The Board of Directors of the Financial Therapy Association (FTA) hereby publicizes the FTA Standards of Practice and Code of Ethics, effective August 31, 2017.
This is meant to serve as a guide for those practicing financial therapy.
Dual Relationships: Financial therapists must be aware of their potentially influential position and therefore must make every effort to avoid dual relationships with clients that could impair their professional judgment or increase the risk of harm to clients. Financial therapists must avoid controlling financial elements of the client’s life that may interfere with doing what is in the client’s best interest. Financial therapists at all Certified Financial Therapist™ levels must always subscribe to the highest possible standard as defined by their specific licensure, certification, and accreditation regulatory authorities. If a dual relationship is not prevented by a separate regulatory authority, financial therapists must take appropriate steps to ensure that judgment is not impaired and that no exploitation occurs.
Abuse of the Relationship: Financial Therapists must act to avoid intentionally harming their clients, trainees, and research participants and to mitigate such harm should it occur. Financial Therapists must seek to safeguard the welfare and rights of those with whom they interact professionally, and other affected persons to the extent that they are able to do so.
Sexual Relationships with Current and Former Clients: Financial therapists must not engage in any type of sexual or romantic relationship with clients or former clients for a period of no less than 6 years. Financial therapists who engage in such relationship prior to six years following the end of the financial therapy process have the ultimate responsibility (burden of proof) to prove that such activities did not have exploitive emotional or financial consequences.
Many professionals engage in service delivery with the assistance of technology and an increasing number of different technological platforms. While there are benefits to this, there are also responsibilities involved with their use. Standard VIII addresses the basic ethical requirements of offering financial therapy, supervision, and related professional services using technological and electronic means.
© 2017 Financial Therapy Association.
The following influenced the development of these FTA practice standards. Adapted from AAMFT, AFCPE®, APA, and CFP® Board Standards of Practice and Ethical Requirements.
The following were used to influence the development of these FTA practice standards.
American Association for Counseling and Developmental Association for Measurement and Evaluation in Counseling and Development. (1989). The responsibilities of users of standardized tests (rev.). Washington, DC.
American Association for Marriage and Family Therapy. (2017). Retrieved from http://www.aamft.org/iMIS15/AAMFT/Content/Legal_Ethics/Code_of_Ethics.aspx
American Counseling Association. (1995). Ethical standards. Alexandria, VA.
American Psychological Association. (1985). Standards for educational and psychological testing (rev.). Washington, DC.
Association for Financial Counseling and Planning Education (2017). Retrieved from https://afcpe.org/resource-center/professional-standards/code-of-ethics
Association for Financial Counseling and Planning Education (2017). Retrieved from http://www.afcpe.org/resource-center/professional-standards/standards-of-practice
Certified Financial Planning Board’s Practice Standards. (2017). Retrieved from https://www.cfp.net/for-cfp-professionals/professional-standards-enforcement/standards-of-professional-conduct/code-of-ethics-professional-responsibility
National Board for Certified Counselors. (1989). National Board for Certified Counselors code of ethics. Alexandria, VA.
Latest Amendment: February 23rd, 2018