Your financial firm may request that you give them the name and contact information of a trusted contact. While it is not mandatory that you do so, the Washington State Department of Financial Institutions encourages you to consider providing the name of someone you trust as a contact on your accounts.
What Is A Trusted Contact?
A trusted contact is a person you authorize your financial firm to contact in limited circumstances, such as if there is a concern about activity in your account and they have been unable to get in touch with you.
A trusted contact may be a family member, attorney, accountant or another third-party who you believe would respect your privacy and know how to handle the responsibility. You may establish more than one trusted contact.
Who Should Have One?
We suggest a trusted contact for anyone who has an investment account.
How Can A Trusted Contact Help Me?
Maybe your investment professional needs to get in touch with you but can’t when:
- You are traveling
- There is a natural disaster
- There is a concern about fraud
- You are having a health issue
Things Your Trusted Contact Cannot Do
- Your trusted contact CANNOT make trades in your account
- Your trusted contact CANNOT make decisions about your account
- Being a trusted contact DOES NOT make them a power of attorney, legal guardian, trustee or executor