Meir Statman : Trust in Finance : Forbes
Meir Statman, Glenn Klimek Professor of Finance, was quoted in an article discussing the lack of trust in the financial services industry. Statman says that advice is sought from those we trust. However, there are risks associated with placing trust in finance such as Ponzi schemes.
“Trust, however, has downsides when misplaced, evident in Ponzi schemes," said Statman. "Advisors who provided services that build trust suffer lower withdrawals, while those with the ability to steal from their clients suffered greater withdrawals.”
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