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Why the TCP process is a cornerstone of client protection


A matter of education and trust

The TCP-gathering process isn’t always straightforward. First and foremost, Thompson says clients need to be educated with simple, clear information on what a TCP is in order to allay any concerns about what happens to their assets.

“It’s important for clients to understand that a trusted contact person is essentially a type of emergency contact,” she says. “[TCPs] do not have any access to account information. They have no control over trading or authorizing transactions, and they have no power or decision making over their accounts.”

Clients may also have concerns about the privacy of their information: would the TCP know where their assets are, how much they have, or what accounts they have? Answering these questions with a clear “no,” Thompson says, goes a long way towards removing any hesitation advisors may face when requesting TCP information.

“For the most part, we’ve had tremendous success with getting TCP information when it comes to our client base,” she says. “That comes down to the education that we have with our clients, and the trust that we’ve built up with our clients over periods of time.

“Our clients trust us to make the decisions that are best for them. They trust us to give them the advice they need, they trust us to tell them about what’s coming about in the regulatory landscape, and what they need to do to protect themselves,” Thompson emphasizes. “That’s why they hire us as their advisor.”



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