Naming a Trusted Contact

This week, Craig Siminski, of CMS Retirement Income Planning, shares an article discussing why it may be wise to designate a trusted contact when opening or updating an account at a brokerage or other financial firm:

When you open an account or update an existing account at a brokerage or a financial firm, you may be asked if you want to designate a “trusted contact.” This individual may be contacted in certain situations, such as when financial exploitation is suspected or there are other concerns about your health, welfare, or whereabouts.

Naming a trusted contact is optional but may help protect your account assets.

The person you name as a trusted contact must be at least 18 years old. You’ll want to choose someone who can handle the responsibility and will always act in your best interest — this might be a family member, close friend, attorney, or third-party professional. You may also name more than one trusted contact.

Understandably, you might be concerned that the person you name could make transactions in your account, but that’s not the case. Your trusted contact will not be able to access your account or make financial decisions on your behalf (unless…

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Craig Siminski is a CERTIFIED FINANCIAL PLANNER™ professional, with more than 25 years of experience. His goal is to provide families, business owners, and their employees with assistance in building their financial freedom.

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