In Perspectives

At Legacy Trust, we often talk with our clients about the importance of a global perspective when it comes to their portfolios.  New economies continue to emerge and develop and technology has served to accelerate the cycle, creating many new investment opportunities for growth investors.  While it is easy to understand the logic behind this concept, it can be difficult to gain first-hand perspective on the realities.  I would like to share something I recently experienced that helped turn the abstract idea of the “global economy” into a flesh and blood reality for me.

Last year, I funded my first-ever Kickstarter campaign by contributing $25 toward a project by NPR’s Planet Money team, a group of reporters dedicated to covering economic stories in a way that is interesting and fun.  Planet Money had an idea that the best way to truly understand the infrastructure of the global economy was to follow the path of a simple product – a cotton t-shirt made by American company Jockey – from the cottonseeds all the way until the finished product reaches the consumer. This was a project that I followed beginning in April of 2013 when I first learned about the Kickstarter campaign all the way until my very own Planet Money t-shirt was delivered to my door shortly before Christmas.

I tracked my t-shirt from a lab in Wisconsin where the seeds were engineered, to a cotton farm in the Mississippi delta, to Indonesia where the cotton was spun into yarn, to Bangladesh and Colombia where the shirts were sewn, to the cargo ship that transported them back to the U.S. through the port of Miami.  Every step of the way I learned something new and found myself impressed and humbled by the level of technology and expertise that goes into something that I had never thought twice about before – a basic t-shirt.  When my t-shirt arrived on my door step in Lowell Michigan, I reflected on the coordination and precision with which our global system functions – science, agriculture, logistics, design, and the labor forces of our emerging economies – as well as how something so seemingly simple can fuel global commerce.

I’ve included a link to the Planet Money Makes a T-Shirt site so you can view the various legs of the journey for yourself.  There’s lots of fascinating information on the site but I’d especially encourage you to check out the “People” section, and look at the side-by-side photos of garment workers in the U.S. in the early 1900s next to garment workers in Indonesia and Bangladesh over a century later.  It’s a great reminder that today’s developing economy workers are just the most recent to emerge in a long-term trend of industrialization, a story that has played out again and again across the globe.

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.


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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