Staff Writer
The Trust and Probate Law Section of The Jacksonville Bar Association received some good news at its Wednesday luncheon at The River Club.
Trust and Probate Law Section Chair Stephanie Harriett welcomed JBA members and guests from luncheon sponsor First Guaranty Bank to hear the financial outlook of Main Street Advisors Managing Director Richard Milton, who also is First Guaranty’s chief investment officer.
“The recession was recently declared over, but it doesn’t feel like it in Florida,” said Milton. “I’ve been visiting trust departments across the country, and I’ve seen growth, but it has not reached Florida yet.”
Milton is a managing director of a Chicago-based investment advisory firm serving trust departments, and First Guaranty is one of his clients. He also works with banks in 33 other states.
“The corporations in this country are just as nervous as the public is in regard to the recession,” said Milton. “And they are not making capital investments.”
Despite the concerns, Milton was confident about the financial outlook of the country.
“People have said we are headed toward a second leg down in the economy, a double dip,” said Milton. “This is not true, it’s not going to happen.”
Milton said that demand is coming back, “with an incredibly low production price.”
He offered a simple answer to support his confidence in the U.S. rebound.
“We are saving more,” said Milton. “We are taking more responsibility for our finances.”
First Guaranty Bank Chairman and CEO Jay Fant supported Milton’s enthusiasm for the turnaround in the economy.
“We have seen some lags in the market lately, but we are coming back little by little,” said Fant.
The next meeting of the Trust and Probate Law Section is Oct. 27 at The River Club and it will feature guest speaker Circuit Court Judge Peter Dearing.
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