In: Economics
provide and explain Paul Faber's 5 tasks of the client-professional (C-P) relationship.
In your answer you must include a detailed description of all 5 tasks as well as provide the order in which these tasks typically take place in the C-P relationship.
In addition, explain in detail the fiduciary C-P relationship. How are the 5 tasks of the C-P relationship divided among the client and the professional for this C-P relationship?
Also, why does Faber state that the fiduciary relationship is the most appropriate C-P relationship for the professions when compared to other C-P relationships?
Do you agree with Faber that the fiduciary relationship is the most appropriate C-P relationship for the professions? Explain the reasoning behind your answer here.
Paul Faber's 5 task ofsof client- professional relationship are according to this-
1). AGENCY RELATIONSHIP - In agency relationship , clients approach to professionals only when they need professionals help. Professionals are only there if needed.
2). PATERNALISTIC RELATIONSHIP - Paternalistic relationship is like guide relationship. Professionals help clients only when clients are not able to take autonomous decisions. Professionals have full control on clients.
3). CONTRACTUAL RELATIONSHIP - Contract dictating what is set in stone. Road map of relationship. Patient must be competent.
4). AFFINITY RELATIONSHIP - It refers to that relationship in which bond or trust between clients and professionals built. It is based on common views, ethnicity and religion.
5). FIDUCIARY RELATIONSHIP - It refers to that relationship which is trusted because they are a professional.
FIDUCIARY RELATIONSHIP - Acoording to C-P relationship , client and professional are said to be in fiduciary relationship when they both have trust and confidence in one another.
The basic responsibility of the fiduciary model is to provide the client with a beneficial service, it equally have the responsibility not to violate the trust by causing any form of harm to the other who has surrendered in trust and confidence some degree of autonomy in the relationship. A failure in responsibility is misconduct and a neglect of duty. The fiduciary is given trust by the other and that is because such trust is needed to permit the fiduciary to do what it is that the fiduciary is to do for the other.
Yes , I totally agreed with Paul that fiduciary relationship is best than other relationships because these are the strengths of fiduciary relationships -
1). FREEDOM - This model provides full freedom to clients to take decisions. Clients get a better chance to do better in future. This encourages their confidence.
2). HOSPITALITY - According to it , clients make their full trust on the professionalism or techniques of professionals. So if they are faced with any problem In future professionals help them with their high skills.
3). EQUALITY AND FAIRNESS - This model is fair enough to give equal attention to both the professional and the client. In this model, both the professional’s and client’s judgment are being put into consideration inspite considering their positions.