FPC002B - Ethics in Professionalism Accounts - Finance Case Study - Judgment and Decision Biases on Accounts Advisers

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Explain the role of ethical frameworks and professional standards within the financial planning profession.

• Frank is a very experienced financial adviser who is authorized to give personal advice on a wide range of strategies and products.
• He has known Tony and Laura Varga for many years as they live in the same suburb and their children (who are now adults) went to school together.
• Frank and Tony have also been involved in the same football club for almost 20 years.
• Frank has provided advice on superannuation and insurance to both Tony and Laura over the years. 
• Although Laura was always more interested in planning for their future, Tony had expressed the view that ‘super was a waste of time’.
• Despite that, Tony has referred some associates to Frank on occasions. 
• Tony and Laura have always appeared to enjoy a lifestyle beyond their declared income, with Laura previously receiving a new Lexus car for her 40th Birthday.
• Frank has queried Laura as to how they afford their lavish lifestyle.
• Laura says she also had these thoughts over time when reviewing the household budget and bank statements, but she is hesitant to get involved in Tony’s business.
• Frank had not talked to either of them for some months and was surprised to hear from Laura that they had separated and that Tony had disappeared overseas with his new, younger partner and that Laura was left struggling financially. 

Assess the impacts of cognitive, judgment and decision biases on financial advisers and their clients.

• As proceedings to split their assets and complete a property settlement had commenced, Frank agreed to act solely for Laura in helping her to sort out her financial situation and plan for her future.
• Frank emailed Tony to confirm that he would no longer be acting as his adviser and ensured that he would not be in receipt of any service fees in respect of Tony’s insurance and investments.
• Frank believed this was the best way to avoid a conflict of interest.
• During the following weeks, Frank’s office continued to receive notifications concerning investment accounts held in Tony’s name.
• Tony had always said these were for ‘a rainy day’ and Frank suspected that Laura was not aware of these accounts.
• At a past football club party, Tony had let slip that he had no interest in building up joint assets with Laura as he had plenty of other assets including ‘overseas interests’ that he could fall back on. 
• Moreover, there had long been rumors that some of Tony’s investment activities may not be legal. 
• Laura hoped that the proceeds of the property settlement would be sufficient to buy an apartment for her and her daughter to live in, provide some funds for investment and pay her daughter’s remaining university fees.
• It was clear to Frank that Laura was unlikely to be left with sufficient capital to meet these goals.
• Frank believes that Laura is being treated unfairly and wants to tell Laura about Tony’s concealed assets. 

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