IDFA™ CODE OF ETHICS AND PROFESSIONAL RESPONSIBILITY
This document is provided as an expression of the ethical standards that the Institute for Divorce Financial Analysts™ (IDFA™) has adopted and every Certified Divorce Financial Analyst™ (CDFA™) has agreed to abide by. The code applies to every CDFA™ designee and candidate in conducting divorce-planning work.
1. Integrity – Maintain the highest standard of honesty and integrity when dealing with colleagues, the IDFA™, clients, or lawyers. Avoid practices that would dishonor your profession, IDFA™, or any of its members and employees.
2. Competence – In addition to satisfying the continuing education requirements needed to maintain the use of the designation, every CDFA™ should serve their clients competently. Therefore, acquiring the necessary knowledge and skills to do so in the area of divorce planning is required.
3. Objectivity – Objectivity requires a CDFA™ to be intellectually honest and impartial. Regardless of who hired him or her, a CDFA™ must always be objective when dealing with clients and their lawyers.
4. Fairness – CDFA™s who maintain their financial practices should make divorce-planning recommendations independent of the potential financial-planning relationship; doing so will alleviate the risk of potential conflict of interest. A CDFA™ will need to separate the two practices so as to not confuse the public.
5. Confidentiality – A CDFA™ shall hold client information to the highest standard of confidentiality. Short of client consent or appropriate legal process, a CDFA™ shall not release any information about their client before, during, or after the divorce.
6. Professionalism – A CDFA™’s interactions shall project the highest levels of professionalism. Whether dealing with clients, lawyers, IDFA™ or any of its partners or subsidiaries, a CDFA™ will behave in a professional manner.
7. Scope – A CDFA™, by education and training, is specialist dealing in the financial issues of divorce. Working alongside a lawyer who is licensed to practice law, a CDFA™ must never (unless licensed to do so) advise clients on their legal rights. In addition, a CDFA™ must never market his or her services in a misleading fashion or represent themselves as representatives of IDFA™.
8. Compliance – A CDFA™ will comply with all the laws related to the business they conduct and report to the IDFA™ any actions by other CDFA™s that are illegal or in violation of this code. In addition, a CDFA™ will comply with any requests from the IDFA™ for information regarding any complaints brought against him or her. If IDFA™, after comprehensive investigation, decides that either suspension or revocation of the CDFA™ designation is the proper remedy, the CDFA™ will comply with the order.
9. Unauthorized practice of law – A CDFA™ understands that, in order to practice law, one has to be licensed. Under no circumstances will a CDFA™ represent that the IDFA™ certification is a license to practice law.
10. Support – A CDFA™ will always support our profession and the IDFA™ as the main driving force behind the progress of the profession. Additionally, a CDFA™ will not collude, debase, or discredit the IDFA.
CDFA™ PRACTICE STANDARDS
Education
- CDFA™ professionals must develop their theoretical and practical understanding and knowledge of the financial aspects of divorce by completing a comprehensive course of study approved by the IDFA™.
Examination
- CDFA™ practitioners must pass a four-part Certification Examination that tests their understanding and knowledge of the financial aspects of divorce. In addition, the practitioner must demonstrate the practical application of this knowledge in the divorce process.
Experience
- CDFA™ professionals must have two years minimum experience in a financial or legal capacity prior to earning the right to use the CDFA™ certification mark.
Ethics
- As a final step to certification, CDFA™ practitioners agree to abide by a strict code of professional conduct known as the IDFA™’s Code of Ethics and Professional Responsibility, that sets forth their ethical responsibilities to the public, clients, employers and other professionals. The IDFA™ may perform a background check during this process and each candidate for CDFA™ certification must disclose any investigations or legal proceedings relating to his or her professional or business conduct.
Ongoing Certification Requirements
- Once certified, CDFA™ practitioners are required to maintain technical competence and fulfill ethical obligations. Every two years, they must complete a minimum of twenty (20) hours of continuing education, ten (10) of which are specifically related to the field of divorce. In addition, to the biennial continuing education requirement, all CDFA™ practitioners must voluntarily disclose any public, civil, criminal or disciplinary actions that may have been taken against them during the past two years as part of the renewal process.
