Conflicts of Interest and Disclosures in Investment Advice

Maria is a portfolio manager for a large investment firm. She has been approached by a friend, Alex, who is looking to invest in a new startup. Alex mentions that he is considering investing a large sum of his personal savings into the startup, and he asks Maria for advice on whether it would be a good investment. Maria has not done extensive research on the startup, but she has insider knowledge of some favorable upcoming product developments that could significantly increase the startup's valuation. Maria is aware that the CFA Institute Code of Ethics and Standards of Professional Conduct requires that conflicts of interest must be disclosed, especially when there is a potential benefit or detriment to the client. What should Maria do?