Naming a Trusted Person
Our latest client protection initiative
JCIC Asset Management is in the process of asking all our clients to add or confirm the name of a ‘Trusted Person’ to their file. This helps us to keep you, your investments, and your legacy safe.
What is a Trusted Person?
A Trusted Person is exactly what it sounds like: a person in your close circle who has your best interests at heart. They should be someone with a general awareness of your financial situation but not directly involved in it.
Often that is a sibling or best friend. We do not recommend you use your adult children, business partner, or spouse as they are directly impacted by your financial decisions and it is difficult for them to have an objective perspective.
Why are we asking for this?
JCIC Asset Management is a fiduciary. That means we have a legal and ethical obligation to act in your best interests. We are required to prioritize your needs above our own, or those of any other party. Fulfilling this obligation means we need to be on the lookout for any unorthodox or troubling behavior.
Unusual behavior can take many forms:
A client that is normally very communicative, suddenly goes quiet.
A client sends us messages that seem contradictory or confused.
A sudden request to sell off assets or buy into highly volatile sectors.
Those scenarios might give us cause to contact your Trusted Person.
How will we use this information?
There are strong limits restricting what we can and cannot share with your Trusted Person. These are in place to protect your privacy. If we have a serious concern, we will contact your Trusted Person to:
Explain our concerns.
Ask if they are aware of this behaviour change.
Ask for their insight or assistance in protecting you from potential harm.
If necessary, ask them to provide us with contact info for other people, such as a power of attorney, lawyer, accountant, or other family members.
We might ask your Trusted Person to chaperone conversations we have with those people.
In many situations the Trusted Person will be able to provide a simple explanation for the change in behaviour, and we can proceed as usual. But in cases where something is seriously amiss, they can help us move forward towards a resolution.
What the Trusted Person is Not.
Your Trusted Person is not a ‘Power of Attorney.’ They do not have control over your account and cannot make decisions on your behalf. They don’t have access to your detailed account information.
They have no legal standing and cannot make any claims to your assets. They are not a guardian, trustee, or executor. They are not paid and have no obligation to tell us anything they don’t want to.
What they are, is a low level, somewhat informal, safety check for us to confirm that everything is OK with you and your financial plan. Their role is purely informative. Nothing they say or share with us limits your ability to move, sell, change, or re-orient your investments.
Do you really need to list a Trusted Person?
Yes. Regardless of your age or health situation currently, you should list a Trusted Person with us. It is a layer of protection against many threats:
Online scams
Identity theft
Cognitive decline
Other health issues
How to list a Trusted Person.
First, you should ask them for permission, so they are aware you are giving us their name. You can share a link to this page as an explainer. Then, you can provide your Relationship Manager with their name and contact information (phone number, email, and mailing address.) You can also include a description of your relationship with them (ie. old college roommate, sister’s husband, long-time fishing buddy.) We will keep this information on file until you request to have it changed, updated, or removed.
The Trusted Person program is just one more way JCIC is working to protect you and to make sure you can continue to ‘Live the Good Life.’
As your portfolio managers, our goal is to make investing easier for you. If you have questions about the Trusted Person initiative, or simply want to discuss the financial markets, please feel free to reach out to us. We're always happy to talk about your investment journey.
Disclosure:
Although we obtain information contained in our newsletter from sources we believe to be reliable, we cannot guarantee its accuracy. The opinions expressed in the newsletter are those of JCIC Asset Management, its editors and contributors, and may change without notice. Any views or opinions expressed in the newsletter may not reflect those of the firm as a whole. The information in our newsletter may become outdated and we have no obligation to update it. The information in our newsletter is not intended to constitute individual investment advice and is not designed to meet your personal financial situation. It is provided for information purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor or a group of investors. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. We strongly advise you to discuss your investment options with your Relationship Manager prior to making any investments, including whether any investment is suitable for your specific needs.
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