The Importance of a Trusted Contact

When opening a new account or updating your account information, you may be asked to provide a Trusted Contact. Although not required, it may be a wise decision to name someone you trust as a contact on your investment account.

Who is a Trusted Contact?
A Trusted Contact is someone you authorize your financial firm to contact in specific limited situations. A Trusted Contact can:

• Confirm your health status.
• Confirm your contact information.
• Provide details around unusual account activity.

Your Trusted Contact needs to be at least 18 years old, and can be a family member, friend, or another third party you know well and trust. You can also have more than one Trusted Contact but check with your Financial Advisor as the number allowed may vary by firm.
Importantly, naming someone as a Trusted Contact does not give them authority to act on your behalf, execute transactions or engage in activity in your account. A Trusted Contact is different than a Power of Attorney or a Beneficiary.

What are the benefits of having a Trusted Contact?
A recent survey revealed that 62% of financial institutions reported an increase in the volume of fraudulent transactions.¹ With financial fraud on the rise, it can be beneficial to have a named Trusted Contact as an additional resource.
An Advisor would get in touch with a Trusted Contact if their client was unreachable due to one of the following situations:

• Sudden illness or injury
• Displacement by a natural disaster
• Traveling abroad
• Concern over financial fraud

Add a Trusted Contact to your account
A Jemma Financial Advisor can help you add a Trusted Contact to your account and discuss the advantages with respect to your specific situation.

1. https://www.featurespace.com/the-state-of-fincrime-in-the-us-2022-report/