A trusted contact authorization form tells your brokerage firm who it may call if something looks wrong with your account or if the firm cannot reach you. You complete it by entering your account information, naming an adult you authorize the firm to contact, providing that person’s phone number or email, and signing to acknowledge the firm’s limited authority to share account information with them. You can submit the form online through your account profile, by mail, or at a branch, and you can change or remove the contact at any time.
FINRA Rule 4512 requires every broker-dealer to make a reasonable effort to collect a trusted contact for each non-institutional account, usually at account opening or during a routine update.1FINRA. Trusted Contact Persons The form itself takes only a few minutes.
What the Form Asks For
The document is typically a single page. You will need to provide:
- Your name and account number, or a list of accounts if you want the same contact on more than one.
- The trusted contact’s full legal name, exactly as it appears on their identification.2Merrill. Trusted Contact Authorization Form
- Their relationship to you — spouse, child, attorney, accountant, friend, or another description.3Wells Fargo Advisors. Trusted Contact Authorization
- At least one way to reach them: phone number, email address, or mailing address. Most forms require one but not all three. Providing both a phone number and an email gives the firm the best chance of reaching your contact quickly.3Wells Fargo Advisors. Trusted Contact Authorization
- Your signature and the date, which authorizes the firm to reach out to this person and share limited account information.
Check the phone number and email carefully before you submit. If the firm cannot reach the person you named, the protection is useless when it matters most.
Who You Can Name
Your trusted contact must be at least 18 years old.4FINRA. Trusted Contact Persons Beyond that, FINRA does not restrict the relationship. A family member, close friend, attorney, or accountant all qualify, as long as you believe they would respect your privacy and be willing to help if the firm reaches out.5FINRA. Why You Should Consider Adding a Trusted Contact to Your Account Many investors name an adult child or spouse. A professional advisor works just as well, especially if your family situation is complicated or you prefer to keep finances separate from personal relationships.
You can list more than one trusted contact on your account.6Investor.gov. Why You Should Consider Adding a Trusted Contact to Your Account – Updated Investor Bulletin When there are multiple names on file, the firm will generally try whoever it can reach first. Listing two people from different parts of your life, such as one family member and one professional, gives the firm options if one is unavailable.
What You Are Authorizing
A trusted contact is a resource for the firm, not an agent for you. Naming someone on this form does not give them any ability to see your balance, place trades, withdraw funds, or make decisions about your investments.6Investor.gov. Why You Should Consider Adding a Trusted Contact to Your Account – Updated Investor Bulletin The designation does not make that person your power of attorney, legal guardian, trustee, or executor. Those roles require separate legal documents.
What you are authorizing is a phone call. The firm may contact the person you named and share limited information about your account for a narrow set of reasons: to address possible financial exploitation, to confirm your current contact information or health status when the firm cannot reach you, or to verify the identity of anyone claiming legal authority over your account, such as someone presenting a power of attorney.7Investor.gov. FINRA’s New Account Protection Rule – Trusted Contacts The firm must give you written notice that it may contact your trusted contact for these purposes, and that disclosure is part of the form itself.
How to Submit the Form
Most large brokerages let you add a trusted contact directly through your online account. At Charles Schwab, for example, you can log in and update the trusted contact in your profile settings, visit a local branch, or call the firm by phone.8Charles Schwab. Why You Should Establish Trusted Contacts Other firms follow the same pattern: an online form in your profile, a downloadable PDF you can mail or bring in, or a phone call to your advisor or the firm’s service line.
If you submit a paper form, use the firm’s secure message center or mail it to the address printed on the document. Do not send forms with personal details through unencrypted email. Once the firm processes your submission, you should receive a confirmation by mail or email, and you can verify the update in your online account profile. Processing is usually quick for a change this straightforward.
Changing or Removing Your Trusted Contact
You can update or remove your trusted contact at any time. There is no lock-in period and no penalty for switching.9Investor.gov. Trusted Contact If you divorce, have a falling-out with the person you named, or decide someone else fits better, contact the firm and request the change. The same submission methods apply: online, by phone, or at a branch.
The SEC recommends reviewing your trusted contact at least once a year and after any significant life event, such as a marriage, a death in the family, a change of address, or a new power of attorney arrangement.9Investor.gov. Trusted Contact Even when nothing has changed, confirming that the phone number and email on file are current takes only a moment.
Your firm will also prompt you periodically. FINRA expects firms to request trusted contact details during their regular account-record updates, which typically run on a 36-month cycle.1FINRA. Trusted Contact Persons When one of those update letters arrives, treat it as a reminder to refresh the trusted contact section, not just the rest of your account information.
Can You Decline to Name Anyone?
Yes. FINRA requires firms to ask, but if you decline, the firm can still open and maintain your account.10FINRA. Frequently Asked Questions Regarding FINRA Rules Relating to Financial Exploitation of Senior Investors There is no penalty for saying no. Skipping the form does mean the firm has no backup number to call if it spots a problem or cannot reach you directly.