In Perspectives

The International Monetary Fund has been in the headlines recently with the release of its updated world economic outlook, coming on the heels of heightened equity market volatility over recent weeks and geopolitical flare-ups that seem to be simmering on a number of fronts.

The IMF report outlines the lingering effects from the 2008 financial crisis that are still being dealt with.  Going into the year the IMF projected global growth for 2014 would reach 3.7%.  That estimate had already been revised down to 3.4% in July, and this month’s report bumped the projection down even further to 3.3%.  Growth estimates for 2015 have been similarly downgraded from 4.0% to 3.8%.

Speaking last week, IMF director Christine Lagarde went so far as to coin a new phrase to describe current economic conditions:  the “new mediocre”.  While we are undoubtedly in a global recovery, it is slow and uneven, with conditions varying significantly by country.  Recent data from around the world confirms this more muted outlook.  The three largest economies in the Eurozone, Germany, France and Italy, are showing slowing industrial output and manufacturing activity, and emerging market economies that for many years proved to be the overachievers of the recovery have been wobbling as they face the ripple effects of tapering by the U.S. Federal Reserve.

A notable bright spot in the recent IMF report, however, was the updated outlook for the United States.  While many of the world’s advanced economies saw downward revisions to their growth projections, the U.S. output estimate for 2014 was actually raised by 0.5%.  The U.S. unemployment picture is improving and the housing market is healthier, leading to stronger household balance sheets, and the economy appears poised to lead the global recovery for some time.

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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