Q: Who is a Trusted Contact?

A: A Trusted Contact is as the name implies: someone you can unquestionably trust. But it’s also a legal term.

A Trusted Contact is one or two people you designate in writing whom the staff at NWCM (or the custodian of your investment account) can get in touch with should we suspect you’re a target of financial exploitation or, because of cognitive decline, you’re unable to manage your finances prudently.

We can call a Trusted Contact to:

  • Discuss activities or other possible red flags that might indicate you’re being financially exploited
  • Confirm your mental or physical health status
  • Confirm the identity of any legal guardian, executor, trustee or holder of a power of attorney
  • Devise a plan to mitigate the risks we observe.

In addition, a temporary hold can be placed on the disbursement of funds—a critical safeguard if there is reason to suspect financial exploitation.

Trusted Contacts are unable to view account information, execute transactions or inquire about account activity unless you have already designated them an authorized party or have given them view-only access to your account.

You might already have a co-trustee or joint tenant on your account.  You may have given someone power of attorney on your account. Sadly, 90% of elder abusers are family members or people who are closest to the victim.  A Trusted Contact can be another resource for NWCM to contact to best protect your interests.

NWCM’s staff has a legal obligation to keep your finances and other personal data private. This legal obligation dictates how we store your information, communicate with you, guard against cyber threats.  If we suspect something is amiss in a financial transaction, how do we circumvent the federally-mandated requirement to keep your finances private? Help us out by establishing a Trusted Contact on your account.