Lazaro on Uniform Fiduciary Duty for Brokers

On March 25, PIABA released a report, entitled “Major Investor Losses Due to Conflicted Christine LazaroAdvice: Brokerage Industry Advertising Creates the Illusion of a Fiduciary Duty” co-authored by Joseph C. Peiffer and Christine Lazaro. The report compares the image brokerage firms project to the public in their advertising and on their websites with the position firms take in arbitration when it is alleged that they have breached their fiduciary duties to customers. Concurrent with the issuance of the report, PIABA held a news event during which Joe Peiffer and Professor Lazaro presented the report, and a customer shared her experience with one of the firms cited in the report. Professor Lazaro was quoted regarding the report in several stories, including Andrew Welsch, “Latest Fiduciary Rule Battle Cry: ‘Broker Ads Mislead Investors’,” On Wall Street, and James Langton, “U.S. brokerage firms misleading investors about fiduciary role: PIABA,” Investment Executive. Following the issuance of the report, Professor Lazaro traveled to Washington D.C. with other members of PIABA and met with a number of agencies and congressional staffers to discuss the fiduciary duty standard and other investor protection issues.

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