What is a trusted contact?

FINRA Requires we ask for one

Are you signing up for a tastyworks account and are wondering what's the point and why you need to provide a trusted contact? Well, FINRA Rule 4512 & Rule 2165 requires broker-dealers to ask for a trusted contact at the time of account opening. The addition of the Trusted Contact is designed to mitigate financial exploitation of seniors and other specified adults. 


When do we reach out to the trusted contact?

When we suspect your account has been compromised and we can't reach you

If we have a reasonable basis to believe an account is compromised, or need to confirm specific contact information or authorized parties (legal guardian, executor, trustee or power of attorney), then we may reach out to the trusted contact person. The trusted contact person cannot make account decision on behalf of the account owner. Instead, they serve as a point of contact we are authorized to contact if need be.