QUESTIONS 1 THROUGH 18 RELATE TO ETHICAL AND PROFESSIONAL STANDARDS

14. Kelly Amadon, CFA, an investment adviser, has two clients: Ryan Randolf, 65 years old, and Keiko Kitagawa, 45 years old. Both clients earn the same amount in salary. Randolf, however, has a large amount of assets, whereas Kitagawa has few assets outside her investment portfolio. Randolf is single and willing to invest a portion of his assets very aggressively; Kitagawa wants to achieve a steady rate of return with low volatility so she can pay for her child’s current college expenses. Amadon recommends investing 20% of both clients’ portfolios in the stock of very low yielding small-cap companies. Amadon least likely violated the CFA Institute Code of Ethics and Standards of Professional Conduct in regard to his investment recommendations for: A. both clients’ portfolio. B. only Randolf’s portfolio. C. only Kitagawa’s portfolio.