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02 June, 2020 General

Tip for Protecting Your Investment Accounts


This is a quick, and very important tip, about how to protect your investment accounts. Obviously this is important at all times but is even more so during times of a pandemic such as we are experiencing now.

Trusted Emergency Contact

A Trust Contact is someone you authorize your financial service provider (bank, brokerage firm, investment manager, etc.) can reach out to if they deem it an emergency. We recommend you provide this information to all of your financial service providers.

Why should you provide a Trusted Contact?

A Trusted Contact is someone your service provider can get in touch with in the event we are concerned about your health, well-being, or welfare (financial exploitation, fraud, etc.). This is simply for your protection. Furthermore, if you were to fall ill and be unable to communicate for a period of time, your service provider can communicate with your Trusted Contact.

What this does NOT do

Specifying a Trust Contact DOES NOT grant them access in any way to your account(s). Your service provider will NOT take any instructions from your Trust Contact.

Your Trusted Contact may be asked to share or validate information about you and/or your accounts. Your service provider may also share some information with your Trust Contact about you and your accounts but will only do so as needed.

You may remove your Trust Contact at any time.

How to provide Trusted Contact Information

Every service provider will have a different process for establishing and authorizing a Trust Contact. This is often accomplished via a form or online process. You will need to reach out to each provider to inquire about their process.

Providing Trust Contact Information to Patton Funds

Clients of Patton Fund Management can email CustomerService@PattonFunds.com to request our Trust Contact Authorization Form. Furthermore, we will provide help in establishing a Trust Contact at all service providers, such as brokerage firms and our fund administrator, associated with your accounts under our management.

Conclusion

Adding a Trust Contact to your investment accounts is a simple and effective way to help protect your investments. If something were to happen to you, having a Trusted Contact can reduce the risk that something occurs that is not in your best interest.

Other Protection Considerations

  • Account Passwords: adhere to the tips in this article from UC Santa Barbara
  • Information Security: consider these 10 tips from UC Berkeley
  • Avoid Elder Abuse: see these 8 tips from the National Council on Aging about how to avoid money scams and more

Contact Mark A. Patton :