CFP Board Publishes Guide on Navigating Marital Conflicts of Interest for CFP® Professionals

CFP Board has published the Divorce Guide: Navigating Divorce and Other Conflicts With Married Clients, a guide to help CFP® professionals to recognize, fully disclose and properly manage conflicts of interest that arise in marital financial planning engagements, while adhering to CFP Board's Code of Ethics and Standards of Conduct. The guide is part of an ongoing series of resources to help CFP® professionals with their practice.

"Working with a CFP® professional is often the first step couples take in building their financial future together," said CFP Board CEO Kevin R. Keller, CAE. "But life can change. Divorce or conflicts of interest can arise, and CFP® professionals must be prepared with a clear plan to continue acting in each client's best interest. This new guide helps them do exactly that."

In joint financial planning work with a married couple, a situation could arise in which the CFP® professional has duties to one spouse that are against the interests of the other spouse. If so, the CFP® professional has a conflict of interest. The Divorce Guide: Navigating Divorce and Other Conflicts with Married Clients will help CFP® professionals manage those marital conflicts of interest (including when the clients intend to divorce) while satisfying other important ethical obligations, such as the Duty of Confidentiality.

The guide focuses on the most common sources of conflicts of interest with married clients - separate property and an intent to divorce. It applies the Code and Standards to important divorce-related factual situations and explains CFP® professionals' options to continue working with one or both clients after they pursue a divorce. The new guide provides practical guidance to prepare for the potential for conflicts to arise and steps to take after learning that clients intend to divorce, including a comprehensive checklist.

As part of CFP Board's new Guidance Webinar Series, CFP Board will host a webinar on November 6 at 2:30 p.m. ET centering on the guide and offering practical guidance for financial planners working with married couples. The discussion will be led by Leo G. Rydzewski, JD, CAE, CFP Board's General Counsel, and Sara Cortes, JD, CFP®, Assistant General Counsel. Attendees will learn to identify potential conflicts between spouses, take proactive steps to address conflicts and explore appropriate actions if clients decide to divorce. The webinar will also cover options for continuing or ending client engagements during and after divorce. Participants will earn one general continuing education (CE) credit.

Download the Divorce Guide: Navigating Divorce and Other Conflicts With Married Clients.