Synopsis of Article

“Two are better than one, because they have a good return for their labor: If either of them falls down, one can help the other up ….”[1] AEP® teams are encouraged to form to  jointly serve their clients (i.e., a strategy formed by two professionals is likely better than a strategy formed by only one professional); however, conflicts of interest are ever present and each professional member of the team must be prepared to address the current and forthcoming conflicts. Depending on the severity of the conflict of interest, each AEP® team member may be limited by their credentialing body in the way they interact with fellow team members and the client.

National Association of Estate Planners & Councils | Accredited Estate Planner (AEP®)

The National Association of Estate Planners & Councils (NAEPC) consists of twenty-eight thousand (28,000) council members from two hundred sixty-five (265) councils throughout the U.S.[2] NAEPC’s mission is to promote excellence in estate planning, and its vision is to foster the multi-disciplinary approach to estate planning.[3] NAEPC is a non-profit organization that owns and manages the Accredited Estate Planner® (AEP®) designation.[4] The AEP® designation’s requirements are reflective of a professional having worked in the estate planning field for a minimum of five (5) years in any of the following disciplines: accounting, insurance and financial planning, law, philanthropy, and trust services.[5] There are over two thousand three hundred (2,300) AEP® designees, with the largest contingent of these professionals practicing in the disciplines of insurance/financial planning and law.[6]

A key component  of the AEP® designation is to promote the team concept among practicing professionals within estate planning.[7] NAEPC’s Guide to Collaborative Estate Planning presents this concept as “a client-centered process where advisors engage in mutual communication, cooperation, and coordination.”[8] The promoted benefits of the collaborative approach includes fewer mistakes, better advice, and potential cost-savings to the client served.[9]

The Collaborative Team: Strengths and Weaknesses

The potential benefits of a high-functioning, collaborative team are well documented (i.e., improved productivity, better outcomes, efficient problem-solving, etc.).[10] However, the advantages of collaboration should be viewed in its totality by accounting for the potential disadvantages of the collaborative style, including competing among members for the role of team leader, unconsciously succumbing to groupthink (i.e., reaching consensus on an issue without working through disagreement or entertaining different perspectives), and detracting from productive work (i.e., too much time spent strategizing over novel approaches without moving forward with practical and proven methods).[11] Provided these risks and rewards are kept in view and in check, collaboration will have a greater chance to produce the enhanced outcome sought.

When a collaborative team of diverse professionals is formed, challenges will arise within their shared work that may limit their ability to communicate among the other team members and possibly the client. For example, a conflict of interest may arise within the shared engagement that will require each credentialed member of the team to follow their certifying body’s rules of conduct and ethics. An attorney will seek guidance from their state bar to determine the level of disclosure required to the client and if they can continue the representation.[12] Similarly, a CFP® professional will look at the Certified Financial Planner Board of Standards, Inc.’s (CFP Board) standards of conduct to determine their obligation to disclose the conflict to the client and the steps necessary for the client to protect their interest.[13]

Consider the following opinion and case study on conflicts of interest and the actions that were taken (or should have been taken) by an attorney and CFP® professional, per their respective licensing bodies. For other collaborative team members with different designations and obligations, see the enclosed Guide for Collaborative AEP® Teams for helpful resources when addressing topics presented herein.

Who is the lawyer’s client when s/he is retained to assist in the administration of an estate? The Alabama State Bar considered this question and issued an ethics opinion on it.[14] The opinion states “the lawyer represents the individual that hired him … unless the client and lawyer agree otherwise.”[15]  Therefore, if the lawyer only represents the personal representative of the estate, then “the lawyer must advise the heirs and devisees … and other interested parties in the estate …” of this fact to avoid the risk of violating other rules of professional conduct.[16]If the lawyer fails to follow this notice requirement to the estate’s interested parties, then s/he “could be found [to have] undertaken [representation of] both the fiduciary and the beneficiaries of the estate.”[17] As advised here, advance notice to interested parties is required to clarify the lawyer’s role in a matter and to set forth who is, and is not, represented by the attorney. This notice requirement helps eliminate potential conflicts of interest arising from inadvertent joint representation of interested parties in an estate administration.

For the CFP® professional, consider the following hypothetical case study developed by CFP Board concerning material conflicts of interest.[18] A client asks his CFP® professional whether he should invest in a new fund to help meet his retirement income goal. The CFP® professional determines that the following will likely result from the client’s suggested action: i) the client’s current investment account will be reduced when liquidating current investments to purchase the client’s new fund in another account, ii) the new account holding the new fund will not pay the CFP® professional a management fee, and iii) the new fund will not achieve as high of a return as the client’s current investments. The CFP® professional has a conflict of interest (i.e., her compensation is impacted (decreases) if the new fund and new account is opened); therefore, the CFP® professional must fully disclose this conflict to the client either before or when making the recommendation. Furthermore, this conflict of interest is material in that a reasonable person would consider this information (i.e., the CFP® professional’s reduced fee) important when making their decision whether to accept the CFP® professional’s recommendation.

After considering the guidance published by the state bar and CFP Board above, both governing bodies recognize conflicts of interest exist when their licensees serve clients. Neither governing body forbids all conflicts of interest; however, they do require proper disclosure of, and consent to, the conflicts of interest. Each governing body describes the timing and manner of disclosure to the client. So, each professional serving a client must recognize the frequent nature of conflicts of interest and their duty to their licensing body and the client for making conflicts known in a timely and proper manner.

Joint Representation and Conflicts of Interest

Joint representation (i.e., among family, friends, business owners, etc.) is embedded with potential conflicts of interest.[19] For example, if one of the joint clients changes their mind on the direction or objective of the representation, a conflict of interest is present. At this point in the representation, each professional team member must evaluate the degree of the conflict of interest and whether their governing or certifying body requires a particular response. Some responses may be limited to additional disclosure to, and obtaining the informed consent from, clients concerning the impact on the representation if the conflict remains. However, material conflicts of interest may further restrict the advisor’s role in the joint representation, even to the point of the advisor withdrawing from further representation.

Professional advisors that take on joint representation matters must be ready to navigate through a conflict of interest when it arises.[20] In October 2025, CFP Board published a guide to assist its designees in navigating conflicts of interest arising from marital financial planning engagements.[21] CFP Board acknowledges that conflicts of interest between spouses can arise during an engagement, including (but not limited to) divorce.[22] CFP Board’s Divorce Guide differentiates between a couple’s “differences of opinion” (i.e., not a conflict of interest) from a true conflict of interest (i.e., differences of opinion that prevent the couple from agreeing on joint goals).[23]

The attorney’s duty of loyalty to a client underpins the attorney/client privilege arising from the legal relationship.^[24] The American Bar Association’s Model Rules of Professional Conduct (MRPC), in addition to the attorney’s state bar’s guidance, will direct the attorney’s response to a conflict of interest.[25] In the estate planning context, oftentimes an attorney can represent the joint interests of a married couple without fear of breaching their duty of loyalty to either spouse; however, the attorney-client privilege may be impaired if the couple’s interests diverge during the engagement. Nevertheless, the attorney must keep apprised of the current facts and surrounding circumstances throughout the joint engagement to ensure they can continue the representation.[26]

Conflicts of Interest: When Clients Contemplate Divorce or Divorce

If a jointly represented client informs their advisor of their intention to divorce their spouse, what obligations does the advisor owe to each client? Let us continue our analysis by focusing on the likely response from professionals within the insurance/financial planning discipline (CFP® professionals in particular) and the legal discipline (i.e., the two largest disciplines by membership in the AEP® program).

CFP Board’s Divorce Guide expressly states that a married couple should not be viewed by a CFP® professional as one client (i.e., such as a legal entity (like a corporation)) but viewed as two clients (i.e., each spouse is a client of the CFP® professional).[27] However, if only one spouse engages with the CFP® professional, then only that spouse will be the client.[28]

Upon learning of an intent to divorce from either spouse, the CFP® professional must complete the following: i) protect controlled assets in the couple’s joint accounts or inform clients to do the same,[29] ii) determine if the CFP® professional can continue the engagement, limit the engagement, or terminate the engagement,[30] iii) maintain the confidentiality of the disclosing spouse’s intent to divorce for only a reasonable period,[31] and iv) provide financial advice that is not adverse to either client (i.e., don’t advise on issues that may be covered in divorce proceedings, such as a division of marital property, etc.).[32]

CFP Board discloses within its divorce guide that it doesn’t address divorce law; likewise, the guide doesn’t provide CFP® professionals steps to take in advising clients during a divorce.[33] If advising clients during a divorce, the divorce guide reminds CFP® professionals of their obligation under the Code and Standards of competent advice gained either individually, with the assistance of other professionals, limiting or terminating the engagement, or referral of the client to another competent professional.[34]

Post divorce, the CFP® professional may enter engagements with either or both former spouses.[35] Conflicts of interest must be considered as well as the preservation of confidential information of each former spouse if separate financial planning engagements are entered after the divorce.[36] Attorneys and their firm are likely more restricted in their ability to represent either former spouse/client after the divorce.

An attorney’s response upon hearing a spouse’s intent to divorce is like the financial planner’s in many respects. In a May 2023 podcast created for wealth and estate management professionals by The American College of Trust and Estate Counsel (ACTEC), joint representation of spouses and its challenges was presented.[37] ACTEC Fellow, Professor Elizabeth R. Carter, provided several precautions during joint representation of spouses. Professor Carter stated a basic principle of joint representation is the ability “to communicate openly and freely with the attorney and with each [spouse].”[38] If an attorney is unable to maintain this basic principle during the joint spousal representation, then the ability to continue the joint representation becomes problematic. Furthermore, Professor Carter stated if the spouses “appear to be on the verge of divorce [they] are not ideal candidates for joint representation.”[39]  She continued this line of reasoning by stating, “[i]f your clients decide to divorce, then their interests are usually no longer sufficiently aligned for a joint representation.”[40] If the spouses are hiding assets from one another or keeping major secrets from one another, “then the joint representation will have to terminate.”[41]

Conclusion

Each member of the collaborative AEP® team is guided by standards of conduct and a code of ethics of both their professional governing body (state bar associations for attorneys and CFP Board for CFP® professionals) and NAEPC. When conflicts of interest arise in a collaborative client engagement, each professional team member will be required to respond in a manner in keeping with their governing body’s standards of practice. The professional’s response may be as simple as recognizing the conflict, recording their analysis of the governing body’s guidance on the subject, and memorializing their conclusion reached in their internal records. If the conflict rises in materiality, the professional may need to disclose the conflict to the client(s) (and the other collaborative team members) and describe how the conflict alters their representation going forward. If the conflict of interest is so severe that the professional cannot continue representing the client(s), then proper disclosure is required to be given to the client(s), and the engagement is formally ended. The benefits to the client of collaborative professional engagement are highly valued; however, the professionals working together for the client must be cognizant of, and ready to respond to, conflicts of interest that arise.

Author’s Biography

Harvey A. Hutchinson, J.D., CFP®, AEP®

Harvey Hutchinson serves as a lead financial planner with Brown Financial Advisory in Fairhope, Alabama. Previously, Harvey practiced law with an emphasis on estate planning. Harvey was a member of the Board of Directors for the National Association of Estate Planners & Councils (NAEPC) from 2020 to 2025, having served as the Chair of the Accredited Estate Planner (AEP®) Committee. Harvey has served as an instructor for Emory University’s continuing education program since 2007, a lecturer for the University of Virginia’s School of Continuing and Professional Studies since 2022, and an adjunct professor for Regent University School of Law’s M.A. in Financial Planning and Law program since 2025.

Harvey A. Hutchinson | (205) 482-4846 (Cell) | taxtiger@gmail.com

Guide for Collaborative AEP® Teams

	Law (Attorney)	Insurance and Financial Planning (CFP®) †
Joint Representation	Review governing state bar’s published guidance concerning joint representation. American Bar Association (ABA) Model Rules of Professional Conduct. Rule 1.7 Conflict of Interest: Current Clients,[42]Comments [43] – 27 (i.e., lawyer must clarify her/his relationship with the parties), – 29 (i.e., lawyers cannot undertake joint representation where contentious litigation between the parties is contemplated), and – 30 (i.e., attorney-client privilege does not attach).	CFP Board’s Code of Ethics [44] – 2 (client’s best interest), – 4 (conflicts of interest), and – 5 (confidentiality). CFP Board’s Standards of Conduct [45] – Glossary — Client — Conflict of Interest – A. Duties Owed to Clients — 1. Fiduciary Duty — a. Duty of Loyalty —- ii. (Conflicts of Interest) — 5. Disclose and Manage Conflicts of Interest — a. Disclose Conflicts — b. Manage Conflicts — 6. Sound and Objective Professional Judgment — 9. Confidentiality and Privacy
Conflict of Interest	(See Joint Representation section above.)	(See Joint Representation section above.) CFP Board: Avoiding or Managing and Disclosing Conflicts of Interest [46] CFP Board: Guide to Managing Conflicts [47] CFP Board: Index of Case Studies Applying the Code and Standards [48] CFP Board: Conflicts of Interest FAQ [49]
Contemplating Divorce	(See Joint Representation section above.) ABA Model Rules of Professional Conduct. Rule 1.7 Conflict of Interest: Current Clients, Comments [50] – 31 (i.e., common representation is typically inadequate if one party attempts to withhold relevant information from the other party).	(See Joint Representation section above.) CFP Board: Divorce Guide [51]
Divorce	(See Joint Representation section above.) ABA Model Rules of Professional Conduct. Rule 1.7 Conflict of Interest: Current Clients, Comments [52] – 30 (i.e., if litigation ensues between a jointly represented couple, the attorney-client privilege will not protect communications during the joint representation).	(See Joint Representation section above.) CFP Board: Divorce Guide [53]
† – Other credentials recognized within the AEP® insurance and financial planning discipline include Chartered Life Underwriter® (CLU®), Chartered Financial Consultant® (ChFC®), Chartered Financial Analyst® (CFA®), and Certified Private Wealth Advisor® (CPWA®).

	Accountant (CPA)	Trust Services (CTFA®)
Joint Representation	Review governing state board of accountancy’s published guidance concerning joint representation. American Institute of CPAs (AICPA) Code of Professional Conduct (Code).[54] – Integrity: ET Sec. 0.300.040 – Objectivity and Independence: ET Sec. 0.300.050 – Due Care: ET Sec. 0.300.060 – Scope and Nature of Services: ET Sec. 0.300.070 – Integrity and Objectivity: ET Sec. 1.100 – Independence: ET Sec. 1.200 – Confidential Information: ET Sec. 1.700 AICPA Statement on Standards in Personal Financial Planning Services (SS PFP).[55]	American Bankers Association (ABA) Professional Certifications’ Code of Ethics [56] – 1: Avoid conflict of interest or the appearance of a conflict of interest. – 4: Uphold the integrity and honor of the profession. – 7: Safeguard the confidential nature of information of present and prospective clients.
Conflict of Interest	(See Joint Representation section above.) AICPA Code.[57] [58] — Conflicts of Interest: ET Sec. 1.110 AICPA SS PFP.[59] – 20: Evaluate engagement for existence of conflicts of interest – A9: Objectivity and Independence Principle – A10: AICPA Code of Professional Conduct, Conflicts of Interest – A14: Understanding of the client	(See Joint Representation section above.)
Contemplating Divorce	(See Joint Representation section above.) AICPA Code.[60] [61] AICPA SS PFP.[62] – A14: Understanding of the client	(See Joint Representation section above.)
Divorce	(See Joint Representation section above.) AICPA Code.[63] — Disclosing Information to Clients: ET Sec. 1.700.030 AICPA SS PFP. (See Contemplating Divorce section above.)	(See Joint Representation section above.)

	Philanthropy (CAP®) †
Joint Representation	The American College of Financial Services, Code of Ethics (1984) – 1st Canon: Honor and Dignity – 2nd Canon: Avoid Dishonorable Practices – 5th Canon: Attain a Distinguished Record of Service – 8th Canon: Comply with All Laws and Regulations The American College of Financial Services, Professional Pledge
Conflict of Interest	(See Joint Representation section above.) Other resources: Nonprofit Quarterly.[64] National Council of Nonprofits.[65]
Contemplating Divorce	(See Joint Representation section above.)
Divorce	(See Joint Representation section above.)
† – Another credential recognized within the AEP® philanthropic discipline is the Certified Specialist in Planned Giving (CSPG).

[1] Ecclesiastes 4: 9-10a, New International Version.

[2] https://www.naepc.org/

[3] https://www.naepc.org/about/mission

[4] https://www.naepc.org/designations/estate-planners

[5] Id.

[6] https://www.naepc.org/

[7] https://www.naepc.org/designations/estate-planners

[8] https://www.naepc.org/assets/national/files/Guide%20to%20Collaborative%20Estate%20Planning.pdf

[9] Id.

[10] https://www.indeed.com/hire/c/info/how-to-build-and-maintain-collaborative-teams

[11] https://www.forbes.com/sites/forbescoachescouncil/2016/11/15/seven-downsides-to-the-collaborative-culture-boom/

[12]  https://www.americanbar.org/groups/professional_responsibility/publications/model_rules_of_professional_conduct/rule_1_7_conflict_of_interest_current_clients/

[13] https://www.cfp.net/ethics/code-of-ethics-and-standards-of-conduct. See Standards of Conduct, A. Duties Owed to Clients, 1. Fiduciary Duty and 5. Disclose and Manage Conflicts of Interest.

[14] https://www.alabar.org/office-of-general-counsel/formal-opinions/2010-03/

[15] Id.

[16] Id.

[17] Id.

[18] https://www.cfp.net/ethics/compliance-resources/2019/10/the-duty-to-disclose-material-conflicts-of-interest-when-responding-to-a-clients-investment-inquiry

[19] https://interactivelegal.com/2025/05/21/stuck-in-the-middle-the-ethics-of-representing-couples-in-estate-planning/

[20] Id.

[21] https://www.cfp.net/ethics/compliance-resources/2025/10/divorce-guide-navigating-divorce-and-other-conflicts-with-married-clients

[22] Id., page 3.

[23] Id., page 4.

[24] https://www.hinshawlaw.com/en/insights/lawyers-lawyer-newsletter/identifying-and-resolving-conflicts-of-interest-three-simple-rules

[25] https://www.lewitthackman.com/wp-content/uploads/2018/09/estate-planning-conflictsofinterest.KMasteller.pdf

[26] Id.

[27] https://www.cfp.net/-/media/2025/cfp-board-marital-conflicts-guide.pdf. Page 4.

[28] Id.

[29] Id.

[30] Id., page 5.

[31] Id.

[32] Id.

[33] Id., page 6.

[34] Id.

[35] Id.

[36] Id.

[37] https://actecfoundation.org/podcasts/tips-for-joint-representation-of-spouses-part-2/

[38] Id.

[39] Id.

[40] Id.

[41] Id.

[42] https://www.americanbar.org/groups/professional_responsibility/publications/model_rules_of_professional_conduct/rule_1_7_conflict_of_interest_current_clients/

[43] https://www.americanbar.org/groups/professional_responsibility/publications/model_rules_of_professional_conduct/rule_1_7_conflict_of_interest_current_clients/comment_on_rule_1_7/

[44] https://www.cfp.net/ethics/code-of-ethics-and-standards-of-conduct

[45] Id.

[46] https://www.cfp.net/ethics/compliance-resources/2018/08/focus-on-ethics—avoiding-or-managing-and-disclosing-conflicts-of-interest

[47] https://www.cfp.net/ethics/compliance-resources/2022/01/guide-to-managing-conflicts

[48] https://www.cfp.net/ethics/compliance-resources/2022/10/index-of-case-studies—applying-the-new-code-and-standards

[49] https://www.cfp.net/ethics/compliance-resources/2025/04/conflicts-of-interest-faq

[50] https://www.americanbar.org/groups/professional_responsibility/publications/model_rules_of_professional_conduct/rule_1_7_conflict_of_interest_current_clients/comment_on_rule_1_7/

[51] https://www.cfp.net/ethics/compliance-resources/2025/10/divorce-guide-navigating-divorce-and-other-conflicts-with-married-clients

[52] https://www.americanbar.org/groups/professional_responsibility/publications/model_rules_of_professional_conduct/rule_1_7_conflict_of_interest_current_clients/comment_on_rule_1_7/

[53] https://www.cfp.net/ethics/compliance-resources/2025/10/divorce-guide-navigating-divorce-and-other-conflicts-with-married-clients

[54] https://www.lovelawfirmpllc.com/library/7-must-have-clauses-for-cpa-client-engagement-letters.cfm

[55] https://www.aicpa-cima.com/resources/download/statement-on-standards-in-personal-financial-planning-services

[56] https://www.aba.com/training-events/certifications/maintaining-your-certification/certification-code-of-ethics

[57] https://www.cpajournal.com/2016/08/01/cpas-conflicts-interest/

[58] https://mariettacpa.com/conflicts-of-interest-a-practical-approach-for-small-firms/

[59] https://www.aicpa-cima.com/resources/download/statement-on-standards-in-personal-financial-planning-services

[60] https://www.pstap.org/news/how-to-help-a-client-who-is-divorcing–providing-divorce-accounting-services

[61] https://www.cpajournal.com/2018/04/19/icymi-ethical-dilemmas-facing-cpas-three-case-studies-2/

[62] https://www.aicpa-cima.com/resources/download/statement-on-standards-in-personal-financial-planning-services

[63] https://www.journalofaccountancy.com/issues/2023/jan/client-breakups-can-create-malpractice-risk/

[64] https://nonprofitquarterly.org/charity-conflicts-of-interest-a-guide/

[65] https://www.councilofnonprofits.org/running-nonprofit/governance-leadership/conflicts-interests