Certbie
Question 1 of 30
Elara, an 82-year-old widow, has been a client of yours for several years. You manage her investment portfolio and provide comprehensive financial planning services. Recently, Elara\'s son, Kael, has become increasingly involved in her financial affairs. You\'ve noticed that Kael frequently accompanies Elara to meetings, dominates the conversations, and pressures her to make investment decisions that seem risky and not aligned with her long-term financial goals or risk tolerance. You\'ve also observed Kael making frequent withdrawals from Elara\'s accounts, ostensibly for \"home repairs\" and \"medical expenses,\" but Elara seems unaware of the amounts or the specific purposes. You suspect that Kael may be taking advantage of his mother\'s age and vulnerability to misappropriate her assets. Considering your ethical and legal obligations as a wealth advisor in Canada, what is the MOST appropriate course of action?
Document your observations, consult with your firm's compliance officer or legal counsel, and report your suspicions of elder abuse to the appropriate authorities, such as adult protective services, while disclosing only necessary confidential information.
Directly confront Kael about your concerns and demand that he cease his potentially exploitative behavior, emphasizing your fiduciary duty to Elara.
Immediately terminate your advisory relationship with Elara to avoid any potential legal liability, citing irreconcilable differences in investment objectives.
Ignore your suspicions and maintain client confidentiality, as your primary duty is to act in Elara's best financial interest as she directs, regardless of Kael's influence.

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