In Perspectives

There are times through the simplest of conversations you learn things you would have no idea ever existed.  For instance, recently, I was part of a conversation about repairing socks.  I for one had never thought socks would or should be repaired or even considered doing so.  Come to find out, there was a time and maybe there still is, that when someone discovered a hole in a sock, they would repair it (or darn it) by placing a light bulb (or similar shaped object) inside of the sock.  They would then sew it together to darn the hole and the problem was solved.

How did I not know about darning a sock?  Was it simply done before my time or did I just not do a good job of listening or paying attention to my grandmother when I was younger?

With that being said, it brings me to my point; we all have different perspectives based on our own life experiences.  A simple conversation about sock darning gave me a perspective I had not previously had.  This one single event is not significant, but the reminder is key.  What was done in the past is valuable and once you have a better understanding of the past, you can move forward with a renewed perspective and not one size fits all approach.    Seeing a situation from one perspective can be limiting.  When you can take a step back and ponder a situation from multiple angles, you have a better chance to make sense of alternative points of view.

Let’s face it; wealth management can be complex.  There are many things to consider when making even small decisions; cash flow, taxes, risk management, estate planning and so forth.   If the choice was purely an investment decision (and you could ignore all other complexities), the prescription should be straightforward.  However, when you look at that decision from multiple disciplines, the path forward is less clear.  When you hire a comprehensive wealth management firm, you should expect to hire a team interested in providing more than just the investment piece.  Managing wealth is a full-time job and good providers should be able to create simple action plans to deal with the most complex of issues.

Clients of ours recently sold their business.  They spent 80 hours a week building the company over the past 25 plus years.  They are very sharp and business savvy.  They could certainly have selected a handful of mutual funds and let them work for them over the next 30 years.  However, instead of doing it on their own, they chose to partner with Legacy Trust.   For so long, they chased their financial and career dreams while placing their other dreams on the back burner.  They chose to work with us to leverage our experience, our systems, our people and our perspectives.  Just as I could learn to darn a sock, they made the conscious choice to spend their time on other priorities.

Personally, I learn the most when I step out of my comfort zone and consider new perspectives.  I have been on a quest to find blind spots outside of my current understanding.  Looking for additional angles does not mean you are lost, ungrounded or unsure of yourself.  It means that you are open-minded and willing to consider other possibilities.  You have empathy for the problems that others face and you are willing to take a hard look at solving real issues.  Now that perspective is something to get excited about.

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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