medium · CFA Level I ethics

Anya is a wealth manager at Caldera Glass. She identifies that Emil's high wealth allows for an allocation to alternative assets. Anya selects a private equity fund for Emil’s portfolio without disclosing that her firm, Caldera, receives a referral fee from the fund manager for every client she onboard. Which Standard is Anya primarily violating in the context of her duties to Emil? Standard III(B) Fair Dealing because she is not treating Emil objectively compared to her other clients who did not receive the referral. Standard VI(C) Referral Fees because she failed to disclose the compensation she receives for recommending the fund. Standard III(E) Preservation of Confidentiality because she shared Emil's status as a high-net-worth client with the fund manager.

1. Standard VI(C) Referral Fees because she failed to disclose the compensation she receives for recommending the fund.
2. Standard III(E) Preservation of Confidentiality because she shared Emil's status as a high-net-worth client with the fund manager.
3. Standard III(B) Fair Dealing because she is not treating Emil objectively compared to her other clients who did not receive the referral.

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