The updated Know your Client (FYC) form includes a Trusted Contact Person (TCP) section. The TCP can be contacted if your client provides the TCP's information and is in agreement, specifically for the advisor to reach out to the TCP if the advisor believes there is reason to do.  A TCP can help protect vulnerable clients, once securing the identity of a Trusted Contact Person has been confirmed.  

"Be on high alert with seniors. If senior clients present in a way that is out of character, be sure you contact compliance to determine whether you should contact their trusted contact person".

Ellen Bessner, Babin Bessner Spril LLP

published in Investment Executive May 31, 2023