How do I add a Trusted Contact Person?

Having a Trusted Contact provides another layer of safety on your account and puts Firstrade in a better position to help keeping your account safe.  While you may not be required to have a Trusted Contact, establishing one may help Firstrade move more quickly and decisively when addressing suspected fraudulent activities.  Naming someone as a Trusted Contact does not give that person any authority to act on your behalf, execute transactions or engage in any activities in your account.

What is a Trusted Contact?

A Trusted Contact is a person you‘ve authorized Firstrade to contact in limited circumstances, such as if there’s a concern about an activity in your account and we’ve been unable to get in touch with you.

Here are the examples of when and why Firstrade might reach out to your Trusted Contact: 

  • Fraud/financial exploitation – A customer called customer service center for an account review.  During the call, the customer service representative (CSR) clearly heard a third party “coaching” the customer to transfer funds, and the customer sounded distressed.  The CSR, supervisor, and/or manager decided to call the Trusted Contact to share their observations.
  • Diminished capacity – A CSR noted a customer has called several times with questions regarding the same check and seems to have trouble understanding the answers.  Concerned that the customer may have a health issue, the CSR determined that reaching out to the Trusted Contact may be an appropriate next step. 

Who can be a Trusted Contact?

A Trusted Contact Person is an individual aged 18 and over and is recommended as someone who isn’t already authorized to conduct business or contacted on your behalf. Trusted Contacts are likely to be people you trust and knowledgeable of your status such as close friends or family members. 

How many Trusted Contacts may I have?

Firstrade allows one Trusted Contact per account.

What authority does a Trusted Contact have on your account?

Designation as a Trusted Contact does not provide the designated person with authority to make transactions in your account and doesn’t make that person a power of attorney, legal guardian, beneficiary, trustee or executor.

By designating a Trusted Contact, you’re authorizing Firstrade to contact the designated person and disclose information about your account only in limited circumstances. Firstrade may only disclose reasonable categories of information with a trusted contact, including information that will assist the firm in administering the customer’s account.

Unless separately authorized, a Trusted Contact:

  • cannot make trades in your account;
  • cannot make decisions about your account; and
  • cannot assume power of attorney or be considered as a beneficiary. 

How do I add a Trusted Contact?

If you would like to add a Trusted Contact Person to your account, please fill out a Trusted Contact Person Form and return the form to us via Secure Document Upload.

Additional resource about Trusted Contact:

For Investors - Tabbed Content - Brokerage Accounts - Trusted Contacts

Your financial firm may request that you give them the name and contact information of a “trusted contact.” While it’s not mandatory that you do so, FINRA, the North American Securities Administrators Association (NASAA) and staff from the SEC Office of Investor Education and Advocacy urge you to consider providing the name of someone you trust as a contact on your accounts.

FINRA, NASAA and SEC OIEA Urge Investors to Establish a Trusted Contact to Increase Investor Protection – News Release September 28,2021

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