sense.

How do you know the closing could be delayed? How do you know it would not cause any problems?

One poster had to pay $585.00 because of a delay with funding