A trusted contact. A more prepared household.
Understand what a trusted contact can do, what they cannot do, and the questions to ask your brokerage firm.
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Original AI-assisted editorial illustration · Fortune 100 Brokers
Understand the purpose
FINRA describes a trusted contact as someone a brokerage firm may contact in limited situations, such as difficulty reaching you or suspected financial exploitation. Naming that person does not authorize them to trade, make account decisions, or act as your power of attorney. Ask the firm to explain its process and what information it may share.
Choose someone who understands the role
A trusted contact must be at least 18. Consider a person who is reachable, respects your privacy, and would be willing to help the firm contact you. Discuss the role before supplying their details. Ask the firm how to add more than one contact, change a contact, or remove one if your circumstances change.
Separate emergency contact from decision-making authority
Write down which arrangements you already have and which questions remain. Who should the firm try to reach? Who, if anyone, has legal authority to act for you? These are different questions. If you need a power of attorney or other legal arrangement, discuss it with an appropriate attorney and ask the institution about its requirements.
Make the household conversation practical
Without sharing passwords, tell the person how they could recognize a legitimate inquiry and verify it with the firm independently. Ask the firm for its instructions on reporting a suspected problem. Keep those instructions somewhere you can find them. The goal is a clear contact plan, not broader access than you intend.
Revisit after life changes
Put contact details on your review agenda after a move, changed phone number, illness, or family transition. Confirm that the firm has the current information and that the person is still willing to serve. A contact arrangement is useful only if the people involved understand it and can be reached.
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Sources & further reading
Official resources to explore alongside this guide.
For general education. These guides do not provide individualized investment, tax, or legal advice. Verify professional information independently and discuss your circumstances with qualified professionals.
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