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Establishing Trusted Contacts

No one can predict what will happen years—or even decades—down the road, but when it comes to your finances, planning is key. Part of that planning should include identifying the people who Schwab can contact if we suspect you’re a target of financial exploitation or if we see signs suggesting that you’re becoming unable to manage your finances alone.

What is a Trusted Contact?

A Trusted Contact is someone who Schwab can get in touch with in order to:

  • Discuss activities or other possible red flags that might indicate you’re being financially exploited
  • Confirm your current contact information
  • Confirm your mental or physical health status
  • Confirm the identity of any legal guardian, executor, trustee or holder of a power of attorney
  • Address other  limited circumstances when permitted by law
     

It’s important to note that Trusted Contacts are unable to view account information, execute transactions or inquire about account activity unless they’re already an authorized party or have view-only access to your account.

What are the benefits of having a Trusted Contact?

It’s never too early to add a Trusted Contact to your account. While you aren’t required to have one on file with Schwab, it may help us move more quickly and decisively when addressing suspected financial exploitation or diminished capacity situations. While you may already have a power of attorney or spouse listed with us, the presence of a Trusted Contact on your relationship provides an additional resource for us to contact if we identify a possible issue.

Who can be a Trusted Contact?

Anybody who’s at least 18 years old can be a Trusted Contact, but we suggest designating a person who isn’t already authorized to conduct business or receive information on your behalf. Trusted Contacts are usually family members or close friends—people you trust and who are likely to be in the best position to know your current situation—as opposed to financial consultants, investment advisors or powers of attorney.

How many Trusted Contacts can I have?

You can designate up to two Trusted Contacts at Schwab. Trusted Contacts are applied to your entire brokerage relationship with us, so you don’t have to worry about naming individual contacts for each account. 

How do I add a Trusted Contact?

  • If you’re a Schwab client:
  • If you work with an independent advisor:
    • Please contact your independent advisor directly or call Schwab Alliance at 1-800-515-2157.
  • If you’re new to Schwab:
    • You’ll be given the option to add a Trusted Contact when you open a new account, whether online, in person, or over the phone.
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