FPC002B: Ethics and Professionalism in Financial Advice - Accounting Assessment Answer

Scenario 1 FPC002B

Accounting Assessment Task

Your first meeting is with Jim Gardener. The file you have selected to review is for a couple who are typical clients for Jim. You see from the electronic file in the customer management system (CRM) that Dino Salerno is the owner of a very successful chain of Italian restaurants and has been a client of Jim’s since he started the practice. Together with his wife, Phoebe, they have large superannuation and investment portfolios, along with substantial insurances. Their last ongoing advice meeting was two months ago when their portfolios were reviewed and rebalanced in line with their risk profiles. However, there is a record of a phone message from Dino for Jim to call him back and a calendar entry that indicates Jim met with Dino in the last week — but there is no indication of what was discussed.

1. Explain the role of ethical frameworks and professional standards within the financial planning profession.
2. Assess the impacts of cognitive, judgement and decision biases on financial advisers and their clients.
3. Demonstrate an understanding of professional obligations and conduct required by the values and standards of the FASEA Code of Ethics.
4. Identify and solve ethical dilemmas encountered as a financial adviser through application of ethical frameworks and professional standards.

Scenario 2 FPC002B

Your next meeting is with Carly Green. She has a meeting scheduled with an existing client, Simone Philips. Simone, 35, recently attended one of Carly’s ‘Financial Security for Women’ seminars and is very keen to get advice from Carly as a result of changed circumstances. Davi has entered Simone’s details into the CRM, which you note indicate she is married and a homemaker with one child.

You also note from the records that Simone is an existing client with some super and insurance products, and is the sister of one of Carly’s wealthiest clients, Max Hall. Simone has recently divorced and received a settlement which was intended to purchase a home for herself and her two young children. However, inspired by what she heard during the workshop, she has indicated she wants to continue renting and instead invest the funds, potentially some into a self-managed super fund. You ask Carly about the upcoming meeting with Simone.

•  Explain the role of ethical frameworks and professional standards within the financial planning profession.
•  Assess the impacts of cognitive, judgement and decision biases on financial advisers and their clients.
•  Demonstrate an understanding of professional obligations and conduct required by the values and standards of the FASEA Code of Ethics.
•  Identify and solve ethical dilemmas encountered as a financial adviser through application of ethical frameworks and professional standards.

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