As life changes, your ability to manage finances may be affected—whether due to illness, stress, or other challenges. That’s why Canadian securities regulators introduced the Trusted Contact Person (TCP): a safeguard to help protect you from financial exploitation or diminished capacity.
Naming a Trusted Contact Person is optional, but it’s an important part of planning ahead. It gives your registered financial advisor someone they can reach out to if they’re concerned about your wellbeing.
A Trusted Contact Person is someone you choose and give written permission for your registered financial advisor to contact in specific situations. This person acts as a point of contact—not a decision-maker—and helps your advisor protect your account when something doesn’t seem right.
Your advisor may contact your TCP if:
They can’t reach you and are concerned about your wellbeing
They suspect you’re being financially exploited
They believe you may be experiencing diminished mental capacity
They need to confirm who your legal representative is
For example, if you’re unreachable during travel or your registered financial advisor receives a request that seems unusual and they believe you are vulnerable and being financially exploited, they may contact your TCP to verify your wellbeing.
Your TCP is there to support your advisor, not to manage your money. They:
Can: Speak with your advisor to help confirm your wellbeing or clarify your situation
Cannot:
Authorize transactions
Make decisions on your behalf
Access your account details
You can outline in your client agreement when and how your TCP should be involved.
Your Trusted Contact Person should be someone you trust and who is comfortable having sensitive conversations. Consider someone who:
Will protect your interests
Knows you well and can notice changes in your behavior or health
Is familiar with your support network
Is not directly involved in your finances (ideally not your enduring power of attorney)
Agrees to take on the role
Let your TCP know you’ve named them. This helps them feel prepared if your advisor ever reaches out. It’s also a good time to talk about your financial wishes and what you expect from them.
You can change or update your TCP at any time by contacting your registered financial advisor.
Download You’re My Trusted Contact Person – a helpful guide for anyone taking on this role.
A health crisis or unexpected event can happen at any time. Naming a Trusted Contact Person gives your advisor a way to act quickly and responsibly if they’re concerned about your financial wellbeing.
While naming a TCP on your account is optional and is not a legal process, having a TCP in place adds an extra layer of protection and peace of mind. Speak to your financial advisor to learn more about naming a TCP.