The FDS (Financial Divorce Specialist) is the professional designation granted by the Academy of Financial Divorce Specialists (Academy) to individuals who have completed expert training in the financial aspects of divorce.

As professionals governed by the Academy of Financial Divorce Specialists, the FDS adheres to a Code of Professional Ethics and Professional Best Practice Standards that ensure quality and integrity.

All Members of the Academy who hold the designation of FDS are subject to the Professional Best Practice Standards contained in this document. The compliance covers the actions of the Member and employees or contractors under his or her direct supervision in working with clients.

1. The FDS professional must ensure that he/she clearly understands the client’s financial goals, needs and priorities.



2. The FDS will gather all data relevant to the client’s current financial situation. Sufficient, relevant information and documentation will be obtained from the client before any options are presented.



3. The FDS will outline the scope of the work and relationship in writing with the use of an engagement letter. This engagement letter will clearly outline the fees to be charged and any conflicts of interest:
1. a. A pre-existing financial relationship or financial interest in a client.
2. b. Loyalty, personal interest or a duty to any other client including communication of valid information.
3. c. Joint client relationships.
4. d. Being in possession of private information on a case.
5. e. An affiliation connected to particular parties.

Conflicts of interest will be resolved in each situation by the member taking proper actions to disclose and protect clients:

1. Pre-existing financial relationship or interest require the member to either refer one or both clients to another Financial Divorce Specialist, or if the clients prefer, to have one or both consent in writing to waive this particular conflict.
2. Loyalty, personal interest or duty to a particular client requires the member to decline this work and refer to another Financial Divorce Specialist.
3. Joint client relationship conflicts may be resolved by a written document that identifies that no information will be kept confidential from either party. Further, if a breakdown of reasonable communication occurs during a joint relationship, the member will not continue to work for both and may need to withdraw completely from the case.
4. Possession of confidential information due to previous work on a client’s behalf requires that this is disclosed in writing prior to engaging in any work or proceeding with an initial interview. If the client does wish to continue, it is necessary to have them sign a consent document waiving the fact the member does have such private information.
5. Affiliation connected to other parties requires disclosure in writing of such affiliation and if the client wishes to work with the member they are required to sign a consent document waiving such affiliation as a conflict.

If in a neutral position, it will be outlined in writing and the clients need to sign off on this relationship or waive the fact that a conflicts exist.

The engagement letter will also include the fact that no legal or accounting advice is being given, unless the FDS holds a designation in either of those fields.

4. The FDS will record in each client file the hours worked, the nature of the work completed and fees received to date on the file. This will be made available to the client on a regular basis and full details will be summarized and delivered to the client upon completion of the case. The FDS will consult with and/or refer the client to other professionals when additional expertise is required.



5. The FDS will accept that he/she may act in a neutral role and will not work with either client once the divorce related financial planning has been completed unless the client specifically states in writing a desire to establish a new relationship with the member. Solicitation of future product-related business is not permitted in these circumstances.



6. The FDS will manage confidential client information in accordance with any privacy legislation that is in place and give their privacy disclosure documentation to the clients at the beginning of a relationship.

1. FDS professionals must possess a recognized financial or accounting designation or accreditation before being allowed to take the FDS course training.



2. 2. FDS professionals must develop their theoretical and practical understanding and knowledge of the financial aspects of divorce by completing a minimum of 15 hours of related continuing education every year, 5 of which are specifically related to the field of divorce. Related continuing education is defined as any activity that maintains or enhances one’s knowledge or capabilities either in the field of financial planning or in the profession as a FDS.



3. 3. In addition to the annual continuing education requirement, all FDS practitioners must voluntarily disclose any public, civil, criminal or disciplinary actions that may have been taken against them during the year as part of the renewal process.