What a trusted contact is
A trusted contact person is someone you name, often an adult child, relative, or close friend, whom your financial firm can reach if they cannot reach you or they are worried about you. For example, if a large, unusual withdrawal looks like it may be a scam, the firm can call your trusted contact to ask what is going on.
For brokerage and investment accounts, FINRA rules require firms to make a reasonable effort to ask for a trusted contact when you open or update an account. Many banks and credit unions now offer the same option for checking and savings accounts.
What they can and cannot do
- They cannot move money, make trades, or sign anything for you.
- They do not get to see your balances or statements.
- The firm may contact them to check on possible fraud, to confirm your health or how to reach you, or to find out who your legal representative is.
- They are different from a power of attorney or a joint account holder, who do have authority over money.
How to add one
- Choose someone 18 or older whom you trust and who is easy to reach.
- Ask them first, and tell them what the role means.
- Call your bank or brokerage, or visit a branch, and ask to add a trusted contact person. Some let you do it online in your profile settings.
- Give the person's name, phone number, and email or mailing address.
- Review it every year or two, and update it if their number changes.
Why it matters
Scammers often try to rush people into moving large amounts of money while keeping it a secret from family. FINRA rules also let investment firms place a temporary hold on a payout when they suspect financial exploitation of an older customer. A trusted contact gives the firm someone to call during that pause, which can stop a scam before the money is gone.
You can read more about the rule at finra.org.
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Written by the Textuncle team. Last updated October 3, 2026.
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