Trusted Contact Person (TCP) FAQ
What is a trusted contact person (TCP)?
A TCP is similar to an emergency contact. It is someone your advisor can reach out to if they are concerned you are being financially exploited or are making poor decisions based on diminished mental capacity. A TCP can be a close friend, family member or caregiver you trust with your personal information and who knows you well. A TCP cannot be an individual who has authority over your accounts (e.g. Power of Attorney (POA) or Trading Authority (TA)).
What is the role of a TCP?
It is important for a TCP to understand exactly what the role is and is not. It is an opportunity to help protect you if you become financially vulnerable either because of age-related mental health issues or because other people in your life try to take advantage of you. It is not a license to make decisions for you or to take away your control over your own financial affairs. From your advisor’s perspective, it’s also not authority to share information with the TCP about your financial accounts, unless you’ve given separate permission for this.
Why do advisors recommend a TCP?
Advisors are often in the best position to see changes in financial behavior that may indicate a problem. With a TCP, they have someone to contact with their concerns who has your best interests at heart.
How is a TCP different from a POA?
A power of attorney (POA) gives someone else the authority to make financial decisions for you, either right away or if you become incapacitated. A TCP does not and will never have this authority. Your TCP should have no interest or involvement in making financial decisions for you. In fact, a TCP is someone your advisor can reach out to if your advisor feels a power of attorney isn’t acting appropriately.
How do you set up a TCP?
Talk to your advisor about setting up a TCP. It’s a quick and simple process that will give you the peace of mind you deserve.
This information has been prepared by Jessica Mann who is an Associate Investment Advisor for iA Private Wealth Inc. and does not necessarily reflect the opinion of iA Private Wealth. The information contained in this email comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any of the securities mentioned. The information contained herein may not apply to all types of investors. The Investment Advisor can open accounts only in the provinces in which they are registered.
iA Private Wealth Inc. is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada. iA Private Wealth is a trademark and business name under which iA Private Wealth Inc. operates.
