Mortach Financial Services

Please read the BBB complaint, which I find amazing since the BBB says there are NO complaints against Mortach. HAHAHAHA!

This guy is a thief. Do not I REPEAT do not go with this guy. He is running a get rich scheme for himself

Dave Mortach was very professional and straight forward to carefully explain his products and my investment options. He clearly showed me the advantages of this investment and the expense related to any advanced/premature withdraws.The 10 year annuity he recommended, proved to be most rewarding, as I have doubled my money and now enjoy a steady stream of planned income. I have referred my family and many friends and all have experienced profitable/SAFE results.
Highly recommend.

I went to get an annuity. After coming home, I saw that my husband was a joint owner of the original annuity I was transferring. I called him and HE took all the credit for finding the mistake HE HAD MADE. I am the one that called it to his attention. How do you miss something that important? Ok, so then we had to make another long trip to his office so my husband could be added as he was also owner of the original annuity. Now we get the actual policy and guess what? Husband is not listed as co-owner or on the policy anywhere. Nor was the contingent beneficiary listed, even though all that It information was given to him. I called and left a message on the day I discovered the error. I never got a call back right away so I contacted the company directly. They told me they were never sent the information on my husband. WOW! REALLY? When they (Mortach secretary) finally called be back, I explained what had happened (even though it was in the message I left and had to explain AGAIN). BARB said she would look into it and get back to me. Well guess what? It was not THEIR fault but the insurance company's fault and they would be sending me out a new policy. I told her that I had spoken to the policy company already and didn't appreciate them constantly blaming someone else for their mistakes. Apparently there is no problem lying to his clients. If he lies about these big things, what else is he doing behind closed doors? He is so busy worrying about his CHARITY work for TRAVIS, he does not do his actual job correctly. Get your head in the game Dave and shame on you! I will never ever recommend this man for anything. He does not appear to care at all about his clients, but just his bottom line

Mortach pushes annuities on all clients for 2 reasons: 1) he can't seem to get/doesn't want to get an investment license (annuities are actually a life insurance product, which most people don't know), and 2) annuities are some of the highest-commission products for the advisor in the financial industry. Annuities have surprisingly poor returns compared to the market, but are marketed as "safe" because they can't drop. If you do the math, this protection rarely ever comes into affect, since the S&P500 doesn't stay down over 5-6 year periods, except for maybe 3-4 times in all of history. Annuities are meant for people 50 or older who are so close to retirement that they can't afford for the market to dip in the next few years. If you are younger than 50 and have an annuity, find a new advisor quick, and stay away from Mortach. If you don't believe me that Mortach doesn't have an investment license, look him up on FINRA's agent lookup site called brokercheck.com. Then if you're a current client, maybe ask him to his face why he can't get a securities license, you might find it entertaining. One way or another, it is my strong opinion that you should stay away from Mortach.

January 17, Revdex.com Attn: [redacted] Whitelock Euclid Avenue, 4th Floor Cleveland, Ohio 44115-Re: Complaint ID # [redacted] - Mortach Financial Services Dear [redacted] : Please accept this as my response to MrMortach's November 21, correspondence with youInitially, a telling example of MrMortach's competence and integrity can be gleaned from the fact that he repeatedly referred to me as "Mr***" in his submission to youHowever, of a more serious nature, his response contains numerous problems and inconsistenciesIt is absolutely that I ever showed any interest in the so-called " [redacted] US [redacted] Balance"I have no idea what this isFurthermore, his repeated and deliberate attempts to mischaracterize the significance of my choice of this particular fund is troublingHe knew perfectly well that I was relying on him to invest this money in an annuityI had absolutely no idea whatsoever what any particular "index" meantThat is why I relied on himAll that MrMortach ever spoke about was [redacted] There was no significant discussion, if there was any discussion at all, about various funds or any particular index which might interest meHad I wanted to choose my own index or fund, I would not have purchased an annuity in the first place, and he knew then, and knows now, this to be true(Perhaps he has me confused with Mr***.) In short, his constant theme that I simply picked the wrong fund or the wrong index is something he has alleged even though he knows that it is falseIn addition to the foregoing, his attempt to explain away his conduct and the worthless nature of the investment he sold me to "the outcome of the presidential election" is laughableIt is hard to take an "argument" like this seriouslyEven if one would do so, the problems I have had with this worthless investment predated the presidential election of 2016! His "Bullet point review" is concerning things he said and the folders he showed me(However, it is interesting to note that while his memory is such that he claims he had "never said these words to any client", he cannot even remember my correct name

The company responded via phone as follows: The company states that this consumer was provided a brochure that explained this productThe consumer received a bonus for investing his money, which the consumer would lose if he were to take it outThis product hasn't done as well as expected, but that is the risk that is taken on investmentsThe index itself is not performingThis product is more of a lifetime productIf the consumer takes out his money, he will lose the 15% bonus and pay a penalty

UPDATE as of 8/5/17Client just received his statement showing that he made 6.42% and with the 50% bonus for his lifetime payments he made 9.63% with no fees and no risk of loss.  The whole point to this annuity is the lifetime income.   So, including his 15% bonus, his original $168,095.80 is now $212,376.52 for his lifetime income after ONLY 3 years.  That is a gain of $44,280.72 in only 3 years.  Lastly, this annuity not only has lifetime income, but the payments can grow based on the index.

January 17, 2017 Revdex.com Attn: [redacted] Whitelock 2800 Euclid Avenue, 4th Floor Cleveland, Ohio 44115-2408 Re: Complaint ID # [redacted] - Mortach Financial Services Dear [redacted]: Please accept this as my response to Mr. Mortach's November 21, 2016 correspondence with you. Initially, a telling example of Mr. Mortach's competence and integrity can be gleaned from the fact that he repeatedly referred to me as "Mr. [redacted]" in his submission to you. However, of a more serious nature, his response contains numerous problems and inconsistencies. It is absolutely false that I ever showed any interest in the so-called "[redacted] US [redacted] Balance". I have no idea what this is. Furthermore, his repeated and deliberate attempts to mischaracterize the significance of my choice of this particular fund is troubling. He knew perfectly well that I was relying on him to invest this money in an annuity. I had absolutely no idea whatsoever what any particular "index" meant. That is why I relied on him. All that Mr. Mortach ever spoke about was [redacted]. There was no significant discussion, if there was any discussion at all, about various funds or any particular index which might interest me. Had I wanted to choose my own index or fund, I would not have purchased an annuity in the first place, and he knew then, and knows now, this to be true. (Perhaps he has me confused with Mr. [redacted].) In short, his constant theme that I simply picked the wrong fund or the wrong index is something he has alleged even though he knows that it is false. In addition to the foregoing, his attempt to explain away his conduct and the worthless nature of the investment he sold me to "the outcome of the presidential election" is laughable. It is hard to take an "argument" like this seriously. Even if one would do so, the problems I have had with this worthless investment predated the presidential election of 2016! His "Bullet point review" is false concerning things he said and the folders he showed me. (However, it is interesting to note that while his memory is such that he claims he had "never said these words to any client", he cannot even remember my correct name.

The company responded via phone as follows: The company states that this consumer was provided a brochure that explained this product. The consumer received a bonus for investing his money, which the consumer would lose if he were to take it out. This product hasn't done as well as expected, but that is the risk that is taken on investments. The index itself is not performing. This product is more of a lifetime product. If the consumer takes out his money, he will lose the 15% bonus and pay a penalty.