Trusted Contact Person (TCP)

Protect your financial assets by naming a Trusted Contact Person (TCP)

Set up a Trusted Contact Person (TCP) with your registered financial advisor as a resource to assist in protecting your financial interests or assets when responding to possible circumstances of financial exploitation or concerns about a client’s mental capacity.

Here is some information about a Trusted Contact Person (TCP).

• What is a Trusted Contact Person (TCP)?
• What can my Trusted Contact Person do?
• Why should I name a Trusted Contact Person?
• Who should be a Trusted Contact Person?
• What should I tell my Trusted Contact Person?
• How do I name a Trusted Contact Person?

 

What is a Trusted Contact Person (TCP)?

A Trusted Contact Person (TCP) is someone you authorize your registered financial advisor to contact in certain circumstances. It lets your registered financial advisor know who you trust and who they have permission to contact if they are concerned you are experiencing financial exploitation or diminished mental capacity, impacting your ability to make financial decisions.

If you have a TCP, your registered financial advisor may need to contact them if:

• they are having difficulty contacting you;
• they are concerned you are vulnerable and being financially exploited;
• you have a health issue and they need to confirm your well-being; or
• they need confirmation of your legal representative(s).

 

What can my Trusted Contact Person do?

A TCP can provide your registered financial advisor with information that might help safeguard your financial assets. You can outline in your client agreement when your TCP should be involved.

They act solely as an additional resource. A TCP:

• cannot authorize transactions on your behalf;
• cannot make decisions on your behalf; and
• will not be given access to your detailed account information.

 

Why should I name a Trusted Contact Person?

A health crisis can happen at any time, leaving a person vulnerable to financial exploitation or issues that might affect their capacity to make financial decisions.

While optional, naming a TCP on your account can provide you with peace of mind knowing your registered financial advisor has someone you trust that they can contact if required. Having a plan and a trusted contact person in place now can help protect your financial assets in the future.

 

Who should be a Trusted Contact Person?

A TCP should be someone you trust and someone who is capable of handling difficult conversations about your personal situation. Consider choosing someone who:

• will protect your interests;
• will be comfortable talking to your registered financial advisor;
• knows you well enough to notice changes in your personal situation;
• is familiar with your support network;
• agrees to take on the role; and
• is typically not involved in your financial decisions, and preferably, is not your Financial Power of Attorney.

 

What should I tell my Trusted Contact Person?

It’s important to let your TCP know that you have appointed them as your Trusted Contact Person. This may help your TCP feel comfortable talking with your registered financial advisor if they are contacted. It’s also an opportunity to discuss your financial wishes and what is expected from them if they are contacted. You may consider arranging a meeting between your registered financial advisor and your TCP so they are familiar with one another.

 

How do I name a Trusted Contact Person?

Speak to your registered financial advisor to learn more about naming a TCP. You can contact your registered financial advisor at any time to update your TCP.