Rules-based versus principles-based
Consolidated versus integrated
Divergent versus convergent
Vertical-based versus horizontal-based
Qualifications of advisor
Financial solvency of firm
Choice of investments available
Low management fees
Values are facts, not beliefs
Values tend to be short term in nature
Values are fixed and invariable
Values enter into almost every decision a person makes
With a short term vs. long term value conflict, immediate needs or desires run counter to future goals or prospects. The sales contest may cause you to recommend products or trades that, while great for your status in the contest, may cause long-term damage to your client relationships and, eventually, your long-term-well-being as an advisor
Justice vs. Mercy
Individual vs. Group
Short term vs. Long term
Truth vs. Loyalty
Recommending trades that do not suit a client's investment policy is wrong. Michael could get into some serious trouble if his motivations and the truth behind them are discovered. Therefore, the value conflict faced by Michael is right vs. wrong conflict
Legal vs illegal
Right vs. wrong
Right vs right
Ends-based vs means-based
While a code of ethics should be reviewed more frequently than every 10 years and testing employees may not work at a practical level, giving middle and senior management the chance to opt out of training sessions is the least effective alternative.
Have senior management endorse the code of ethics
Have optional ethical training sessions for middle and senior management
Have the code of ethics reviewed once every 10 years
Require all employees to pass a test on their knowledge of the code of ethics
A conflict of interest arises when the personal or financial interests of the advisor conflict with the client's. In this situation, you are favouring the fund whose wholesaler provides free golf for your pleasure. And you are ignoring the fact that the Patriot Fund may be a better option for the client than the Maple Leaf Fund.
The client is likely to lose money by investing in the Patriot Fund
The client's performance for the Patriot Fund is not being followed
You seem to be placing too much reliance on the funds' recent performance
You seem to have placed your own interests above the client
Truth vs Loyalty is a value conflict that occurs when values of honesty clash with values of commitment or personal responsibility. In this situation, Ryan must either charge his grandmother a fee that is consistent with his firm's regular practice, or adhere to his sense of loyalty to his family, which may prompt him to waive the fee.
Legal vs. Immoral
While Asin may claim that she is not doing anything really wrong (because she puts money back into Constance's account within 4 weeks of withdrawing it), she is unlikely to pass the mom test - would she be comfortable revealing to her own mother what she's doing? The answer is NO
The Mom Test
Legal vs. Immoral Test
In this case, since George has provided investment advise to Penny and she relied on that advice. A fiduciary relationship may exist where there is a special relationship of confidence and trust.
Putting client's interest first
The advisor places the interests of the client before the advisor's interest.
The advisor charges fees that are equal to or lower than the industry average
The advisor has knowledge that the client does not possess.
The advisor belongs to an industry that is well-regulated
General power of attorney
Specific power of attorney
Values go to the very depth of "who someone is" and therefore do not change.
Values guide individual but not corporate behaviour
Values are beliefs that are based upon facts.
Values are long lasting but are still subject to change.
i, ii, iii, iv
i, ii, iii
Law of agency
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