On February 5, 2018, FINRA enacted a new rule to help protect investors from financial exploitation and fraud. This rule requires all brokerage firms to ask their retail customers to provide the name and contact information for a “trusted contact person” the firm may contact in the event of possible financial exploitation or fraud.
A “trusted contact person” is a person that you authorize your brokerage firm to contact if your broker has a reasonable belief that your account may be exposed to possible financial exploitation or fraud. A trusted contact person must be age 18 or older. For more information, please see: https://www.investor.gov/additional-resources/news-alerts/alerts-bulletins/investor-bulletin-finras-new-account-protection