Final answer:
A conflict of interest occurs when personal or financial interests conflict with professional judgment or duty to act in the best interest of others.
Step-by-step explanation:
A conflict of interest occurs when a person's personal or financial interests conflict with their professional judgment or duty to act in the best interest of others.
For example, a financial advisor who recommends investments that benefit themselves financially rather than what is best for their clients would be considered a conflict of interest.
In collaborative practice, it is important to disclose any conflicts of interest and act with conscientiousness and compliance to ensure that decisions are made in the best interest of all parties involved.