06.28.23

Here’s What a ‘Trusted Contact’ Is and Isn’t: FINRA Exec

by: Melanie Waddell

While the broker-dealer industry is making strides at getting customers to appoint a trusted contact for their investment accounts, more work is needed, Jim Wrona, vice president and associate general counsel at the Financial Industry Regulatory Authority (FINRA), said during a recent FINRA podcast. A FINRA Investor Education Foundation survey in December found that just 38% of respondents reported having authorized a trusted contact. “A trusted contact will be vital when you have a customer that’s a victim of financial abuse or that might be suffering from diminished capacity,” said Wrona.

Read the full article on Think Advisor