A CFP professional learns that a long-term client, Mr. Patel, has shared a copy of his personal financial plan, created by the CFP professional, with a competing financial advisor for a second opinion. Mr. Patel did not inform the CFP professional beforehand. How should the CFP professional ethically respond to this situation, considering their obligations under the FP Canada Standards of Conduct?

Question: A CFP professional learns that a long-term client, Mr. Patel, has shared a copy of his personal financial plan, created by the CFP professional, with a competing financial advisor for a second opinion. Mr. Patel did not inform the CFP professional beforehand. How should the CFP professional ethically respond to this situation, considering their obligations under the FP Canada Standards of Conduct?

Answer options: ✅ Acknowledge Mr. Patel's right to seek other opinions and offer to address any concerns or questions arising from the competitor's review, maintaining a professional relationship.

• Terminate the client relationship, citing a breach of trust and confidentiality on Mr. Patel's part.
• Contact the competing advisor to understand their findings and challenge any inaccuracies they might have identified.
• Demand Mr. Patel retrieve the plan from the competing advisor, as it contains proprietary information belonging to the CFP professional.

Correct answer: Acknowledge Mr. Patel's right to seek other opinions and offer to address any concerns or questions arising from the competitor's review, maintaining a professional relationship.

Explanation: Clients have the right to seek second opinions. While the CFP professional might feel slighted, their ethical duty is to maintain professionalism, respect the client's autonomy, and remain available to address any concerns, thereby reinforcing trust and demonstrating a client-centric approach.