A Trusted Contact Person (TCP) is someone you authorize your financial institution to contact on your behalf in limited circumstances. The TCP you name does not make financial decisions but helps your financial advisor to provide you a safeguard in a variety of situations.
If your Financial Advisor needs to get in touch with you but can not reach you, your TCP may be aware that you are travelling, or are affected by a health concern or an emergency. Someone who has regular interaction with you may also recognize sudden or significant changes in your decision-making style, your overall awareness regarding the management of your affairs, if you are possibly the victim of fraud, or are under duress.
It is important to note your TCP does not exercise the role of a Power of Attorney. If warranted, however, your TCP could help identify your Power of Attorney, or any legal guardian, executor, or trustee whom you have appointed.
The Candian Securities Administration suggests that anyone who has an investment account should talk to their Financial Advisor about naming a Trusted Contact Person.
