Investment advisers and broker dealers and other persons in relationships of trust that must keep confidential a client’s contact information and wishes must be able to go outside of that circle of trust from time to time. However, laws such as Regulation S-P prohibit them from doing so. That is why many investment adviser in the industry have developed trusted contact person forms to allow just that. Below is a sample form that investment advisers can consider.
Trusted Contact Person Form[1]
In almost all events, it is our preference to deal directly with you. However, given our appreciation of mental health issues that can afflict clients and the potential for their sudden onset, we have taken proactive steps designed to protect you and us. First, we have developed policies and procedures and implemented training that are intended to assist our firm in identifying instances of diminished capacity and financial exploitation. Second, we have developed this Trusted Contact Person Form to provide us with a contact person in the event you have not yet appointed a power of attorney over your affairs or we are unable to locate them and (i) you show signs of declining mental capacity, (ii) we are unable to contact you after repeated attempts, or (iii) we suspect that you are the subject of financial exploitation and are unable to understand the events.
By completing this form and signing it below, you authorize us to contact and share information about your accounts and certain transactions in your accounts with the following person or people:
| Name | Relationship | Phone Number | Email Address |
We will continue to rely on this Trusted Contact Person Form unless and until you or your authorized legal representative has notified us, in writing, that you have revoked your authorization or wish to change one or more persons listed on this form.
I agree that unless otherwise specifically prohibited by state or federal securities laws, I agree to release and hold harmless [INSERT ADVISER NAME] and each of its officers, directors, members, employees, and agents with respect to any and all claims that might result from its reliance on this Trusted Contact Person Form.
| Signed: | |
| Name: | |
[1] The purpose of this Trusted Contact Person Form is designed to protect both clients and our firm. This form is not a power of attorney and does not provide the trusted contact, us or any of our employees or agents with any legal authority over your account or affairs. You are not obligated to complete and submit this form, however, it could make our performance of our job more difficult if (i) you show signs of declining mental capacity, (ii) we are unable to contact you after repeated attempts, or (iii) we suspect that you are the subject of financial exploitation and are unable to understand the events. We recommend you inform your trusted contact so they’re prepared in the event we need to contact them.