{"id":38855,"date":"2021-12-08T05:40:40","date_gmt":"2021-12-08T05:40:40","guid":{"rendered":"https:\/\/analystprep.com\/cfa-level-1-exam\/?p=38855"},"modified":"2026-08-27T19:16:58","modified_gmt":"2026-08-27T19:16:58","slug":"standard-iiia-loyalty-prudence-and-care","status":"publish","type":"post","link":"https:\/\/analystprep.com\/cfa-level-1-exam\/ethical-and-professional-standards\/standard-iiia-loyalty-prudence-and-care\/","title":{"rendered":"Standard III(A) \u2013 Loyalty, Prudence, and Care"},"content":{"rendered":"\n<script type=\"application\/ld+json\">\n{\n  \"@context\": \"https:\/\/schema.org\",\n  \"@type\": \"QAPage\",\n  \"mainEntity\": {\n    \"@type\": \"Question\",\n    \"name\": \"Grace Morris is the CEO of a financial advisory firm \u2013 Morris Advisors. Morris routinely uses the same broker for all her client-account trades. The broker offers average prices and below-average execution and research. In exchange, the broker pays Morris Advisors\u2019 employees\u2019 travel expenses and the firm\u2019s rent. All research obtained is used to inform her investment recommendations and advice for her clients. Is Morris in conflict with Standard III(A) \u2013 Loyalty, Prudence, and Care?\",\n    \"text\": \"Options:\\nA. No, because it is her discretion which broker she selects.\\nB. Yes, because she fails to get the best execution and price for her clients.\\nC. No, because the research received benefits from all her clients.\",\n    \"answerCount\": 1,\n    \"acceptedAnswer\": {\n      \"@type\": \"Answer\",\n      \"text\": \"The correct answer is B. Morris has violated Standard III(A) \u2013 Loyalty, Prudence, and Care because she directed client trades to a broker that did not provide the best execution and instead used client brokerage commissions to pay for firm expenses. Soft-dollar arrangements may be acceptable when the benefits directly assist clients, such as investment research used in managing client portfolios. However, employee travel expenses and office rent do not directly benefit clients. Additionally, Morris failed to ensure clients received the best available execution and pricing.\"\n    }\n  }\n}\n<\/script>\n\n\n\n<p class=\"wp-block-paragraph\">Members and Candidates owe their clients a responsibility of loyalty, and they must act with reasonable caution and sound judgment. Members and Candidates must work in the best interests of their clients, putting their clients&#8217; needs ahead of their employer&#8217;s or own.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Application 1: Client Approval<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Hadassah Zachary, CFA, manages Kate Chege&#8217;s investment portfolio. Chege has a heavily concentrated position in SunBeam Technologies. She received the majority of her shares after her father \u2013 the ex-CEO of Sunbeam \u2013 passed away. Zachary has expressed the need for and benefits of diversifying her portfolio. Chege has refused to diversify her holdings and has prohibited the sale of Sunbeam stock in her investment policy statement. News has just broken about SunBeam Technology filing for bankruptcy. Zachary is quick to act and attempts to get in touch with Chege, with no success. The stock price is falling dramatically, and Zachary proceeds to sell the shares and reinvest the proceeds into safer yielding assets.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Has Zachary violated Standard III(A) \u2013 Loyalty, Prudence, and Care?<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>No, because she acted in Chege&#8217;s best interest.<\/li>\n\n\n\n<li>Yes, because she failed to diversify Chege&#8217;s portfolio.<\/li>\n\n\n\n<li>Yes, because she did not follow instructions found on the investment policy statement.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Solution<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The correct answer is <strong>C.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Zachary was trying to act in Chege&#8217;s best interest. However, Chege&#8217;s investment policy statement&nbsp;<em>prohibits<\/em>&nbsp;the sale of Sunbeam stock. While it may appear that Zachary did the right thing for Chege&#8217;s portfolio, she has violated Standard III(A) \u2013 Duties to Client. To comply with Standard III(A), Zachary must disclose any investment action and wait for Chege&#8217;s approval.<\/p>\n\n\n\n<div style=\"margin: 18px 0;\">\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\"\n     target=\"_blank\"\n     rel=\"noopener noreferrer\"\n     style=\"display: block; text-align: center; padding: 14px 18px; border: 2px solid #1a73e8; border-radius: 18px; color: #ffffff; font-weight: 600; font-size: 16px; text-decoration: none; background-color: #1a73e8;\">\n    Master CFA Standard III(A) with our Free Trial.\n  <\/a>\n<\/div>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Application 2: Excessive Trading<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Samuel Taylor is a wealth manager at Schuster Partners. A percentage of her management fees is derived from trading commissions. Taylor trades excessively in each of his client trading accounts, but the trades are appropriate and in line with his client&#8217;s asset allocations. However, the trading activity exceeds what is required to implement her client&#8217;s objectives.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Do Taylor&#8217;s actions comply with Standard III(A) \u2013 Loyalty, Prudence, and Care?<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Yes, because he uses his client&#8217;s assets to benefit himself.<\/li>\n\n\n\n<li>No, because the trading activity is within his client&#8217;s allocations.<\/li>\n\n\n\n<li>No, because Taylor is allowed to direct trading activity and frequency.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Solution<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The correct answer is <strong>A<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Taylor has violated Standard III(A) \u2013Loyalty, Prudence, and Care. Her actions are in her interest. Regardless of whether the trades were appropriate, Taylor put his needs before his clients.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Application 3: Soft Dollars<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Grace Morris is the CEO of a financial advisory firm \u2013 Morris Advisors. Morris routinely uses the same broker for all her client-account trades. The broker offers average prices and below-average execution and research. In exchange, the broker pays Morris Advisors&#8217; employees&#8217; travel expenses and the firm&#8217;s rent. All research obtained is used to inform her investment recommendations and advice for her clients.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Is Morris in conflict with Standard III(A) \u2013 Loyalty, Prudence, and Care?<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>No, because it is her discretion which broker she selects.<\/li>\n\n\n\n<li>Yes, because she fails to get the best execution and price for her clients.<\/li>\n\n\n\n<li>No, because the research received benefits from all her clients.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">The correct answer is <strong>B<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Morris has violated Standard III(A) \u2013 Loyalty, Prudence, and Care. She uses her client&#8217;s brokerage for services that do not&nbsp;<em>directly<\/em>&nbsp;benefit her clients. Additionally, she fails to get the best execution and price for her clients.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\"><strong>Application 3: Loyalty<\/strong><\/h4>\n\n\n\n<p class=\"wp-block-paragraph\">Robert Ojot, CFA, is an investment manager at BNM investment bank. VCX Plc has been issuing its popular commercial papers through BNM investment bank. Robert has been recommending the shares of VCX Plc to his clients because of the value his bank gets by selling VCX\u2019s commercial paper. Robert feels that if he gives a different recommendation, his company is at the risk of losing the business with VCX Plc. Under the CFA Institute Code and Standards, Robert\u2019s action:<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>violates the CFA Institute Code and Standards.<\/li>\n\n\n\n<li>does not violate CFA Institute Code and Standards because VCX Plc is well-performing.<\/li>\n\n\n\n<li>does not violate the CFA Institute Code and Standards because no investors have lost their money.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Solution<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The correct answer is <strong>A<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Robert is recommending VCX to his clients because of the value that VCX has been giving to his company, and for fear of losing this business if they gave a different recommendation is a violation of Standard III(A).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>B<span style=\"font-weight: normal !msorm;\"> is incorrect<\/span><\/strong>. Even though VCX\u2019s commercial paper is popular should not be a basis for recommending the company\u2019s securities to investors. Robert should perform a proper analysis of the firm and recommend without external influence from VCX.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>C is incorrect<\/strong>. Members and Candidates owe their clients a responsibility of loyalty, and they must act with reasonable caution and sound judgment. Investors losing their money is not a basis for recommending a company\u2019s securities.<\/p>\n\n\n\n<div style=\"text-align: center; margin: 30px 0;\">\n  <a href=\"https:\/\/analystprep.com\/free-trial\/\"\n     target=\"_blank\"\n     rel=\"noopener noreferrer\"\n     style=\"display: inline-flex; align-items: center; justify-content: center; padding: 12px 26px; border-radius: 9999px; background: #1e5bd8; color: #ffffff; font-weight: bold; text-decoration: none;\">\n    Start Free Trial \u2192\n  <\/a>\n  <p style=\"margin-top: 12px; font-size: 16px; line-height: 1.5;\">\n    Master CFA Standard III(A) requirements, fiduciary duties, loyalty, prudence, and client-focused responsibilities with our study materials and practice tools.\n  <\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Members and Candidates owe their clients a responsibility of loyalty, and they must act with reasonable caution and sound judgment. Members and Candidates must work in the best interests of their clients, putting their clients&#8217; needs ahead of their employer&#8217;s&#8230;<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[3],"tags":[],"class_list":["post-38855","post","type-post","status-publish","format-standard","hentry","category-ethical-and-professional-standards","blog-post","no-post-thumbnail","animate"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Standard III(A) Loyalty, Prudence &amp; Care | AnalystPrep CFA<\/title>\n<meta name=\"description\" content=\"Learn CFA Standard III(A) Loyalty, Prudence, and Care, including client duties, asset control, and key Level 1 ethics concepts.\" \/>\n<meta name=\"robots\" content=\"index, follow, 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