1. You work as an investment adviser for a large financial services company, providing investment recommendations to retirees in Australia. You have a mutual referral arrangement with a stockbroker: She refers clients to you that require services for indirect or non-listed assets and structures (e.g. managed funds), and you send to her clients that require services for direct, listed assets (e.g. shares). She has referred to you over a dozen clients in the past year, whilst you have only referred 1 client. As such, she is concerned that the referral arrangement is not working for her. To keep her happy, you promise to refer 1 client per month going forward.

In discussion with clients, you begin to push clients to consider investing directly in shares through a stockbroker, rather than using indirect vehicles. Whilst direct shareholdings are not appropriate for the clients that you speak to, you still manage to convince 1 client each month to use the stock brokers services.

1. Identify the ethical dilemma you face in this situation, along with the main stakeholders that could be negatively affected. (min. 200 words)