Trusted Contact Requirements for Investment Advisers

PURPOSE: This rule requires investment advisers to inform clients of their ability to provide a trusted contact and to maintain trusted contact information. (1) Every investment adviser, upon entering into a written agreement with a client, shall inform the client that they may provide trusted contact person information to the adviser. The adviser shall maintain this information with the written agreement. (2) The client may provide the same trusted contact person information to the investment adviser as was provided to the custodian of any of the client’s accounts in accordance with Financial Industry Regulatory Authority (FINRA) Rule 4512.06. (3) The client may opt not to provide any trusted contact person information. If the client opts not to provide this information, the investment adviser shall maintain a record of this refusal along with or in the written agreement. (4) The investment adviser or an associated investment adviser representative may contact the trusted contact person and may disclose information about the client’s account to the trusted contact person in order to address potential exploitation of the client, the health or capacity of the client, or the identity of any family member, legal guardian, executor, trustee, or power of attorney of the client. AUTHORITY: section 409.600, RSMo 2016, and section 409.605, RSMo Supp. 2021.* Original rule filed Nov. 1, 2021, effective April 30, 2022. *Original authority: 409.600, RSMo 2015, and 409.605, RSMo 2015, amended 2020.