With the aging of the U.S. population, financial exploitation of seniors is a serious and growing concern. To help combat this, the Financial Industry Regulatory Authority (FINRA) adopted rules that require member firms (such as Charles Schwab & Co.) to make a reasonable effort to obtain the name of and contact information for a Trusted Contact Person for clients’ accounts.
In addition, the Securities Exchange Commission (SEC) created an Investor Alert to help investors understand the potential impact of diminished capacity on their ability to make financial decisions.
At MFA Wealth, we encourage all of our clients to add a Trusted Contact Person and plan for possible diminished financial capacity well before it happens.
What is a Trusted Contact Person?
The Trusted Contact Person is intended to be a resource for Schwab and MFA Wealth in administering your account, protecting assets and responding to possible financial exploitation.
Designating a trusted contact for your account is optional. With that said, it can be extremely beneficial. In the event that there is a reasonable belief that you are victim to financial exploitation, the Trusted Contact Person can place a temporary hold on your account to prevent any disbursements of funds. It is important to note, however, that a Trusted Contact Person will not be able to view your account information, execute transactions in your account or inquire about account activity.
Questions?
To provide Trusted Contact Person information or if you have additional questions, please contact us at (412) 343-8700.
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