Overview

A Trusted Contact Person is someone you can add to your Wealthsimple profile as an emergency contact. Adding a Trusted Contact Person can help protect you and your finances from bad actors and other forms of financial abuse.

When Wealthsimple might contact your Trusted Contact Person

Wealthsimple may contact your Trusted Contact Person in these situations:

• If there is suspicious activity on your account
• If there is a suspicion that your mental capacity is decreasing
• If we cannot reach you in a situation where we need to get in contact with you
• Any other situation where Wealthsimple suspects financial abuse related to your account

What a Trusted Contact Person can and can't do

What a Trusted Contact Person can do:

• Act as a point of contact in the case of suspicious activity on your profile 

What a Trusted Contact Person can't do: 

• Give instructions to your financial institution or act on your behalf 
• Access your accounts
• Make financial decisions on your behalf

Trusted Contact Person vs. Power of Attorney

There are many differences between a Trusted Contact Person and a Power of Attorney. Here's a table that explains the key differences:

Choosing your Trusted Contact Person

When selecting a Trusted Contact Person, make sure you’re selecting someone who: 

• Is reliable and will protect your interests
• Is mature 
• Is comfortable speaking with your financial institution
• Knows you enough to know if changes to your personal situation have taken place
• Knows your support network
• Is not your power of attorney
• Is okay to take on the responsibility

Adding a Trusted Contact Person to your Wealthsimple profile

Wealthsimple will automatically prompt new users to add a Trusted Contact Person when first signing up. To add this information to your profile or update your Trusted Contact Person, please reach out to our support team.