Roy, CFA, manages several pension accounts and directs most of his trades through the Wales Investment Limited. Roy does this because he believes that he gets good executions and Wales Investment Limited provides him with excellent research reports used in the management of these accounts. Regional, a small discount brokerage house, has just approached Roy that it will execute his trades at half the cost of Wales. Regional does not have a research department. According to AIMR Standards of Professional Conduct, if Wales does NOT switch his business to Regional, has he violated the loyalty clause in his fiduciary duties（）
A. No, because he already had an established relationship with Wales before Regional’s offer.
B. No, if he can determine, in good faith, that the higher commissions are commensurate with the value of the research services he receives and discloses this practice.
C. Yes, because of the prudent expert clause.
