Can my advisor call my trusted contact without asking me first?

Question

As things stand, my brokerage firm is asking me to name a trusted contact. As things stand, I understand this person is not supposed to control my account, but I want to know when the firm might contact them and what information could be shared. The decision has consequences for the rest of my household as well, which makes access to cash, tax effects, and flexibility especially important.

Soradin · Accepted Answer

Firm policies and the authorization form determine when contact is permitted, usually for limited protective reasons. For this planning decision, a trusted contact is someone a financial firm may contact if it cannot reach the account owner or suspects exploitation or incapacity. Before choosing an adviser, check Form CRS or the applicable disclosure documents and confirm registration, and compare the relationship's total dollar cost and conflicts.

Can my advisor call my trusted contact without asking me first?

Soradin

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