October 13, 2022
When you book a flight, join a gym, or start a new job, they usually ask for an emergency contact person. Generally, this is in case of a medical emergency, so they will know who to contact on your behalf. In some situations, this emergency contact can mean the difference between life and death, especially when it comes to providing critical medical information. In the financial industry we also use ‘emergency contacts’ – however, they are known as a Trusted Contact Person (TCP). While it may not be a life-or-death situation, it is an added layer to protect your wealth.
“It’s an additional line of defense for anyone – young or old – to help keep your finances safe,” writes Lynn MacNeil, Investment Advisor, Associate Portfolio Manager at Richardson Wealth.
It is unlikely your investment advisor or wealth manager will need to contact anyone for a medical emergency, but we encounter situations regularly in which having a Trusted Contact Person can protect our client’s assets and wealth. If you are of a certain age, have a parent or loved one that is, or are more vulnerable because of mental health issues, please consider this important step. In fact, it’s an additional line of defense for anyone – young or old – to help keep your finances safe.