Acting in the Best Interests of the Client Is Required

question 16

Multiple Choice

Acting in the best interests of the client is required of the financial planner by the:

• A) Corporations Act for all financial product recommendations to clients over a minimum value of $25,000.
• B) Financial Planning Act for all financial advice recommendations to clients over a minimum value of $25,000.
• C) Financial Planning Association for all financial advice recommendations to clients where practical to do so.
• D) none of the above.

Understand the role of authority presence and legitimacy in influencing obedience, conformity, and social dynamics.

Analyze the impact of deindividuation on behavior and identify its primary causes.

Interpret the phenomenon of social facilitation and its contrast with social loafing.

Comprehend the circumstances that reduce the likelihood of social loafing.

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Definitions:

Disconnection

The process or state of being detached or separated from something.

Group

Three or more people who work independently to attain organizational goals.

Collectivist Culture

A social pattern that emphasizes group goals and the importance of cohesion within social or occupational groups.

Greater Good

A principle that actions or policies are considered justifiable if they benefit the majority or improve the overall situation of a community or society.