In which circumstance must Bill Valley inform Advisors, Inc.?

Bill Valley must inform Advisors, Inc. when conducting any independent financial consultations because this situation directly relates to his professional obligations and ethics surrounding external business activities. Financial professionals are typically required to disclose any outside business engagements to ensure transparency and avoid potential conflicts of interest. Conducting independent consultations could impact his responsibilities and relationships within Advisors, Inc., necessitating that he informs the firm to maintain compliance with their policies and ethical standards.

This requirement is rooted in the principles of integrity and transparency in financial advising, as it ensures that all engagements are disclosed and that there are no undisclosed interests that could affect his objectivity or professional judgment.