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Pelajari case study Philip Anderson pada buku Merchant halaman 196-197, dan jawablah
pertanyaan berikut ini!

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Asumsikan salah satu klien Philip Anderson adalah seorang pria dan sudah menikah, berusia 36
tahun dan memiliki dua orang anak yang masih kecil dan ia ingin memindahkan sejumlah besar
dana pensiunnya yang saat ini diinvestasikan dalam bentuk deposito. Philip merekomendasikan
growth investment dan terdapat tiga alternatif di bawah ini.

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1. Alternatif investasi mana yang paling menguntungkan bagi: (a) klien, (b) Stuart & Co.?
2. Jika jawaban (b) anda berbeda dengan (a) dan Philip merekomendasikan pilihan yang
memberikan keuntungan tertinggi, apakah Philip bertindak etis atau tidak etis? Jelaskanlah!
3. Alternatif yang mana yang diharapkan oleh manajemen puncak Stuart & Co.
direkomendasikan Philip kepada klien?
4. Apakah sistem pengendalian perusahaan dirancang untuk memastikan pilihan di atas?

In this case, we have really two different points of view: in one side, there is Philip Anderson, the
Phoenix branch manager of Stuart & Co., who manages a team with his ways, his idea, his
experience but the results do not reach the targets fixed by the firm. In the other side, there is the
direction of Stuart & Co., which has opposite ideas to Philip Anderson.
I will try to analyze the challenges Philip Anderson faces from the point of view of costs of
control and considering ethical concerns.

Reading this text, we could easily feel that Philip Andersons work way is totally opposite to the
firm way. The sentence how far he [Philip Anderson] could bend without breaking shows the
challenge of the alone man is important for him. We could feel Philips desire to show ethical
concerns are at least as important as costs control. Despite the demand of the branch managers to
push specific products to be sold in the aim to improve cost control, Philip Anderson tries to
resist managing his team with his way. The results of the man are ethically good but dont in
term of achieving budget targets. The cost control of the firm causes negative attitude, resistance

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and frustration of Philip Anderson because he does not agree with this control system: by
managing cost, some ethical dilemmas created by Philip could be lost that is why he shows such
a resistance.

Then, we can not say that Philip Anderson is a bad manager. Indeed, by reading the text, despite
the new failure of his team which has not reach the targets fixed for them, this man seems to
have a strong character, he used to manage a team. In my opinion, his is just not to the right
place. The description of this manager suggests that the man could have built and managed his
own enterprise. Indeed, we can read that Philip is individual, enjoys being a manager and he
has a lot of experience.

Three Investment Alternatives:

Alternative A
Growth fund from a large investment company
Load or commission: None
Average annual total returns over last 5 years (net of management fees): 10.73%
Risk: Moderate
Management fees: 0.4%

Alternative B
Growth fund from Stuart& Co.
Load or commission: 5% front-end
Average annual total returns over last 5 years (net of management fees): 10.62%
Risk: Moderate
Management fees: 1.2%

Alternative C
Exchange-traded fund
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Load or commission: 3% to purchase; 3% to sell

Average annual total returns over last 5 years (net of management fees): 11.01%
Risk: Moderate
Management fees: None

1. Which of the investment alternative:

Alternative A, Provides the highest returns to the client.
Given the same risk level, the more return for the same amount of investment the higher returns
to the client. For instance, your client wants to invest $100. For alternative A, the client will
receive $10.69 in return. (The investment of $100 turns to $99.6 after the management fee, and
receives $99.6*10.73%=$10.69 in return). For alternative B, the client will receive $9.96 in
return. (The investment of $100 turns to $93.8 after the management fee and front-end load, and
receives $93.8*10.62%=$9.96 in return). For alternative C, the client will receive $10.35 in
return. (The investment of $100 turns to $94 after the purchase and sell commissions, and
receives $94*11.01%=$10.35 in return)

Alternative B, Provides the highest profits to Stuart & Co.

Using the same scenario as the above example, Alternative B will generate $6.2 profit to Stuart
& Co. while Alternative A and C generate $0.4 and $6.

2. Which alternative should the top management of Stuart & Co. want Philip to recommend to
his client? Is the companys control system designed to ensure that choice? (The case mentions
several measures used to reward the branch mangers).
Alternative B is most likely to be encouraged to... SISANYA DI BLUR

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