This March, attorney Robert Port appeared on Gwinnett Business RadioX and was interviewed by Mike Sammond on the topic of investment securities and financial fraud. Robert talks about securities litigation, the focus of his practice. Primarily, Robert specializes in claims arising from fraud, misconduct, or mismanagement by stockbrokers, financial advisors, or insurance agents. Here are some highlights from this month’s show.
In talking about the firm, are most of your clients individuals or companies?
Robert Port: It’s skewed more towards individuals than companies, but obviously companies can have disputes that we would handle on the business side. And certainly there are some instances where a corporation could have a fiduciary relationship towards an individual, and that would be something we would handle as well. I think one way to think about what we do is to consider it to be dispute resolution in all different kind of ways through litigation, arbitration, mediation, attempting to reach settlement, and other ways of trying to resolve disputes that people haven’t been able to resolve on their own.
What are some misperceptions about investing today and some of the typical mistakes people make when investing?
Robert Port: I think folks need to have a realistic idea of what investing is all about. You’re not going to get rich. You’re not going to become the next Warren Buffett. In fact, it’s highly unlikely that your financial advisor is going to become the next Warren Buffett. What I’ve concluded is remain slow and boring, keep your costs low, and diversify heavily. And then, tune out all of the noise you hear from the media.
Can you provide any specific tips for investors to ask to make sure financial investors have their best interests at heart?
Robert Port: I would be on the lookout for a couple of things. I think you want someone who truly listens to you and what your needs are. If you go to see someone, and regardless of your circumstance, want to sell you ‘this’ or have ‘just the investment for you,’ I’d politely say, “Thanks but no thanks.”
You need an advisor who listens to you, and does a thorough interview of you, your needs, your goals, and your risk tolerance, so that they can create a portfolio that’s suitable for you. It’s particularly important to have someone who understands your risk profile, who understands whether you’re going to freak out if you lose 5% of your money or whether you are an investor who understands that the market goes down sometimes. A portfolio that drops 20% at points may be acceptable for an investor who is in his early 40s, but may not be for that same investor as he approaches 62 and will be checking out of the working world in a few years. So, that is, I think, the most important thing to look at.
The full broadcast can be downloaded on Gwinnet Business RadioX or viewed on the Gaslowitz Frankel YouTube Channel.
