Lazaro quoted in Bloomberg on Fiduciary Standards

Professor Lazaro was quoted in Bloomberg’s article by Ben Steverman, “Why You Still Can’t Trust Your Financial Adviser; With the Fiduciary Rule in doubt, seeking professional advice on your money remains a dangerous proposition.”

The article examined the need for heightened fiduciary standards. The Department of Labor’s fiduciary duty rule, which applies to retirement advice, is set to go partially into effect on June 9. Professor Lazaro commented on the misimpressions by investors:

Christine Lazaro, director of the free Securities Arbitration Clinic at St. John’s University in New York, said people who came to her just assume “the broker was doing what was appropriate.”

“They are always very surprised,” she said, especially by what advice was costing them. “The broker leads them to believe they’re not paying any fees at all.”

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