A Trusted Contact Person (TCP) is an emergency contact that you can add to your Wealthsimple profile. You can add a Trusted Contact Person to your profile to help you protect yourself and your financial interests from bad actors and other forms of financial abuse.
Wealthsimple would contact your Trusted Contact Person for any of the following reasons:
- 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 cannot do with your profile
What a TCP can do:
- Act as a point of contact in the case of suspicious activity on your profile
What a TCP cannot do:
- Provide instructions to your financial institution or act on your behalf
- Access your accounts
- Make financial decisions on your behalf
Understand the difference between a Trusted Contact Person and a Power of Attorney
There are a number of differences between a Trusted Contact Person and a Power of Attorney. Unlike a Power of Attorney, a Trusted Contact Person does not have the ability to make decisions or manage your account for you.
Trusted Contact Person
Power of Attorney
Cannot make decisions on your behalf.
Can make decisions on your behalf.
Does not require any documentation.
Requires documentation stating that you require a POA.
Can be added, updated, or removed at any time.
Must go through a formal, documented process to add and update.
No control of your Wealthsimple account.
Once designated, they have complete control of your Wealthsimple account.
Will be contacted if there is suspicious activity or suspected financial abuse on your account.
Will not be contacted in the case of suspicious activity or suspected financial abuse.
Who to select as 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
Tip: For more information on selecting your Trusted Contact Person, refer to this resource.
Add your 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 TCP please reach out to our support team.