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This can lead to costly litigation and in many cases the Professional Services Company will move against the client to recoup their losses. In addition, there are conflicts of interest created when Business Analysts on one hand is paying to provide professional advice to their clients while at the same time Business Counselors or compliance officers are working on a contingent basis to receive compensation for their services. There are several different types of conflicts of interest that can develop as a result of this practice. The following article is designed to discuss some of these conflicts.When there ishttps://mahadvising.com/services/investment-advisors/partnership-or-team-disputes/of interest, a professional conflict of interest occurs, and that professional is your Business Analyst or Compliance Officer. The professional's role is to provide you with objective professional advice that is designed to benefit your company and the industry in which you operate. They are expected to be objective and honest in their communications with you. Unfortunately sometimes your Business Analyst or Compliance Officer has a personal relationship with the organization that they are advising. This could cause them to inappropriately recommend potentially damaging business moves to their clients, while at the same time assisting the organization with compliance issues that do not affect your business.Sometimes conflicts of interest arise from a Business Advisor or Team Member promoting their firm to a third party who may not have the same professional standards as the overall business. For example, it may be a member of your investment group that has a personal relationship with the owner of your company. In addition, it may be a current employee or former employee that has a personal relationship with the owner. These conflicts of interest could have a detrimental affect on the professionalism of your business.It is absolutely critical that if you are working with a Professional Conflict of Interest that the conflict of interest is discovered and resolved immediately. The longer these conflicts exist, the more detrimental it can be to the professional reputation of your business. If a problem cannot be resolved then it is incumbent upon you to seek outside counsel to assist in resolving the conflict. A licensed professional such as an Independent Counsel will be able to provide you with the additional level of counsel and objective guidance that is required to conduct business ethically and with the full respect and commitment of your business.If conflicts of interest present within your investment adviser or compliance team, it is imperative that you find an avenue through which you can resolve them. The quicker conflicts are resolved the better. While many companies have policies in place to prevent conflicts of interest, some of them are not effective or simply don't apply. Regardless of the policy in place, in order to conduct business ethically and with the commitment of your business, it is crucial that you have your own professional conflict of interest policies and procedures in place.