In Perspectives

The state of the U.S. jobs market has always been watched closely by economists and financial professionals, and the current economic recovery has only served to draw closer scrutiny to the employment situation.  Although the headline unemployment number has gradually dropped to a more palatable 6% from its peak of 10% in 2009, there remains a great deal of anecdotal evidence that many potential workers continue to struggle to find opportunities, leading observers to dig deeper into the labor market to find out what’s really taking place in the U.S. economy today.

Federal Reserve Chairwoman Janet Yellen has called attention to a report from the Bureau of Labor Statistics called the Job Openings and Labor Turnover Survey (JOLTS) to provide greater context to the employment situation.  The JOLTS survey collects information that is intended to provide an economic indicator of the unmet demand for labor – in other words, to look not only at the people that are looking for jobs, but at the employers that are looking for people.

The most recent JOLTS report from June indicated that there are nearly 4.7 million jobs that employers are unable to fill.  While it is difficult to draw long-term trends from this information because this survey has only been around since 2000, this is the highest number of open jobs since before the recession, and is particularly interesting when considered in light of unemployment reports that indicate that 9.7 million people are looking for work.   Many are calling this disconnect the “skills gap” – a mismatch between the skills that employers are looking for compared to the skills of available workers.

Opinions differ as to how to solve the skills gap problem, and it is likely that any solution will take some time for its effects to be felt.  For now, the fact that there is robust and growing job demand from employers is a positive sign for the U.S. economy.

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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