In a previous blog I mentioned attending the Investment News Women’s Advisor Summit. Here is another tidbit I learned.
You can add a Designated Trusted Contact to your accounts and with your investment advisor. This isn’t the same level of legal ability or rigmarole as a Power of Attorney. No, it’s just a person that the investment advisor can call if they have concerns about you (health, well-being, or welfare due to exploitation or abuse).
Your trusted contact cannot transact on your accounts on your behalf. That would require a Power of Attorney or Full/Limited Trading Authorization form to be on file with the bank/investment firm.
Some instances where the investment firm may use a designated trusted contact include:
- Concerns about fraud or financial exploitation.
- Suspected diminished capacity.
- You have a medical emergency at their office.
You may be able to add a trusted contact online in your account settings (I did this on my Fidelity accounts recently) or with a phone call to your investment advisor.
I highly recommend this as an extra safety precaution for both your finances and your overall wellbeing. As a financial advisor and someone who has worked in an investment branch office, I’d love to know who I could contact in case I was worried about a client.
