Trusted Contact Person

Wealth Management December 17, 2020

Trusted Contact Person

In response to the increasing number of financial fraud cases against seniors, regulators have implemented new rules to protect older clients. SEC and FINRA rules require financial advisors to ask their clients if they would like to designate a person to be contacted in the event that the advisor suspects fraud or mental decline.

What is a “trusted contact person?”

A trusted contact is someone who Nelson Roberts Investment Advisors can get in touch with to:
• Address possible or suspected financial exploitation involving your account;
• Confirm your contact information in case we have trouble reaching you;
• Confirm if there is someone acting as a legal guardian, an executor, a trustee, or holder of a power of attorney; or
• Determine your mental or physical health status.

It is important to note that your trusted contact does not have authority to access your account or make transactions on your behalf. Instead, the trusted contact’s role is to help us contact you; to provide the identity of any legal guardian, executor, trustee, or holder of a power of attorney; or to help us guard against financial exploitation.

Why should I add a trusted contact person to my account? Investment advisors often serve as the first line of defense when it comes to cases of possible financial exploitation. A trusted contact person is another resource to help protect you and your loved ones against financial abuse. A trusted contact person is another way of protecting your personal assets when something unexpected happens in your life. It adds an additional level of security to your account.

Who can be a trusted contact?

Trusted contacts are usually family members or close friends— people you trust and who are likely to be in the best position to know your current situation. A trusted contact must be at least eighteen years old. Please note, a trusted contact person need not be the same as someone who acts as a representative under a power of attorney.

Part of your financial planning should include identifying people who Nelson Roberts Investment Advisors can contact if we suspect you are a target of financial exploitation or if we see signs suggesting that you are becoming unable to manage your finances alone. Please contact us if you wish to add a trusted contact person to your account.




Individual investment positions detailed in this post should not be construed as a recommendation to purchase or sell the security. Past performance is not necessarily a guide to future performance. There are risks involved in investing, including possible loss of principal. This information is provided for informational purposes only and does not constitute a recommendation for any investment strategy, security or product described herein. Employees and/or owners of Nelson Roberts Investment Advisors, LLC may have a position securities mentioned in this post. Please contact us for a complete list of portfolio holdings. For additional information please contact us at 650-322-4000.

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