Rory works as a financial adviser in a practice with three other advisers. They each own 25% of the business, and while they each look after their own clients, they do share back office, paraplanning and administration support within the practice. As with many other advice practices, Rory and his partners are developing and refining their work processes to ensure they are compliant with the Code of Ethics and are determined to position their advice practice at the pinnacle of ethical standards in the profession. Darcy has been well known to Rory for many years through their membership of a football club and has sought Rorys advice on a range of financial issues including his superannuation and personal insurances. Rory has never asked friends or family about their financial affairs and has only ever dealt with them when they have approached him. While Rory and Darcy have discussed financial issues in general over many years, Rory has never explicitly provided Darcy with financial advice. As Darcy has recently proposed marriage to Rorys daughter Erin, he wants to get his financial affairs in order before the wedding later this year. Darcy has provided Rory with his latest superannuation statement and a couple of payslips and suggested to Rory that he call his accountant Neil to get a copy of his latest tax return. Neil, also a friend of Rory, has been his accountant for many years, and it was Rory that referred Darcy to Neil about five years ago. Darcy says he trusts Rory without question. He has also told Rory not to worry about all the paperwork he normally has to provide to clients and will just do whatever he tells him to do. As a friend and soon to be relative, it is unlikely that Darcy will take any formal action against Rory in the event of a dispute, so Rory is considering just telling Darcy what he needs to do to sort out his financial affairs rather than working with Darcy through the formal advice process

Q. Using an ethical framework or theory (consequentialist, duty or virtue) and the facts presented in the case study, discuss ethical considerations for Rory in taking Darcy on as a client.