Call Now For a Free Consultation:
(614) 502-6165

Senior Investors Should Add A “Trusted Contact Person” To Their Investment Accounts

In my law practice over the years, I’ve represented numerous senior investors who were the victims of elder financial abuse. In many cases, the fraud may have been detected much earlier if the investor had filled out paperwork with their brokerage firm adding a “trusted contact person” on their investment accounts. All investors, but particularly seniors, should consider adding a trusted contact person on their accounts.

Earlier this month, the Securities & Exchange Commission’s (SEC) Office of Investor Education and Advocacy and the Financial Industry Regulatory Authority (FINRA) issued an Investor Bulletin urging investors to take this important step to protect their investment accounts from fraud or other misconduct.

As the Bulletin explains, a trusted contact person is a person who you authorize your brokerage firm to contact in limited circumstances. Importantly, a trusted contact person is not authorized to make investment decisions on your behalf or direct the purchase or sale of securities in your accounts. However, a trusted contact person can play a critical role in making sure that your accounts are protected.

For example, if your broker has trouble reaching you, a trusted contact person can confirm that your information on file is up to date. Likewise, your financial advisor may notice unusual fund transfers out of your account or other suspicious activity, and a trusted contact person may help respond to concerns about possible financial exploitation.

The same goes for health issues: adding a trusted contact person may help confirm your current health status. And, adding a trusted contact person to your accounts may help confirm the identity of any legal guardian, executor, trustee, or power of attorney on your accounts.

Adding a trusted contact person is easy – you simply fill out and sign a form provided to you by your brokerage firm.

Taking the simple step of adding a trusted contact person to your accounts may help you keep your life savings protected.

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Columbus Office

614-224-6000
305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

310-905-8688
2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

216-600-1355
4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

248-817-8214
41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram