Broker Check

Do You Have a Trusted Contact on Your Investment Account?

| April 24, 2019
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Do You Have a Trusted Contact on Your Investment Account?

Financial exploitation of senior citizens and vulnerable adults is concerning. In the event that your financial advisor is unable to reach you, they can contact a trusted contact person who you designate (this is optional) who can place a hold on your account to prevent further distributions as measure of protection. This trusted contact does not receive information about your account nor do they gain the capability to transact within your account or take money out of your account. Designating someone as a trusted contact does not mean they are a beneficiary of your account either (they would also have to be named a beneficiary by you on your account paperwork). The trusted contact simply enables the financial advisor or financial institution to contact the trusted contact person should they have reasonable belief that exploitation/fraud may be taking place.

The ability to name a trusted contact is now available on new account paperwork. However, if you opened an investment account prior to this being available (beginning in 2017), you may want to contact your financial advisor to add a trusted contact. You are able to change the trusted contact or, if you declined to name one when you opened a new account, you can contact your advisor to add one. The process is not difficult, usually it is just a simple form that you complete and sign.

Ask your financial advisor for more information about trusted contacts.  

This information is provided for educational purposes only and is not intended as specific advice for any individual.

Seek professional advice before taking any action in regard to your finances.

Todd A. Slingerland, CFP®

6 Tower Place Albany, NY 12203  (518) 867-4000 x105  todd@4cfp.net   www.capitalfinancialplanning.net

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