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

The Certified Financial Planner Board of Standards has published a guide to help CFP professionals recognize, fully disclose, and properly manage conflicts of interest that arise in marital financial planning engagements. The "Divorce Guide: Navigating Divorce and Other Conflicts with Married Clients" is part of an ongoing series of resources to aid CFP professionals in their practice. The guide addresses conflicts that can arise when working with married couples, including situations where the CFP professional has duties to one spouse that are against the interests of the other spouse.

Key Takeaways:

• The Divorce Guide provides practical guidance to prepare for potential conflicts and steps to take after learning that clients intend to divorce, including a comprehensive checklist.
• The guide focuses on the most common sources of conflicts of interest with married clients, including separate property and an intent to divorce.
• CFP professionals must disclose and manage conflicts of interest while adhering to the CFP Board's Code of Ethics and Standards of Conduct.
• The guide addresses common divorce-related factual situations and explains CFP professionals' options to continue working with one or both clients after they pursue a divorce.
• The guide is part of CFP Board's efforts to help CFP professionals with their practice, including a webinar series on financial planning and ethics.
• The webinar on November 6 will cover identifying potential conflicts, taking proactive steps to address conflicts, and exploring actions if clients decide to divorce.
• CFP Board is the professional body for personal financial planners in the U.S., with more than 106,000 certified professionals.

Statistics:

• Over 106,000 people in the U.S. hold the CERTIFIED FINANCIAL PLANNER(R) certification.
• CFP Board has published a series of resources to aid CFP professionals in their practice, including the "Divorce Guide" and recent webinars.
• 1 CE credit will be earned by participants of the November 6 webinar on navigating marital conflicts of interest.

Sources:

• CFP Board, "CFP Board Publishes Guide on Navigating Marital Conflicts of Interest for CFP Professionals," October 16, 2023.
• CFP Board, "About CFP Board," [Category: Financial Services], October 16, 2023.
• CFP Board, "Report: Divorce Guide: Navigating Divorce and Other Conflicts with Married Clients," October 16, 2023.