Consider Adding a Trusted Contact to Your Brokerage Account

When you open a new retail account or update your account information, your brokerage firm will request that you give them the name and contact information of a "trusted contact person." It is not mandatory that you do so -- but there are a number of very important reasons to give your broker the name of someone you trust, and FINRA and the SEC's Office of Investor Education and Advocacy urge you to consider the request.

Image source: Getty Images.

A "trusted contact person" is a person that you authorize your brokerage firm to contact in limited circumstances, such as if your broker has trouble reaching you or has a reasonable belief that your account may be exposed to possible financial exploitation. A trusted contact person must be age 18 or older.

Continue reading


Source Fool.com