Excerpt from "The Dirt on Coming Clean:
“Conflicts of interest occur when individuals’ professional
responsibilities diverge from their personal interests (or when
different professional responsibilities clash).
Attorneys often face conflicts of interest when they advise
clients on whether to pursue legal action.
conflicts of interest when they advise patients on whether to
get procedures that they will profit from performing.
analysts face conflicts of interest when they are in a position
to benefit financially from promoting a stock on which they are
supposed to provide an impartial evaluation.”
Is biased advice from professionals often intentional?
“While most people think conflicts of interest are a problem
of overt corruption, that is, that professionals consciously and
intentionally misrepresent the advice they give so as to secure
personal gain, considerable research suggests that bias is more
frequently the result of motivational processes that are
unintentional and unconscious."
Source: The Dirt on Coming Clean:
The Perverse Effects
of Disclosing Conflict of Interest
When there is no standard of care or proven best practice
... we may expect even expert
recommendations to more commonly favor what is more profitable (self