Trusted contact person (TCP) | Manulife Securities

What is a trusted contact person?

A trusted contact person (TCP) is someone your advisor can reach out to if they are concerned you are being financially exploited or are making poor decisions because of diminished mental capacity. For example, they may notice transactions or financial decisions that are unusual based on your past behaviour.

Do you have to have a TCP?

Your advisor is required to ask you if you’d like to name a TCP, and to make note of your decision. We recommend that you do so since your advisor is often in the best position to see changes in your financial behaviour. With a TCP, they have someone to contact who has your best interests at heart.

Who needs a TCP?

A TCP is a valuable additional layer of protection that can benefit anyone. Here are some examples of when a TCP could help protect your accounts.

How is a TCP different from a POA?

A TCP is not the same as a power of attorney. A power of attorney (POA) gives someone else the authority to make financial decisions for you, either right away or if you become incapacitated. A TCP does not and will never have this authority. However, a TCP is someone else an advisor can reach out to, other than a POA, if they have concerns.

Who can be a TCP?

A TCP should be a trusted adult with no financial interest in your accounts. Typically, this is a close friend, family member or caregiver.

How do you set up a TCP?

Talk to your advisor about what is required to name a TCP and allow your advisor to share limited information with them. The paperwork is relatively simple. Keep in mind that you can change your TCP at any time.

Next Steps

Once you have a potential TCP in mind, think about how they’d react if your advisor called to discuss concerns about your recent financial decisions or memory lapses. Would they listen to your advisor with an open mind? Just as important, would you hear them out if they raised those concerns with you?

Share the above information with your potential TCP so they understand exactly what the role is and is not. For example, it is an opportunity to help protect you if you become financially vulnerable. It is not a licence to make decisions for you or to take away your control over your own financial affairs. From your advisor’s perspective, it’s also not authority to share information with the TCP about your financial accounts.

Remember that naming a TCP is one of the ways you can provide for an additional safeguard for your money and it’s an important part of good financial planning.

Important disclosure

Investing involves risks, including the potential loss of principal. Financial markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. The information provided does not take into account the suitability, investment objectives, financial situation, or particular needs of any specific person.

All overviews and commentary are intended to be general in nature and for current interest. While helpful, these overviews are no substitute for professional tax, investment or legal advice. Clients and prospects should seek professional advice for their particular situation. Neither Manulife Wealth and Asset Management, nor any of its affiliates or representatives (collectively “Manulife WAM”) is providing tax, investment or legal advice.

This material is intended for the exclusive use of recipients in jurisdictions who are allowed to receive the material under their applicable law. The opinions expressed are those of the author(s) and are subject to change without notice. Our investment teams may hold different views and make different investment decisions. These opinions may not necessarily reflect the views of Manulife WAM. The information and/or analysis contained in this material has been compiled or arrived at from sources believed to be reliable, but Manulife WAM does not make any representation as to their accuracy, correctness, usefulness, or completeness and does not accept liability for any loss arising from the use of the information and/or analysis contained. The information in this material may contain projections or other forward-looking statements regarding future events, targets, management discipline, or other expectations, and is only current as of the date indicated. The information in this document, including statements concerning financial market trends, are based on current market conditions, which will fluctuate and may be superseded by subsequent market events or for other reasons. Manulife WAM disclaims any responsibility to update such information.

Manulife WAM shall not assume any liability or responsibility for any direct or indirect loss or damage or any other consequence of any person acting or not acting in reliance on the information contained here. This material was prepared solely for informational purposes, does not constitute a recommendation, professional advice, an offer or an invitation by or on behalf of Manulife WAM to any person to buy or sell any security or adopt any investment approach, and is no indication of trading intent in any fund or account managed by Manulife WAM. No investment strategy or risk management technique can guarantee returns or eliminate risk in any market environment. Diversification or asset allocation doesn’t guarantee a profit or protect against the risk of loss in any market. Unless otherwise specified, all data is sourced from Manulife WAM. Past performance does not guarantee future results.

This material has not been reviewed by, and is not registered with, any securities or other regulatory authority, and may, where appropriate, be distributed by Manulife WAM and its subsidiaries and affiliates. Manulife WAM is the global investment, financial advice, and retirement plan services segment of Manulife Financial Corporation.

© 2025 by Manulife Wealth and Asset Management. All rights reserved. The statements and opinions expressed in this article are those of the author. Manulife WAM cannot guarantee the accuracy or completeness of any statements or data.