Why You Should Consider Appointing a Trusted Contact Person

When your advisor asks you whether you want to name a Trusted Contact Person, it is something worth considering. Naming a Trusted Contact Person could help your advisor or investment firm to respond to possible situations of financial abuse or fraud affecting your account. It allows your advisor to know who you trust and who they have permission to contact when they are concerned about your well-being under specific situations. Naming a Trusted Contact Person does not give that individual any authority over your account.

Your advisor may ask your Trusted Contact Person questions about you and your wellbeing in specific circumstances, including:

  • If your advisor needs to get in touch with you, but cannot after repeated attempts.
  • If financial exploitation is suspected.
  • If there are concerns about your ability to make financial decisions.
  • To confirm your legal representative(s).

While a Trusted Contact Person can be a resource to safeguard your financial assets, they are not authorized to:

  • Make transactions on your account.
  • Make decisions on your behalf.
  • Have access to your account.

Naming a Trusted Contact Person is optional, but it can give you peace of mind knowing that your advisor has an additional resource to help them take appropriate action to protect you and your account.

You should consider telling the person that you have named them as a Trusted Contact Person. This may help them if your advisor contacts them.