For many it might be a child or a spouse, but for others it might be a friend or other family member. As advisors, we need to know in advance who that “Trusted Contact” is.
Once you designate a “Trusted Contact”, it allows your advisor to reach out to that person if you, the account holder, exhibit some of the signs or red flags of diminished mental capacity or if the advisor suspects that you are a victim of possible financial fraud. Some older or impaired clients are susceptible to financial abuse, even from their own children. That is why it is important to name two or three “Trusted Contacts”, at the time the account is being opened. If you have had your account in place for a while, contact your advisor or custodian to designate a “Trusted Contact”. It adds another important layer of protection for you.
Please reach out to your Baron Team to discuss designating “Trusted Contacts”.