A trusted contact is a person you authorize Vest to contact in certain specific situations, such as when we are unable to reach you or if we suspect that your account is possibly exposed to financial exploitation. The person you name as your trusted contact must be someone you really trust, and they must also be over 18.
That being said, the trusted contact will not be able to perform any action on your account or act on your behalf. It is also important to mention that by authorizing a trusted contact, you are not creating a joint account, as you remain the sole owner of the investment account.
No investor is required to name a trusted contact, however, the Financial Industry Regulatory Authority, Inc. (FINRA) in the US advises all investors to have a trusted contact for the following reasons:
If Vest is unable to contact you, your trusted contact can confirm your contact information
Having a trusted contact helps to prevent fraud on your account
If Vest suspects that you are experiencing health problems, your trusted contact can confirm your current health status
Your trusted contact can help us identify a legal guardian, executor, or a holder of a power of attorney on your account.
To add a trusted contact to your Vest account, simply follow these steps:
Click on your profile picture on the upper-left corner of the app to access your information and settings
Tap on the "Account settings" and then tap on "Trusted contact"
Tap on "Add trusted contact" to fill in the information
Confirm the information and then press "Add contact."
Securities trading is offered through Northbound Securities LLC, an affiliate of Vest