1. A person you can trust (ideally of age);
2. An honest and reliable person;
3. This person can be a friend, a family member, a professional or other;
4. Preferably, this person should not be involved in your financial decision-making process.
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The Canadian Securities Administrators decided to implement a new procedure to protect people who may be in a vulnerable situation.
The vulnerability of a person can be caused by several factors
(injury, cognitive problems, low level of financial knowledge,
psychological problems) and this vulnerability can be temporary or
permanent.
This is why we strongly suggest that all our clients appoint a
contact person. This trusted person will not have access to your
accounts and cannot give instructions regarding the management of your
portfolio. However, if your Investment Advisor suspects that you are
vulnerable, he or she may contact this person to confirm or deny his
or her impression.
It is therefore important that the person you name knows you well,
is aware of your personal situation and can provide your investment
advisor with the information he or she may need.
Finally, appointing a contact person is not the same as giving that
person power of attorney. A power of attorney allows a client to
authorize another person to act on their behalf. A power of attorney
is a legal tool, whereas appointing a trusted third party is simply a
way to give your Investment Advisor an additional tool to protect you
and your assets.
Simply contact us and provide us with some information about the chosen support person:
- Last name, first name
- Your relationship (parent, child, nephew, spouse, friend, colleague, professional, etc.)
- Telephone number
- Email address
- Residential address
We will then send you a form to sign.
We strongly recommend that you inform your contact person that you have designated him or her, so that he or she is prepared to assist us if we should come into contact with them.
We will not share confidential information with your contact person, only the information necessary to help you and protect your assets. Topics we may discuss with your support person include:
- Our concerns about your mental capacity;
- Fears that
you may be a victim of fraud or scams;
- Warning
signs that you may be harming your assets if you do not get
help;
- Indications of financial abuse in your
relationship with your attorney;
- Or simply because
we need to reach you and the phone numbers or email address we have
on file are no longer valid.
The information contained herein was obtained from sources we believe to be reliable, but is not guaranteed by us and may be incomplete. The opinions expressed are based on our analysis and interpretation of this information and are not to be construed as a solicitation or offer to buy or sell the securities mentioned herein. The opinions expressed herein are those of the author and do not necessarily reflect those of National Bank Financial.
The securities or investment sectors mentioned herein are not suitable for all types of investors. Please consult your investment advisor to verify whether the securities or sectors suit your investor's profile as well as to obtain complete information, including the main risk factors, regarding those securities or sectors. This document is not a research analysis produced by the Research Department of National Bank Financial.
National Bank Financial is a subsidiary of National Bank of Canada. National Bank of Canada is a public company listed on the Toronto Stock Exchange (NA: TSX).
