With a rise in sophisticated cybercrimes and with increasing concerns over the financial well-being of investors, especially as we age, the “trusted contact person” (TCP) has been introduced to help provide an extra layer of protection. The TCP is someone you appoint and for which we have your written consent to contact if we have concerns about the decision-making on your accounts or if we are unable to contact you. The TCP has no legal authority to make any financial decisions or direct transactions on your account. They do not replace a trading authority or power of attorney appointed to act on your behalf. While you may not feel that there is a current need for a TCP, implementing this safeguard now may help to provide protection down the road.
As such, it is recommended to select someone who is trusted, mature, and knowledgeable about your personal situation and support network. This individual should be capable of speaking with you, and to us, about your well-being and potentially sensitive topics such as your physical or mental health status. It may be beneficial to select someone who is familiar with you on a consistent basis and has no potential authority now or in the future. You are able to change who you designate or revoke designations at any time.
For more information, or to nominate a TCP for your existing accounts, please get in touch.
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