In this episode of Absolute Trust Talk, Kirsten welcomes attorney Bob Gonser to the show. Bob’s practice focuses on matters involving disputes between investors and their financial advisors. Bob typically works on a contingent fee basis and has successfully handled hundreds of cases for his clients whose investement accounts have been mismanaged resulting in the loss of irreplaceable assets.
Kirsten and Bob discuss many topics surrounding his specialty, beginning with who is most likely to be victimized by financial advisors who do not act in the best interest of their clients. Bob then shares the different types of situations he sees his clients in and how they decided they were in over their heads and needed legal help. Later Bob weighs in on the do’s and don’t’s when looking to hire an advisor or broker and what you should regularly do to stay on top of your portfolio.
Top Take Aways from Episode #018:
- Remain aware of your situation
- Remain involved
- Don’t be afraid to ask questions
- Keep your children involved or (if you’re the kids) make sure you stay involved in your parent’s finances so you know how to put all the pieces together
Time-stamped Show Notes:
3:02 – Bob shares why senior citizens are the most common group of people he works with in regard to the loss of money in investments
4:20 – Kirsten asks Bob to share how clients come to the ultimate conclusion that they are in enough trouble and they need legal help
5:17 – Why senior citizens should not have volatile investments
8:44 – Bob discusses the different types of situations he sees and the types of advisors responsible for taking advantage of investors
11:08 – What “suitable” means regarding an industry standard for advisor-client relationships
15:00 – Bob defines the difference between the fiduciary and suitable standards in terms of responsibility of advisors to their clients
17:03 – Kirsten asks Bob to share what else he sees advisors doing wrong in his practice
19:56 – This is the most important thing you can do when looking to hire an advisor or broker
24:27 – Bob highlights what an investor should stay on top of when they finally hire an advisor or broker
Episode #018 Freebie:
It’s great to have a financial professional to turn to when it comes to making investment decisions, but it’s also important to maintain involvement in your portfolio activity. Absolute Trust Talk guest and attorney Bob Gonser is sharing exclusive access to his portfolio maintenance tool called the Investment Portfolio Check-Up. This questionnaire is designed to help you see any red flags or things you might not recognize in your portfolio. To help ensure the safety of your financial investments we urge you to listen in to this episode and then download the Investment Portfolio Check-Up tool here.
Resources/Tools/Links Mentioned in This Episode:
Finra.org – Broker Check
[Ad] Walnut Creek Area neighbors! The time is now to protect yourself, your family, and the assets you’ve worked so hard for. If you don’t have an estate plan in place or need help updating the one you already have, we can help. California law is our specialty, and we will make sure you and your loved ones are prepared for the future starting now. If you have questions about our services or the content in this blog, please don’t hesitate to contact our team by calling 925.943.2740 or by sending an email to info@absolutetrustcounsel.com. Or, if you’re ready to get started, get your discovery call on the books by visiting our calendar to pick a date and time that works for you. We can’t wait to speak with you.
Looking for more resources? Absolute Trust Counsel has a library of free articles, checklists, and guidebooks to address the most common estate planning questions in easy-to-understand language. Explore those listed below, or for more, visit https://absolutetrustcounsel.com/resources.