The International Association of Registered Financial Consultants (IARFC®) continues to take the lead in promoting ethical behavior by enacting a new Ethics Exam for its members. Starting December 1, the exam will be administered to all new applicants and to those renewing their membership.
The exam concentrates on the IARFC Code of Ethics, which is the center of ethical behavior for those belonging to the Association. It involves reading and understanding the different parts of the Code: The Canons, The Principles, and The Rules – all of which are readily available on the IARFC website. Successfully passing the exam is one component of being awarded the “Ethics Approved Status”.
“We feel it is imperative that our members are ethically transparent when serving the needs of their clients,” stated IARFC Trustee Chair and CEO, H. Stephen Bailey, Ph.D., MRFC®. “Ethical behavior is a prime talking point in our industry right now. We are meeting it full on and giving the public a clearer picture of our members and their background. When we award an “Ethics Approved Status”, it truly means we did the due diligence in vetting their ethical standing in our community of professional consultants.”
Any designee or credential holder becoming a member will be required to take the exam upon their initial application. On a determined schedule, those renewing will need to take the exam every other year. Taking the exam is an easy process – the IARFC Code of Ethics must be downloaded, studied, and then it is a matter of members logging into their membership profile and answering the questions. Upon a successful completion, members will receive two units of IARFC CE and an Ethics Certificate of Achievement.
“Our Code of Ethics is based on the Principles of Competence, Confidentiality, Professionalism, Fairness and Integrity, Diligence, and Objectivity,” continues Bailey. “These embody the ethical and professional standards expected of IARFC designees, credential holder, and members. They address the ‘substance’ and not merely the ‘form’ of service to their clients. I can’t think of anything more important than reassuring the consumer of the ethical status of our members.”
“We are here to answer any questions members may have on the Ethics Exam.” explained Vicki Caplinger, IARFC Membership Services. “Members can contact us at any time for help navigating through this new requirement.”