In Perspectives

I have been with Legacy Trust now for just over two years and thought I would share some of what I have learned.  I have had a couple different roles since starting. My initial role was focused mainly on the operations side of the business, with some involvement in the investment world. After about a year doing that, I transitioned into a permanent role on the investment team, serving as portfolio manager on some accounts. Over the last six months, I have continued to expand my investment role but have also begun to get involved in client interactions. I have recently begun working toward the CFP® designation and have quickly been able to apply my new knowledge. The CFP® (Certified Financial Planner) credential is earned following a rigorous course of study in all things related to the financial planning process (tax, insurance, investments, estate planning, and retirement planning). In the next few paragraphs, I will walk you through what I experienced with the first client relationship that I’ve had the opportunity to serve since the beginning of their engagement with Legacy Trust.

In the early fall, our Senior Account Executive Bob Prevette brought me and another colleague in to work with him on a new client relationship. At first glance, it seemed to be pretty cut and dry but as we dug deeper we uncovered some problems that required immediate attention. The relationship came in with both an IRA and a Trust. However, after sifting through the documents we were given, we found that there were also two annuities that nobody was keeping tabs on. To put this into perspective, the value of the annuities equaled about an eighth of the total relationship value (pretty significant to not keep tabs on!). So our cut and dried account turned into more of a puzzle to be solved than we had initially thought.

Over the course of the next few weeks, we worked with Bob and the family’s accountant to figure out the best course of action and how to maximize the family’s potential financial growth, while minimizing the taxes. I was able to apply some of the things I am learning in my CFP® courses to help save the family money (ex. Reducing taxable income by deducting medical expenses). I believe through in-depth fact finding, excellent tax advice and by improving the plan structure, we have put the family back on track to meet their financial goals and be in a position for more tax-efficient investment growth.

It has been a great experience for me to see this because now I realize just how different one financial situation can be from the next. In this instance, the account owner is in his early 80’s with serious medical issues. However, if given the same assets for someone the same age who is healthy, a very different plan may have been more appropriate. At Legacy Trust we pride ourselves on our openness and flexibility to tailor solutions to meet our clients’ varying needs, and I have had a great experience so far in seeing how this process is applied. I am already looking forward to the next challenge!

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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