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The opening words, wall street brokers and active money managers use your relative lack of investment expertise to their benefit, not yours. >> i've met nurses, teachers, so many innocent hard working americans who have lost everything because either a broker or their -- even mutual fund has overcharged. >> reporter: he says it wasn't always this way. where did wall street go wrong? >> wall street went wrong -- i think there's a confluence of things, but in the late '70s illegal and unethical were the same. your word was your bond. the client comes first. those expressions started to be replac...

What you need to succeed long-term in the markets. the opening words, wall street brokers and active money managers use your relative lack of investment expertise to their benefit, not yours. >> i've met nurses, teachers, so many innocent hard working americans who have lost everything because either a broker or their -- even mutual fund has overcharged. >> reporter: he says it wasn't always this way. where did wall street go wrong? >> wall street went wrong -- i think there's a confluence of things, but in the late '70s illegal and unethical were the same. your word was your bond. the client ...

So-called liars loans where they were encouraged to misstate or overinflate their income and a lot of fraud went on on the part of people in the mortgage industry. these were the professionals telling the consumers don't worry about it, this is how business gets done. both sides -- >> to my mind, my favorite, the fiduciary standards. there was a proposal brokers had to act in the client's best interests when selling them something. seems like a no-brainer. same standards doctors and lawyers adhere to. but that's not in there. they can still sell you an overpriced annuity that sends them a bigg...