If we have updated your Know Your Client (KYC) file lately you may have noticed, we are now asking you to provide us with a name for your Trusted Contact Person (TCP). This is a relatively new requirement and is strongly recommended by the Canadian Securities Administrators (CSA). A few people have expressed concerns and have asked why we need this information.
What is it?
Your TCP is the person you authorize your financial firm to contact in certain circumstances.
Why have one?
A TCP can help your registered financial advisor help you, if needed.
Who should have one?
It is recommended that anyone who holds an investment account has a TCP.
How would having a TCP help me?
Your financial advisor may need to get in touch with you but can’t when:
– You are traveling
– There is a natural disaster
– There is a concern about fraud
– You are having a health issue
– You’ve changed or deactivated your contact information
What a TCP can NOT do:
– Your TCP cannot make trades in your account
– Your TCP cannot make decisions about your account
– Your TCP cannot access/view your account
– Being a TCP does not make them a power of attorney, legal guardian, trustee or executor
– We do not discuss/disclose your personal information or investments with your TCP
If you have any other questions or concerns regarding your TCP, please don’t hesitate to contact us.
Have a great weekend,
Tracey and Paige
Source:
Photo by Carrie Allen www.carrieallen.com on Unsplash
Products or services related to investments, investment recommendations, financial planning, retirement planning, and investment reviews are provided through our mutual fund dealer Security Financial Services and Investment Corp. 4665 Yonge Street, Suite 309, Toronto, ON M2N 0B4 t 416.964.0440
Photo by Andrea Piacquadio: https://www.pexels.com/photo/joyful-adult-daughter-greeting-happy-surprised-senior-mother-in-garden-3768131/