Trusted Contact Person and Recordkeeping Retention

What this video covers

• Why the trusted contact person disclosure is a permission slip the firm gives itself, not a requirement to actually obtain a name
• What the written disclosure must cover: financial exploitation, contact info, health status, legal guardian identity, and the temporary-hold rule catchall
• How accounts opened under older rules still require the disclosure at the next account information update
• Why a customer refusing to provide a trusted contact name does not block account opening, since reasonable efforts satisfy the rule
• When the six-year retention clock starts for updated account information (date of update) versus unchanged information (date of account closure)
• The critical exam distinction between maintain (current or in use) and preserve (no longer current or in use)
• How the trusted contact rule protects vulnerable customers while the recordkeeping rule protects the firm's own audit trail