In Perspectives

We have the privilege of working with many clients on a very personal and technical level. Our role is to help clients get from point A to point B. Very rarely is that route linear, which means we devise many different paths in order to provide options to achieve what matters most to each relationship.

Numbers equate to black and white. They represent the quantitative side of decision-making and only tell half of the story. At Legacy Trust, we do not shy away from the softer, intangible side of wealth planning. We embrace the human element of our work in this highly technical and sometimes complicated wealth management field. We call this qualitative data, which in many cases, is the true driver behind decision-making. True wealth management recognizes that the quantitative and the qualitative data are intertwined.

Numbers build the framework for a wealth management plan. Family information, assets, liabilities, income, expenses, tax history, insurance, and other information build the structure of a wealth management plan. Once we have a framework, we cover a list of questions with the client, and discuss a variety of topics to add color to the black and white of the numbers. This is truly where the wealth management plan comes to life because we can then gain the perspective from the client about where they have been, and to see what they would like to accomplish in the future. These conversations are about discovery, seeking an understanding and helping them identify potential issues in their existing planning.

Case Study

Qualitative wealth management bridges the gap from financial planning to personal goals being met. Legacy Trust has recently been engaged in several wealth planning projects, where black and white numbers are only the beginning of planning.

A recent planning engagement was initiated by a client who wanted to help out a child. The child was working hard, doing the right things and had a great head on their shoulders. Our client wanted to help out their child financially, but did not want to inhibit their motivation at the same time.

After gathering all of the pertinent information, seven potential strategies where put together for the client to consider. Pros and cons of each strategy are reviewed and discussed. The client quickly was able to trim the options down to a combination of two proposed strategies. From there we discussed in greater detail how each of the strategies would affect their various goals of this exercise – estate planning, asset protection, retirement and tax planning. The coordination of all of these was extremely important to achieve the most beneficial outcomes for the client and their child.

Ultimately, our client was able to help their child while still not inhibiting their motivation in the process. The child was able to overcome their hurdle and remove a burden of financial stress. This was a win-win for all parties involved.

Lessons Learned
  • There is a give and take in order to accomplish goals. Black and white numbers are not the drivers of decisions, instead the qualitative aspects lead the way.
  • A holistic wealth management context opens up the chance to reexamine choices and to find additional opportunities for clients. Opportunities unveil themselves when placed in the proper, comprehensive context.
  • A deep knowledge of the technical side of wealth management is extremely important and cannot be understated. But a key differentiator is the ability to then move away from the numbers and get into the qualitative side.
Take Away

It is usually easier to approach life from a singular focus, but rarely in our field does that produce good long-term results. The comprehensive approach, which marries the quantitative and qualitative, yields the best outcomes. This can be accomplished when all of the parties involved are aware of the ultimate goal, whether it is a financial or personal goal. Our open communication style has helped to facilitate many transformational discussions.

Legacy Trust and Your Right to Financial Privacy

At Legacy Trust we have established policies and practices that respect the financial privacy of all individuals who use our trust company. We believe it is critical to comply with the laws and regulations designed to secure your financial privacy. Your relationship with us as our client is very important to us, and we want you to understand our policies and practices about handling your information.

This Policy applies to you – This Policy applies to our relationships with individual clients who inquire about or obtain products or services from us for personal, family and household purposes.

Strict security measures – We take the security of information very seriously. We have established security standards and procedures to prevent access to client information. We maintain physical, electronic and procedural safeguards to guard client information.

Limited employee access – We have established procedures to limit employee access to information to only those employees with a business reason for accessing such information. We educate our employees about the importance of confidentiality and client privacy. We take appropriate disciplinary measures to enforce employee responsibilities regarding client information.

Why we collect information – We collect information about you to:

  • accurately identify you;
  • protect and administer your records, accounts and funds;
  • help us design or improve our products and services;
  • understand your financial needs;
  • save you time when you apply for new products and services; offer you quality products and services; and comply with certain laws and regulations;

We collect information – We collect and maintain your personal information so that we can provide investment management and other services to you. The types and categories of information that we collect and maintain about you include:

  • Information we receive from you to open an account or provide investment advice or other services to you (such as your home address, social security number, telephone, financial information and investment objectives).
  • Information that we generate to service your account or from our transactions with you (such as account statements and other financial information).
  • Information on your transactions with nonaffiliated third parties.

We have established procedures so that the financial information we collect is accurate, current and complete. We are committed to work with you to promptly correct any inaccurate information.

Our selective sharing of information – In order for us to provide investment management and other services to you, we do disclose your personal information in very limited instances, which include:

  • Disclosures to nonaffiliated companies as permitted by law, including those who help us service your account (such as providing account information to brokers and custodians).
  • Other limited disclosures as permitted by law, for example, required reports to government entities.

We do not share your information with third parties for marketing purposes. We do not sell your information.

Former clients – If you end your relationship with us, we will continue to adhere to the privacy policies and practices described in this notice.

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USA PATRIOT Act

Important Information About Procedures For Opening A New Account

To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.

What this means for you: When you open an account, we will ask for your name, address, date of birth and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

We apologize for any inconvenience this may cause; however, federal law prohibits us from waiving these requirements.

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