Trusted Contact Person
Increase your financial security by appointing a Trusted Contact Person.
Fraud and financial abuse are on the rise. There is a new tool you can use to protect your investments. At Brian Evans Financial Services, you can now appoint a Trusted Contact Person (TCP).
Our office will be contacting clients about designating a Trusted Contact Person as an added measure of security to their finances.
Have questions? Check out the links below:
What is a Trusted Contact Person?
The Canadian Securities Administrators (CSA) have developed a new tool to protect your investments – the appointment of a Trusted Contact Person. This is an important added measure of security for everyone, but it is especially crucial for older Canadians who are often the target of fraud and abuse or who can become vulnerable from diminished capacity to make decisions.
What Can A TCP Do?
A TCP is a person you authorize our office to contact in limited circumstances.
They can:
- provide information to our company such as your current contact information if we cannot reach you or discuss concerns of potential financial abuse or diminished mental capacity when making financial decisions.
- advocate for you – for example, they can contact you and attend advisor meetings with you if necessary.
- help you – for example, seek medical or other types of assistance.
Who should I appoint as my trusted contact person?
A trusted contact person should be someone you trust who does not have a vested interest in your financial matters. It is recommended that they are not a family member, joint account holder, beneficiary or power of attorney (POA). Please be sure to talk the person you name as your trusted contact to ensure they feel comfortable with this role.
What can’t my trusted contact person do?
Unless they are your power of attorney (POA), a trusted contact cannot make financial decisions or transactions on your behalf. Our office may disclose limited personal information to the trusted contact person as needed to address concerns but our office will not freely divulge your finances.
Frequently Asked Questions
A trusted contact person is someone you appoint who can be contacted by our company for assistance if we:
- suspect you are experiencing financial exploitation or mistreatment; or
- become concerned about your ability to understand your financial situation, make financial decisions in your own interest or understand the significant consequences of a financial decision that you’re preparing to make.
- are seeking your current contact information or the contact information of your legal representative.
A trusted contact person can:
- provide information to our company such as your current contact information if we cannot reach you or discuss concerns of potential financial abuse or diminished mental capacity when making financial decisions.
- advocate for you – for example, they can contact you and attend advisor meetings with you if necessary.
- help you – for example, seek medical or other types of assistance.
A trusted contact person should be someone you trust who does not have a vested interest in your financial matters. It is recommended that they are not a family member, joint account holder, beneficiary or power of attorney (POA).
Yes! Before you appoint someone to be your trusted contact person, you should ask them if they are comfortable being your TCP and what this role entails.
If there are concerns of financial exploitation or abuse, the TCP may involve law enforcement, elder abuse organizations or the provincial or territorial public guardian and trustee office.
Unless they are your power of attorney (POA), a trusted contact cannot make financial decisions or transactions on your behalf. Our office may disclose limited personal information to the trusted contact person as needed to address concerns but our office will not freely divulge your finances.
No. It is in your benefit to have a trusted contact person on file but it is your choice whether or not you assign one. If you choose to decline having a TCP, we ask that you kindly indicate that on the TCP form. If you change your mind, you can contact our office at any time to assign a trusted contact person.
Yes. If you ever wish to revoke or change your trusted contact person you can do so any time by contacting our office and filling out a new TCP form.
Supporting Articles
Learn more about why you should appoint a Trusted Contact Person (TCP).