Financial Planning Briefs


Trusted Contacts


The Importance Of Designating Resources Who Can Act on Your Behalf

The term “trusted contact” may seem ambiguous and mundane, although that’s hardly the case.  As more of the baby boomers move into retirement, the demographics of America are rapidly changing.  By 2030, US adults aged 65+ will account for more than 20% of the population, a jump from 15% today according to the US Census Bureau.

Unfortunately, this senior population is increasingly vulnerable to financial fraud.

According to an analysis published in May of 2017 by the American Journal of Public Health, 1 in 18 “cognitively intact” older adults annually falls victim to financial scams, fraud or abuse.

Senior citizens are now estimated to lose at least $36.5 billion per year to fraud according to a 3rd party study reported in 2018 by the Consumer Financial Protection Bureau.


What Factors Should I Consider?

Senior citizens may be vulnerable to financial exploitation, but there are steps they can take to reduce risk.

A trusted contact, working in collaboration with the client and their advisor or financial institutions, can be authorized to take proactive measures to help protect seniors from exploitation.

With regard to your relationship with Appleton Partners, trusted contacts may be called upon to assist our Portfolio Managers should questions or concerns ever arise concerning requested financial transactions, your health, or decision-making capacity.

Consider it a resource available to help us act on your behalf.



Our Recommendations

At Appleton, we feel strongly about the value of naming a trusted contact.   We urge senior clients to think about taking this step if they have not already done so.  Accordingly, our account opening paperwork includes the option of adding a trusted contact.

Appleton clients are offered two distinct set up options:

  • Name a trusted contact with the ability to share and discuss financial details of the relationship
  • Name a trusted contact with the ability to only discuss the whereabouts or well being of a client


How can we help you?  Please contact:
Jim O’Neil, Managing Director, 617-338-0700 x775
[email protected]


This commentary reflects the opinions of Appleton Partners based on information that we believe to be reliable. It is intended for informational purposes only, and not to suggest any specific performance or results, nor should it be considered investment, financial, tax or other professional advice. It is not an offer or solicitation. Views regarding the economy, securities markets or other specialized areas, like all predictors of future events, cannot be guaranteed to be accurate and may result in economic loss to the investor. While the Adviser believes the outside data sources cited to be credible, it has not independently verified the correctness of any of their inputs or calculations and, therefore, does not warranty the accuracy of any third-party sources or information.  Specific securities identified and described may or may not be held in portfolios managed by the Adviser and do not represent all of the securities purchased, sold, or recommended for advisory clients. The reader should not assume that investments in the securities identified and discussed are, were or will be profitable. Any securities identified were selected for illustrative purposes only, as a vehicle for demonstrating investment analysis and decision making. Investment process, strategies, philosophies, allocations, performance composition, target characteristics and other parameters are current as of the date indicated and are subject to change without prior notice. Registration with the SEC should not be construed as an endorsement or an indicator of investment skill acumen or experience. Investments in securities are not insured, protected or guaranteed and may result in loss of income and/or principal.
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