William was a client who had taken an offshore assignment. In preparing to head overseas William introduced you and Rebecca who is a trainee financial planner who you are mentoring to his younger brother Harold who had a mental disability. He asked if you would take care of Harold's financial needs along with his own while he was away. William gave you clear instructions that all charges including a $3,000 bonus should be invoiced to Harold and that you should pass the invoice to him and not to Harold. Harold visited you at your office after William had gone overseas and passed you over his financial details in a shoe box. You found details of direct investments in derivatives, equities, futures and a cash deposit. You also found managed investments, superannuation and insurance products. After going through the details you also noticed they included passwords to his accounts and that money was being paid to William for "trips to supermarket" over periods in which William was overseas. In his paperwork you noticed that Harold's mother was his carer and not William.



(a) How would you deal with this situation including how you would communicate to Rebecca and other staff?


(b) In sorting out Harold's finances how would you ensure budgets, requisition procedures, and other internal financial systems clearly identify support for legislative and regulatory functions?

Answer rating: 100% (QA)

a First it would be important to inform William of the extent of Harolds financial needs and to clar... View the full answer