Chartered Financial Divorce Specialist: Difference between revisions
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CFDS professionals are required to possess a recognized financial or accounting designation or accreditation. Annual ongoing education is required to maintain the designation. |
CFDS professionals are required to possess a recognized financial or accounting designation or accreditation. Annual ongoing education is required to maintain the designation.<ref name="IIROC">https://www.iiroc.ca/investors/learning-basics-and-protecting-your-investments/understanding-financial-certifications/cfds-chartered-financial-divorce-specialist</ref> |
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There were 160 Chartered Financial Divorce Specialists in Canada in 2020. |
There were 160 Chartered Financial Divorce Specialists in Canada in 2020. |
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One of the first national financial services publications to write about it, Advisors Edge Magazine, reported the first Canadian training course was held at Toronto’s Seneca College in June 2004.<ref name="AdvisorsEdge2004"/> |
One of the first national financial services publications to write about it, Advisors Edge Magazine, reported the first Canadian training course was held at Toronto’s Seneca College in June 2004.<ref name="AdvisorsEdge2004"/> |
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CFDS accreditation has been developing since 2001. As of 2021, according to the Investment Industry Regulatory Organization of Canada members are required to have at least one certification from a list of financial accounting specialities to qualify, which they listed as CFP, R.F.P., PFP, CLU, CHFC, CA, CMA, CIA, CGA, CSWP.<ref |
CFDS accreditation has been developing since 2001. As of 2021, according to the Investment Industry Regulatory Organization of Canada members are required to have at least one certification from a list of financial accounting specialities to qualify, which they listed as CFP, R.F.P., PFP, CLU, CHFC, CA, CMA, CIA, CGA, CSWP.<ref name=”IIROC”/> |
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The divorce specialist designation is recognized by lawyers practicing collaborative law.<ref name="AdvisorsEdge2004"/> |
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Divorce planners cannot, legally, replace lawyers. Legal expertise is required by lawyers, who draft legal documents and deal with child custody matters. <ref name="InvestmentExecutive2008">https://www.investmentexecutive.com/newspaper_/building-your-business-newspaper/news-45840 </ref> |
Divorce planners cannot, legally, replace lawyers. Legal expertise is required by lawyers, who draft legal documents and deal with child custody matters. <ref name="InvestmentExecutive2008">https://www.investmentexecutive.com/newspaper_/building-your-business-newspaper/news-45840 </ref> |
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Divorce planners provide financial expertise in areas such as debt, budgeting, inheritances, retirement accounts, alimony payments, property, asset division and the related taxation effects. <ref name="InvestmentExecutive2008" |
Divorce planners provide financial expertise in areas such as debt, budgeting, inheritances, retirement accounts, alimony payments, property, asset division and the related taxation effects. <ref name="InvestmentExecutive2008"> |
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Adding financial expertise can simplify unrealistic expectations on the part of a separating couple which drive contested asset division - for example, by pointing out that a couple will no longer be able to afford an asset they are arguing over, due to their decision to separate.<ref>https://www.morningstar.ca/ca/news/186137/how-to-make-divorce-less-taxing.aspxGage</ref> |
Adding financial expertise can simplify unrealistic expectations on the part of a separating couple which drive contested asset division - for example, by pointing out that a couple will no longer be able to afford an asset they are arguing over, due to their decision to separate.<ref>https://www.morningstar.ca/ca/news/186137/how-to-make-divorce-less-taxing.aspxGage</ref> |
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Chartered Financial Divorce Specialist (CFDS) is a Canadian professional designation that can be earned by individuals who have completed specific training in the financial aspects of life transitions with respect to collaborative (mediated) cohabitation, marriage agreements, relationships or marital breakdowns (separation or divorce). It is based on professional best practice standards and a code of professional ethics, granted and monitored by the Academy of Financial Divorce Specialists in Ontario, Canada and other relevant licensing authorities.
CFDS professionals are required to possess a recognized financial or accounting designation or accreditation. Annual ongoing education is required to maintain the designation.[1]
There were 160 Chartered Financial Divorce Specialists in Canada in 2020.
The first courses were originally developed by planner in Colorado, USA to educate other financial professionals on how they could help people going through separation, divorce and other life transitions. The training was based on her years of experience with clients, the legal community and mental health professionals. According to the Wall Street Journal, approximately 1,000 divorce planners had been certified in the United States by 1993.[2]
In 1997, the first Canadian woman was trained by Wilson.[3]
The certified divorce planner designation started in the U.S. and was renamed ‘financial divorce specialist’ in Canada to avoid confusion.[4]
One of the first national financial services publications to write about it, Advisors Edge Magazine, reported the first Canadian training course was held at Toronto’s Seneca College in June 2004.[4]
CFDS accreditation has been developing since 2001. As of 2021, according to the Investment Industry Regulatory Organization of Canada members are required to have at least one certification from a list of financial accounting specialities to qualify, which they listed as CFP, R.F.P., PFP, CLU, CHFC, CA, CMA, CIA, CGA, CSWP.[5]
The divorce specialist designation is recognized by lawyers practicing collaborative law.[4]
Divorce planners cannot, legally, replace lawyers. Legal expertise is required by lawyers, who draft legal documents and deal with child custody matters. [6]
Divorce planners provide financial expertise in areas such as debt, budgeting, inheritances, retirement accounts, alimony payments, property, asset division and the related taxation effects. Cite error: A <ref> tag is missing the closing </ref> (see the help page).
Lawyers can also make use of financial projections provided by the divorce specialist. Divorce planners often conduct divorce mediation as well.
Further Reading The Divorce Experience - A study of divorce at midlife and beyond[7] - AARP
References
- ^ https://www.iiroc.ca/investors/learning-basics-and-protecting-your-investments/understanding-financial-certifications/cfds-chartered-financial-divorce-specialist
- ^ https://www.wsj.com/articles/SB1044989399300587463
- ^ https://www.juridipedia.com/CA/Greater-Sudbury/428779000619571/Academy-of-Financial-Divorce-Specialists
- ^ a b c https://www.advisor.ca/news/industry-news/divorce-specialist-designation-picks-up-steam
- ^ Cite error: The named reference
”IIROC”was invoked but never defined (see the help page). - ^ https://www.investmentexecutive.com/newspaper_/building-your-business-newspaper/news-45840
- ^ https://www.aarp.org/content/dam/aarp/research/surveys_statistics/general/2014/divorce.doi.10.26419%252Fres.00061.001.pdf