2025年CFA一級《道德與專業(yè)標準》模擬考試時間：______分鐘總分：______分姓名：______考生須知：1.本試卷共有80道選擇題。2.請在答題卡上選擇您認為正確的答案。3.考試時間為2小時。1.Aninvestmentmanagerrecommendsastocktoaclientafterreadingapositivereportfromareputableresearchfirm.Themanagerknowsthattheresearchfirmreceivesafeefromthebrokeragefirmthatintroducesthemanager'sclients.Whichofthefollowingbestdescribesthesituation?A.Themanagerhasadutytodisclosethepotentialconflictofinteresttotheclient.B.Themanagerisnotrequiredtodisclosetheconflictofinterestasitiscommonknowledgeintheindustry.C.Theclientisnotentitledtoknowabouttherelationshipbetweentheresearchfirmandthebrokeragefirm.D.Theconflictofinterestonlyexistsifthemanagerreceivesadirectpaymentfromtheresearchfirm.2.Aportfoliomanagerisevaluatingtwopotentialinvestments.Bothinvestmentsofferasimilarexpectedreturn,butonehasahigherlevelofrisk.Whichofthefollowingactionsbestdemonstratestheportfoliomanagerfulfillingtheirdutyofcaretotheclient?A.Ignoringtheriskdifferenceandrecommendingbothinvestmentsequally.B.Explainingtherisk-returntrade-offtotheclientandobtainingtheirinformedconsentbeforemakinganyinvestment.C.Choosingtheinvestmentwiththehigherriskbasedonthemanager'spersonalpreference.D.Disclosingonlytheexpectedreturnoftheinvestmentstotheclient.3.Ananalystisworkingonaresearchreportforafinancialinstitution.Thereportisbasedonpubliclyavailableinformation,buttheanalystincludesafewopinionsthatarenotwell-supportedbythedata.Whichofthefollowingactionsismostappropriatefortheanalyst?A.Includetheopinionsinthereportastheyareintendedtoprovideauniqueperspective.B.Removetheopinionsfromthereporttomaintaintheintegrityoftheanalysis.C.Disclosetheopinionsaspersonalviewsandnotbasedonrigorousanalysis.D.Modifythereporttoincludemorebiasedopinionstomakeitmoreinteresting.4.Aclientasksafinancialadvisortorecommendinvestmentsbasedontheclient'sreligiousbeliefs.Theadvisorisawarethatcertaintypesofinvestmentsareprohibitedbytheclient'sreligion.Whichofthefollowingactionsismostappropriatefortheadvisor?A.Recommendadiverseportfoliothatincludestheprohibitedinvestments,asitmayofferhigherreturns.B.Refusetoprovideinvestmentrecommendationsuntiltheclientspecifiesadifferenttopic.C.Researchalternativeinvestmentsthatareconsistentwiththeclient'sreligiousbeliefs.D.Advisetheclienttoconsultwithareligiousleaderratherthanmakinginvestmentdecisions.5.Aportfoliomanagerisresponsibleformanagingaclient'sportfolio.Themanagerdiscoversthatathird-partyadministratorisimproperlychargingtheclientafeeforaservicethatisnotbeingprovided.Whichofthefollowingactionsismostappropriateforthemanager?A.Donothingasthefeeisbeingchargedbyathirdparty,notthemanager.B.Contactthethird-partyadministratordirectlytoresolvetheissue.C.Advisetheclienttocontactthethird-partyadministratordirectlytoresolvetheissue.D.Reportthemisconducttotheappropriateregulatoryauthority.6.Aninvestmentfirmisconsideringhiringanewemployeewhohasahistoryofconflictswithformercolleagues.Thefirm'scompliancedepartmentisconcernedaboutthepotentialimpactonthefirm'scultureandreputation.Whichofthefollowingactionsismostappropriateforthefirm?A.Hiretheemployeedespitetheconcernsandmonitortheirperformanceclosely.B.Conductathoroughbackgroundchecktoassessthevalidityoftheconcerns.C.Refusetohiretheemployeebasedsolelyontheconcernsofthecompliancedepartment.D.Hiretheemployeebutrequirethemtoworkinaremotelocationtominimizeinteractionwithothers.7.Afinancialadvisorisprovidinginvestmentadvicetoaclient.Theadvisorhasafinancialinterestinaparticularinvestmentthattheclientisconsidering.Whichofthefollowingactionsismostappropriatefortheadvisortomitigatetheconflictofinterest?A.Disclosethefinancialinteresttotheclientandrecommendtheinvestmentifitissuitablefortheclient'sportfolio.B.Refusetoprovideanyinvestmentadvicetotheclienttoavoidtheconflictofinterest.C.Downplaytheimportanceofthefinancialinteresttotheclienttominimizeitsimpact.D.Usethefinancialinteresttoinfluencetheclient'sdecisioninfavoroftheinvestment.8.Aresearchanalystispreparingareportonacompany.Theanalyst'sbrotherworksforacompetitorofthecompanybeinganalyzed.Whichofthefollowingactionsismostappropriatefortheanalysttomanagethepotentialconflictofinterest?A.Disclosetherelationshiptothefirm'scompliancedepartmentbutcontinuewritingthereportwithoutanymodifications.B.Recusethemselvesfromworkingonthereporttoavoidanypotentialbias.C.Disclosetherelationshiptotheclientinthereportandprovideabalancedanalysisofthecompany.D.Modifythereporttofavorthecompetitortoprotecttheanalyst'sbrother'sjob.9.Aportfoliomanagerismanagingaclient'sportfolio.Theclientasksthemanagertolendthemalargeamountofmoneyatabelow-marketinterestrate.Themanagerisconcernedthatthiscouldcreateaconflictofinterestwithotherclients.Whichofthefollowingactionsismostappropriateforthemanager?A.Agreetotherequestandchargeafeefortheservice.B.Refusetherequestandexplainthepotentialconflictofinteresttotheclient.C.Agreetotherequestbutrequiretheclienttosignanon-disclosureagreement.D.Lendthemoneybutchargeahigherinterestratethanthemarketrate.10.Afinancialinstitutionisplanningtolaunchanewinvestmentproduct.Theinstitution'smarketingdepartmentispreparingpromotionalmaterialsthathighlightthepotentialreturnsoftheproductwhiledownplayingtheassociatedrisks.Whichofthefollowingactionsismostappropriatefortheinstitutiontoensurecompliancewithethicalstandards?A.Approvethepromotionalmaterialsastheyaredesignedtoattractnewclients.B.Requestthemarketingdepartmenttoincludeamorebalanceddiscussionoftherisksandreturns.C.Forbidthemarketingdepartmentfrompromotingtheinvestmentproductuntilitreceivesregulatoryapproval.D.Implementstricterinternalcontrolstomonitorthemarketingdepartment'sactivities.11.Aninvestmentadvisorisprovidingadvicetoaclientwhoisconsideringinvestinginastart-upcompany.Theadvisorhasnopriorexperiencewithstart-upsandisnotconfidentintheirabilitytoevaluatetheinvestment.Whichofthefollowingactionsismostappropriatefortheadvisor?A.Proceedwiththerecommendationandinformtheclientoftheadvisor'slimitedexperience.B.Refusetoprovideanyinvestmentadviceonthestart-upcompany.C.Advisetheclienttoseekoutaspecialistwhohasmoreexperiencewithstart-ups.D.Conductthoroughresearchonthestart-upcompanyandonlyrecommendtheinvestmentifitappearstobeviable.12.Aportfoliomanagerismanagingaclient'sportfoliothatincludesalargenumberofstocks.Themanagerisconsideringaddinganewstocktotheportfolio,buttheyareconcernedthattheadditionmaydilutetheperformanceoftheexistingholdings.Whichofthefollowingactionsismostappropriateforthemanager?A.Addthenewstocktotheportfoliowithoutinformingtheclient,asthemanagerbelievesitisintheclient'sbestinterest.B.Informtheclientaboutthepotentialdilutionandobtaintheirconsentbeforeaddingthenewstock.C.Refusetoaddthenewstocktotheportfoliotoavoidanypotentialnegativeimpactonperformance.D.Addthenewstocktotheportfolioandinformtheclientafterwards.13.Afinancialadvisorisworkingwithaclientwhoispreparingforretirement.Theadvisorrecommendsaconservativeinvestmentstrategyfortheclient,buttheclientexpressesconcernaboutthepotentialforlowreturns.Theadvisorexplainsthattheconservativestrategyisdesignedtominimizetheriskofsignificantlosses,whichismoreimportantthanachievinghighreturnsgiventheclient'snearingretirement.Whichofthefollowingethicalprinciplesistheadvisorprimarilyaddressing?A.LoyaltyB.DuecareC.ProfessionalismD.Diligence14.Aninvestmentfirmisconsideringinvestinginacompanythatisinvolvedinalegaldispute.Thefirm'sresearchteambelievesthatthecompanywillultimatelyprevailinthedispute,butthelegalrisksassociatedwiththecasearesignificant.Whichofthefollowingactionsismostappropriateforthefirmtotake?A.Proceedwiththeinvestmentandinformtheclientsofthepotentiallegalrisks.B.Refusetoinvestinthecompanyuntilthelegaldisputeisresolved.C.Conductathoroughanalysisofthelegalrisksandonlyinvestifthepotentialreturnsoutweightherisks.D.Investasmallportionofthefirm'scapitalinthecompanytomitigatethepotentiallosses.15.Aportfoliomanagerismanagingaclient'sportfoliothatincludesanumberofinternationalinvestments.Themanagerbecomesawarethatapoliticaleventinoneofthecountrieswheretheclient'sinvestmentsareheldislikelytonegativelyimpactthevalueofthoseinvestments.Whichofthefollowingactionsismostappropriateforthemanager?A.Donothingasthemanagerisnotresponsiblefortheclient'sinvestmentsoncetheyaremade.B.Sellalloftheclient'sinvestmentsintheaffectedcountrytoavoidpotentiallosses.C.Informtheclientaboutthepotentialimpactofthepoliticaleventandrecommendadjustingtheportfolioaccordingly.D.Buymoreinvestmentsintheaffectedcountrytooffsetthepotentiallosses.16.Afinancialadvisorisprovidinginvestmentadvicetoaclient.Theadvisorrecommendsaparticularinvestmentstrategythatinvolvesusingleverage.Theadvisorexplainsthatwhileleveragecanamplifyreturns,itcanalsomagnifylosses.Whichofthefollowingactionsismostappropriatefortheadvisortoensuretheyareactingintheclient'sbestinterest?A.Onlyrecommendtheleveragedinvestmentstrategyiftheclienthasahighrisktolerance.B.Refusetorecommendtheleveragedinvestmentstrategyaltogethertoavoidanypotentialconflicts.C.Downplaytherisksassociatedwithleveragetomaketheinvestmentstrategyappearmoreattractive.D.Recommendtheleveragedinvestmentstrategyandchargetheclientahigherfeefortheadvice.17.Aninvestmentmanagerisresponsibleformanagingaclient'sportfolio.Themanagerdiscoversthatacolleaguehasbeenengaginginunethicalbehavior,suchasmanipulatingresearchdata.Whichofthefollowingactionsismostappropriateforthemanager?A.Ignorethecolleague'sbehaviorasitdoesnotdirectlyaffectthemanager'swork.B.Reportthecolleague'sbehaviortothefirm'scompliancedepartment.C.Confrontthecolleaguedirectlyandaskthemtostoptheirunethicalbehavior.D.Transferthecolleaguetoadifferentdepartmenttoavoidanypotentialconflict.18.Afinancialinstitutionisconsideringlaunchinganewservicethatallowsclientstotradesecuritiesonline.Theinstitution'scompliancedepartmentisconcernedaboutthepotentialforfraudandmarketmanipulation.Whichofthefollowingactionsismostappropriatefortheinstitutiontoaddresstheseconcerns?A.Launchthenewserviceimmediatelyandmonitoritforanyirregularitiesafteritisimplemented.B.Delaythelaunchofthenewserviceuntilthecompliancedepartment'sconcernscanbefullyaddressed.C.Implementstricterinternalcontrolsandmonitoringprocedurestomitigatetherisksassociatedwiththenewservice.D.Outsourcetheonlinetradingservicetoathird-partyprovidertoavoidtheresponsibilityforensuringcompliance.19.Ananalystisworkingonaresearchreportforafinancialinstitution.Thereportisbasedoninformationprovidedbythecompanybeinganalyzed.Theanalystnoticesthattheinformationprovidedbythecompanyisincompleteandmaybemisleading.Whichofthefollowingactionsismostappropriatefortheanalyst?A.Usetheincompleteinformationinthereportasthecompanyisthesourceofthedata.B.Contactthecompanyandrequestmorecompleteinformationbeforeproceedingwiththereport.C.Includeadisclaimerinthereportstatingthattheinformationisincompleteandmaybemisleading.D.Modifytheinformationtomakeitappearmorefavorabletothecompanywithoutinformingthereader.20.Aportfoliomanagerismanagingaclient'sportfoliothatincludesanumberofinvestmentsinthesameindustry.Themanagerisconsideringaddinganotherinvestmentinthesameindustry,despitethefactthattheclienthasexpressedapreferencefordiversification.Whichofthefollowingactionsismostappropriateforthemanager?A.Addthenewinvestmenttotheportfoliowithoutinformingtheclient,asthemanagerbelievesitisintheclient'sbestinterest.B.Informtheclientaboutthepotentiallackofdiversificationandobtaintheirconsentbeforeaddingthenewinvestment.C.Refusetoaddthenewinvestmenttotheportfoliotomaintaintheclient'sdesiredlevelofdiversification.D.Addthenewinvestmenttotheportfolioandinformtheclientafterwards.21.Afinancialadvisorisprovidinginvestmentadvicetoaclient.Theadvisorhasaclosepersonalrelationshipwiththesalespersonwhoisresponsibleforsellingaparticularinvestmentproduct.Theadvisorrecommendstheinvestmentproducttotheclient,eventhoughitmaynotbethemostsuitableoptionfortheclient'sneeds.Whichofthefollowingactionsismostappropriatefortheadvisortomitigatetheconflictofinterest?A.Disclosethepersonalrelationshiptotheclientandrecommendtheinvestmentproductifitissuitablefortheclient'sportfolio.B.Refusetoprovideanyinvestmentadvicetotheclienttoavoidtheconflictofinterest.C.Downplaytheimportanceofthepersonalrelationshiptotheclienttominimizeitsimpact.D.Usethepersonalrelationshiptoinfluencetheclient'sdecisioninfavoroftheinvestmentproduct.22.Aninvestmentfirmisconsideringinvestinginacompanythatisinvolvedinacomplexfinancialtransaction.Thefirm'slegaldepartmentisconcernedaboutthepotentiallegalandregulatoryrisksassociatedwiththetransaction.Whichofthefollowingactionsismostappropriateforthefirmtotake?A.Proceedwiththeinvestmentandinformtheclientsofthepotentiallegalandregulatoryrisks.B.Refusetoinvestinthecompanyuntilthelegalandregulatoryriskscanbefullymitigated.C.Conductathoroughanalysisofthelegalandregulatoryrisksandonlyinvestifthepotentialreturnsoutweightherisks.D.Investasmallportionofthefirm'scapitalinthecompanytomitigatethepotentiallosses.23.Aportfoliomanagerismanagingaclient'sportfolio.Theclientasksthemanagertoprovideaguaranteethattheportfoliowillnotlosevalue.Themanagerisawarethatitisnotpossibletoguaranteetheperformanceofanyinvestment.Whichofthefollowingactionsismostappropriateforthemanager?A.Guaranteetheperformanceoftheportfoliotosatisfytheclient'srequest.B.Refusetoguaranteetheperformanceoftheportfolioandexplaintherisksinvolved.C.Offertoprovideaguaranteeinexchangeforahigherfee.D.Provideaguaranteethatisnotlegallybinding.24.Afinancialadvisorisprovidinginvestmentadvicetoaclient.Theadvisorrecommendsaparticularinvestmentstrategythatinvolvesusingoptionsandotherderivatives.Theadvisorexplainsthatwhiletheseinstrumentscanbeusedtohedgerisk,theycanalsobecomplexandpotentiallyrisky.Whichofthefollowingactionsismostappropriatefortheadvisortoensuretheyareactingintheclient'sbestinterest?A.Onlyrecommendtheoptions-basedinvestmentstrategyiftheclienthasahighrisktoleranceandunderstandingofderivatives.B.Refusetorecommendtheoptions-basedinvestmentstrategyaltogethertoavoidanypotentialconflicts.C.Downplaytherisksassociatedwithoptionsandotherderivativestomaketheinvestmentstrategyappearmoreattractive.D.Recommendtheoptions-basedinvestmentstrategyandchargetheclientahigherfeefortheadvice.25.Aninvestmentmanagerisresponsibleformanagingaclient'sportfolio.Themanagerdiscoversthatacolleaguehasbeenengagingininsidertrading.Whichofthefollowingactionsismostappropriateforthemanager?A.Ignorethecolleague'sbehaviorasitdoesnotdirectlyaffectthemanager'swork.B.Reportthecolleague'sbehaviortothefirm'scompliancedepartmentandlegalcounsel.C.Confrontthecolleaguedirectlyandaskthemtostoptheirinsidertrading.C.Transferthecolleaguetoadifferentdepartmenttoavoidanypotentialconflict.26.Afinancialinstitutionisconsideringlaunchinganewinvestmentproductthatinvolvescomplexfinancialengineering.Theinstitution'scompliancedepartmentisconcernedaboutthepotentialfortheproducttobemissoldortoexposeclientstoexcessiverisk.Whichofthefollowingactionsismostappropriatefortheinstitutiontoaddresstheseconcerns?A.Launchthenewinvestmentproductimmediatelyandmonitoritforanyissuesafteritisimplemented.B.Delaythelaunchofthenewinvestmentproductuntilthecompliancedepartment'sconcernscanbefullyaddressed.C.Implementstricterinternalcontrolsandriskmanagementprocedurestomitigatetherisksassociatedwiththenewproduct.D.Outsourcethedevelopmentandmanagementofthenewinvestmentproducttoathird-partyprovidertoavoidtheresponsibilityforensuringcompliance.27.Ananalystisworkingonaresearchreportforafinancialinstitution.Thereportisbasedoninformationprovidedbythecompanybeinganalyzed.Theanalystnoticesthattheinformationprovidedbythecompanyisbiasedandmaybedesignedtopresentthecompanyinamorefavorablelight.Whichofthefollowingactionsismostappropriatefortheanalyst?A.Usethebiasedinformationinthereportasthecompanyisthesourceofthedata.B.Contactthecompanyandrequestmoreobjectiveinformationbeforeproceedingwiththereport.C.Includeadisclaimerinthereportstatingthattheinformationmaybebiased.D.Modifytheinformationtomakeitappearmoreobjectivewithoutinformingthereader.28.Aportfoliomanagerismanagingaclient'sportfoliothatincludesanumberofinvestmentsinemergingmarkets.Themanagerisawarethatemergingmarketscanbemorevolatileandlessliquidthandevelopedmarkets.Whichofthefollowingactionsismostappropriateforthemanager?A.Sellalloftheclient'sinvestmentsinemergingmarketstoavoidpotentiallosses.B.Informtheclientabouttherisksassociatedwithemergingmarketsandrecommendadjustingtheportfolioaccordingly.C.Buymoreinvestmentsinemergingmarketstotakeadvantageofthepotentialforhighreturns.D.Donothingasthemanagerisnotresponsiblefortheclient'sinvestmentsoncetheyaremade.29.Afinancialadvisorisprovidinginvestmentadvicetoaclient.Theadvisorhasafinancialinterestinaparticularinvestmentfirm.Theadvisorrecommendsinvestmentsfromthefirmtotheclient,eventhoughtheremaybeotherinvestmentoptionsthataremoresuitablefortheclient'sneeds.Whichofthefollowingactionsismostappropriatefortheadvisortomitigatetheconflictofinterest?A.Disclosethefinancialinteresttotheclientandrecommendtheinvestmentsfromthefirmiftheyaresuitablefortheclient'sportfolio.B.Refusetoprovideanyinvestmentadvicetotheclienttoavoidtheconflictofinterest.C.Downplaytheimportanceofthefinancialinteresttotheclienttominimizeitsimpact.D.Usethefinancialinteresttoinfluencetheclient'sdecisioninfavoroftheinvestmentsfromthefirm.30.Afinancialinstitutionisplanningtolaunchanewservicethatallowsclientstoborrowmoneyagainsttheirinvestments.Theinstitution'scompliancedepartmentisconcernedaboutthepotentialforclientstoover-leverageandengageinriskybehavior.Whichofthefollowingactionsismostappropriatefortheinstitutiontoaddresstheseconcerns?A.Launchthenewserviceimmediatelyandmonitoritforanyissuesafteritisimplemented.B.Delaythelaunchofthenewserviceuntilthecompliancedepartment'sconcernscanbefullyaddressed.C.Implementstricterlendingstandardsandmonitoringprocedurestomitigatetherisksassociatedwiththenewservice.D.Outsourcethelendingservicetoathird-partyprovidertoavoidtheresponsibilityforensuringcompliance.31.Aninvestmentadvisorisprovidingadvicetoaclientwhoisconsideringinvestinginacompanythatisinfinancialdistress.Theadvisorisawarethatthecompany'sfutureprospectsareuncertain,buttheadvisorrecommendstheinvestmentbecausethestockpriceiscurrentlyverylow.Whichofthefollowingethicalprinciplesistheadvisorprimarilyaddressing?A.LoyaltyB.DuecareC.ProfessionalismD.Diligence32.Aportfoliomanagerismanagingaclient'sportfolio.Theclientasksthemanagertoprovideaguaranteethattheportfoliowillachieveaspecificrateofreturn.Themanagerisawarethatitisnotpossibletoguaranteetheperformanceofanyinvestment.Whichofthefollowingactionsismostappropriateforthemanager?A.Guaranteetheperformanceoftheportfoliotosatisfytheclient'srequest.B.Refusetoguaranteetheperformanceoftheportfolioandexplaintherisksinvolved.C.Offertoprovideaguaranteeinexchangeforahigherfee.D.Provideaguaranteethatisnotlegallybinding.33.Afinancialadvisorisprovidinginvestmentadvicetoaclient.Theadvisorrecommendsaparticularinvestmentproductthatinvolvescomplexfinancialinstruments.Theadvisorexplainsthatwhiletheproducthasthepotentialforhighreturns,italsoinvolvessignificantrisks.Whichofthefollowingactionsismostappropriatefortheadvisortoensuretheyareactingintheclient'sbestinterest?A.Onlyrecommendthecomplexinvestmentproductiftheclienthasahighrisktoleranceandunderstandingoftheinstruments.B.Refusetorecommendthecomplexinvestmentproductaltogethertoavoidanypotentialconflicts.C.Downplaytherisksassociatedwiththecomplexinvestmentproducttomakeitappearmoreattractive.D.Recommendthecomplexinvestmentproductandchargetheclientahigherfeefortheadvice.34.Aninvestmentmanagerisresponsibleformanagingaclient'sportfolio.Themanagerdiscoversthatacolleaguehasbeenengaginginmarketmanipulation.Whichofthefollowingactionsismostappropriateforthemanager?A.Ignorethecolleague'sbehaviorasitdoesnotdirectlyaffectthemanager'swork.B.Reportthecolleague'sbehaviortothefirm'scompliancedepartmentandlegalcounsel.C.Confrontthecolleaguedirectlyandaskthemtostoptheirmarketmanipulation.D.Transferthecolleaguetoadifferentdepartmenttoavoidanypotentialconflict.35.Afinancialinstitutionisconsideringlaunchinganewservicethatallowsclientstotradeincryptocurrencies.Theinstitution'scompliancedepartmentisconcernedaboutthepotentialforfraudandmoneylaundering.Whichofthefollowingactionsismostappropriatefortheinstitutiontoaddresstheseconcerns?A.Launchthenewserviceimmediatelyandmonitoritforanyissuesafteritisimplemented.B.Delaythelaunchofthenewserviceuntilthecompliancedepartment'sconcernscanbefullyaddressed.C.Implementstricterknow-your-customer(KYC)andanti-moneylaundering(AML)procedurestomitigatetherisksassociatedwiththenewservice.D.Outsourcethecryptocurrencytradingservicetoathird-partyprovidertoavoidtheresponsibilityforensuringcompliance.36.Ananalystisworkingonaresearchreportforafinancialinstitution.Thereportisbasedoninformationprovidedbythecompanybeinganalyzed.Theanalystnoticesthattheinformationprovidedbythecompanyisincompleteandmaybemisleading.Whichofthefollowingactionsismostappropriatefortheanalyst?A.Usetheincompleteinformationinthereportasthecompanyisthesourceofthedata.B.Contactthecompanyandrequestmorecompleteinformationbeforeproceedingwiththereport.C.Includeadisclaimerinthereportstatingthattheinformationisincompleteandmaybemisleading.D.Modifytheinformationtomakeitappearmorefavorabletothecompanywithoutinformingthereader.37.Aportfoliomanagerismanagingaclient'sportfoliothatincludesanumberofinvestmentsinthesameindustry.Themanagerisconsideringaddinganotherinvestmentinthesameindustry,despitethefactthattheclienthasexpressedapreferencefordiversification.Whichofthefollowingactionsismostappropriateforthemanager?A.Addthenewinvestmenttotheportfoliowithoutinformingtheclient,asthemanagerbelievesitisintheclient'sbestinterest.B.Informtheclientaboutthepotentiallackofdiversificationandobtaintheirconsentbeforeaddingthenewinvestment.C.Refusetoaddthenewinvestmenttotheportfoliotomaintaintheclient'sdesiredlevelofdiversification.D.Addthenewinvestmenttotheportfolioandinformtheclientafterwards.38.Afinancialadvisorisprovidinginvestmentadvicetoaclient.Theadvisorhasaclosepersonalrelationshipwiththesalespersonwhoisresponsibleforsellingaparticularinvestmentproduct.Theadvisorrecommendstheinvestmentproducttotheclient,eventhoughitmaynotbethemostsuitableoptionfortheclient'sneeds.Whichofthefollowingactionsismostappropriatefortheadvisortomitigatetheconflictofmind?A.