A Trusted Contact, also called an Emergency Contact, adds another layer of protection to a Firstrade account and puts Firstrade in a better position to help keep the account safe. A Trusted Contact is not required, but naming one may help Firstrade move more quickly and decisively when addressing suspected fraudulent activity. Naming someone as a Trusted Contact does not give that person any authority to act on the account holder's behalf, execute transactions, or engage in any activity in the account.
Trusted Contacts and Emergency Contacts
Firstrade uses the terms Trusted Contact and Emergency Contact interchangeably. Both terms refer to the same designation, and the person has the same role and the same limits under either name.
A Trusted Contact is a person the account holder authorizes Firstrade to contact in limited circumstances, such as when Firstrade has a concern about activity in the account and cannot reach the account holder.
Examples of when and why Firstrade might reach out to a Trusted/Emergency Contact include:
Fraud or financial exploitation: A customer called Firstrade Customer Service for an account review. During the call, the representative clearly heard a third party "coaching" the customer to transfer funds, and the customer sounded distressed. The representative, a supervisor, or a manager decided to call the Trusted Contact to share their observations.
Diminished capacity: A representative noted that a customer had called several times with questions about the same check and seemed to have trouble understanding the answers. Concerned that the customer might have a health issue, the representative determined that reaching out to the Trusted Contact might be an appropriate next step.
Who Can Be a Trusted/Emergency Contact
A Trusted Contact must be an individual aged 18 or older. Firstrade recommends choosing someone who is not already authorized to conduct business or be contacted on the account holder's behalf. Trusted Contacts are usually people the account holder trusts who know the account holder's circumstances, such as close friends or family members.
Number of Trusted/Emergency Contacts
Firstrade allows one Trusted Contact per account.
Authority of a Trusted/Emergency Contact
Designation as a Trusted Contact does not give the designated person authority to make transactions in the account and does not make that person a power of attorney, legal guardian, beneficiary, trustee, or executor.
By designating a Trusted Contact, the account holder authorizes Firstrade to contact the designated person and disclose information about the account only in limited circumstances. Firstrade may disclose only reasonable categories of information to a Trusted Contact. This includes information that helps Firstrade administer the account.
Unless separately authorized, a Trusted Contact cannot:
make trades in the account
make decisions about the account
assume power of attorney or be considered a beneficiary
How to Add a Trusted/Emergency Contact
Customers can add a Trusted Contact on the Firstrade mobile app, on the Firstrade website, or by form.
Mobile App
1. Log in to the Firstrade mobile app.
2. Go to Account Profile.
3. Under Designations, tap Trusted Contact.
4. Tap Add a Trusted Contact.
5. Enter the Trusted Contact's relationship, first and last name, email address, phone number and type, country, street address, city, state, and ZIP code.
6. If the relationship is Other, specify the relationship.
7. Tap Next.
8. Review the authorization agreement and Trusted Contact disclosure.
9. Select the acknowledgment confirming that the account holder has read and agrees to the terms.
10. Tap Submit.
Website
1. Log in to the Firstrade website.
2. Go to Accounts > Profile.
3. Under Personal Profile, click Trusted Contact.
4. Click Add a trusted contact.
5. Enter the Trusted Contact's relationship, first and last name, email address, phone number and type, country, address, state, city, and ZIP code.
6. Click Next.
7. Review the authorization agreement and Trusted Contact disclosure.
8. Select the acknowledgment confirming that the account holder has read and agrees to the terms.
9. Click Submit.
By Form
To add a Trusted Contact to an account by form, the account holder completes the Trusted Contact Person Form and returns it to Firstrade through Secure Document Upload. Customers use the same form to add an Emergency Contact.
After Submission
A request submitted on the mobile app or website shows as "Processing" while Firstrade reviews the Trusted Contact information. Firstrade sends an email when processing is complete. If the request is approved, the Trusted Contact page shows the contact's name, relationship, email address, phone number, and address.
How to Update a Trusted/Emergency Contact
Mobile App
1. Log in to the Firstrade mobile app.
2. Go to Account Profile.
3. Tap Trusted Contact.
4. Tap Update Trusted Contact.
5. Update the contact information as needed.
6. Review and accept the authorization terms.
7. Submit the request for processing.
Website
1. Log in to the Firstrade website.
2. Go to Accounts > Profile.
3. Under Personal Profile, click Trusted Contact.
4. Click Update trusted contact.
5. Update the contact information as needed.
6. Click Next.
7. Review and accept the authorization terms.
8. Click Submit.
How to Remove a Trusted/Emergency Contact
Customers cannot remove a Trusted Contact on the mobile app or website. To remove a Trusted Contact from an account, contact Firstrade Customer Service by email.
Troubleshooting
The request cannot be submitted: The account holder must select the acknowledgment of the authorization terms and disclosures before submitting. Without the acknowledgment, the request cannot be submitted.
The request could not be processed: If Firstrade cannot process the Trusted Contact request, an error message appears. For questions, contact Firstrade Customer Service at 1-800-869-8800.
Additional Resources About Trusted Contacts
Financial firms may ask customers for the name and contact information of a trusted contact. Providing one is not mandatory. However, FINRA, the North American Securities Administrators Association (NASAA), and staff from the SEC Office of Investor Education and Advocacy urge investors to name someone they trust as a contact on their accounts.