Center for Family Legacy

An enduring, positive impact

Enhancing and sustaining wealth. Organizing shared values and passions into a collective vision. Preparing future generations to be responsible stewards of the family legacy.

The Center for Family Legacy is here to guide you and your family toward a more confident life with wealth.

Transcript

Center for Family Legacy

(Visual Description: Truist Wealth

Center for Family Legacy)

NARRATOR: Can your wealth be a sustainable resource for future generations? Will it have a positive impact on those who ultimately benefit from it?

At Truist Wealth's Center for Family Legacy, we're here to help you confidently answer yes to both those questions.

We know that a couple's wealth might eventually extend to and empower more than a dozen households. Yet research suggests families have less than a 1 in 3 chance of sustaining their wealth across multiple generations. Why?

Surprisingly, it has little to do with poor investment performance.

Instead, it's far more often attributable to a breakdown in communication, a lack of trust, or inadequately prepared heirs.

To help families understand the possibilities of sustaining their wealth, we've distilled our experiences and best practices into a sustainability pyramid.

(Visual Description: Pyramid displays five layers.

Govern the enterprise

Prepare the human capital

Build a professional infrastructure

Take a multi-generational perspective

Build the foundation around your financial capital “Investing, Tax & Estate Planning, Risk Management)

We focus intentionally on growing all three forms of family capital—financial, what your family owns; human, who your family members are; and intellectual, what your family knows—to help you build a solid foundation around your financial capital, take a multigenerational perspective to build an enduring infrastructure, and teach the next generations about the responsibilities of wealth and how to work together for the common good of their family, their community, and the causes they support.

The Center for Family Legacy brings more than 30 years of experience to the challenges of helping families make decisions together around shared assets, improving communication about wealth and values, and educating family members about the responsibilities that come with a life of significant wealth.

Our numerous programs and tools are specifically designed to help you and your family increase the likelihood of sustaining wealth over multiple generations, and amplify the positive impact you can make on the future.

Let us help your family organize shared values and passions into a collective vision that prepares each family member to be a responsible steward of the family legacy.

(Visual Description: Truist Wealth

Center for Family Legacy

Truist title and logo

For more information, please speak with your Truist Wealth Advisor, or visit Truist.com/Wealth)

Disclosure:

Investment and insurance products:

•Are not FDIC or any other government agency insured

•Are not bank guaranteed

•May lose value

Truist Wealth Center for Family Legacy is a marketing name used by Truist Financial Corporation. Services offered by the following affiliates of Truist Financial Corporation: Banking products and services, including loans and deposit accounts, are provided by SunTrust Bank and Branch Banking and Trust Company, both now Truist Bank, Member FDIC. Trust and investment management services are provided by SunTrust Bank and Branch Banking and Trust Company, both now Truist Bank, and SunTrust Delaware Trust Company. Securities, brokerage accounts and /or insurance (including annuities) are offered by Truist Investment Services, Inc. (d/b/a SunTrust Investment Services, Inc.), and P.J. Robb Variable Corp., which are each SEC registered broker-dealers, members FINA, SIPC, and a licensed insurance agency where applicable. Life insurance products are offered through Truist Life Insurance Services, a division of Crump Life Insurance Services, Inc., AR license #100103477, a wholly owned subsidiary of Truist Insurance Holdings, Inc. Investment advisory services are offered by Truist Advisory Services, Inc. (d/b/a SunTrust Advisory Services, Inc.), GFO Advisory Services, LLC, Sterling Capital Management, LLC, and Precept Advisory Group, LLC, each SEC registered investment advisers. Sterling Capital Funds are advised by Sterling Capital Management, LLC.

Can wealth be a growing resource and still have a positive impact on your beneficiaries?

Whether you’re the creator of your family’s wealth or the steward of a legacy that has passed through generations, it’s not an easy question to come to terms with.

Sustaining and enhancing wealth can be a challenge

Research suggests that families have less than a 1 in 3 chance of maintaining wealth through multiple generations. But why?

It might surprise you to learn that poor investment performance is a small fraction of the reason wealth transfers fail. A whopping 97% of failures are attributed to poor family communication, lack of trust, unprepared heirs, and lack of a mission.

Our mission is to empower families like yours to overcome these statistics.

Causes of wealth transfer failure by percentage

60%

Breakdown in family communication and trust

25%

Unprepared heirs

12%

Lack of a mission

Less than

3%

Financial planning, legal and tax errors

Success is multi-dimensional

We, along with your Truist Wealth advisory team, approach wealth management as part of a multi-dimensional system focused on growing all three forms of family capital.

Financial Capital

The movable and immovable property a family owns

Human capital

The individuals who make up the family

Intellectual capital

The knowledge gained through the education and life experiences of each family member

What sets us apart?

3 generations of men walking in corn field

Time

We’ve been helping families for more than 30 years to sustain their wealth. Our work is built on the mindset that to be successful, wealth management must involve more than just managing money. We have extensive experience in helping families make decisions about shared assets and educating family members on a multitude of topics related to both financial and emotional aspects of wealth.

coworkers going over information on mobile tablet

Tools

If you owned an operating business worth $15 million, $40 million, $100 million or more, wouldn’t you make certain that the business had a defined mission, a strategic plan, and regular shareholder meetings? A family with significant financial assets requires the same effective strategy and communication. We’ve developed an abundance of tools to help families successfully oversee all their assets and to think holistically about their whole family enterprise.

Talent

Our dedicated team of specialists is eleven strong—and growing. We’re seasoned facilitators and educators, who continue to study the many aspects of family dynamics and family systems. We feel a strong sense of responsibility for the future success of you and your family. And we’re passionate about preparing your family for both the opportunity and challenges associated with a life of wealth.

Meet the team

Understand the thinking behind our passion

The Center for Family Legacy has developed numerous thought leadership papers to prepare family members for their current and future roles. Here are a few popular pieces from our thought leaders

How we help – Building collaboration and trust

Think of your family members as shareholders of the family’s assets. Our goal is to guide your family as they work together to develop strategies for sustaining wealth into the future.

Who needs family governance?

Family governance becomes more important for family members who are working together toward a common goal or are interested in advancing wealth across multiple generations.

It’s especially important for families with shared assets who:

Own a family business
Manage commercial real estate
Oversee a foundation
Make decisions around entities that hold assets, like Trusts, LLCs, and FLPs
Manage a shared vacation property

The process

As a crucial first step, families engage in our proprietary assessment, Wealth Priorities. This facilitated process allows each family member to confidentially measure their current activity as a family of wealth against the best practices of other successful families. The process results in family members identifying and prioritizing their shared goals by consensus.

The benefits

Families who establish and maintain successful family governance often realize profound rewards, including less conflict, an educated next generation, and preservation of the family legacy.

Family education— Increasing knowledge and confidence. Our education offering is focused on equipping family members to manage their financial lives with confidence and prepare them for the responsibilities of life with wealth.

Our approach

First, we teach financial topics that everyone needs to know, regardless of the level of wealth, such as how to create a budget. Then we focus on topics that arise from the presence of wealth, such as the workings of a trust.

The process

The process begins by working with your family to determine shared objectives, such as estate planning or general financial literacy. From there, we work with family members to identify their personal goals. This ultimately translates into a long-term, customized Education Plan for each family member.

Six core areas of education

Each area has programs, games, and tools designed to be fun and interactive.

Personal money management

Saving, budgeting, goal setting, banking, net worth, debt reduction, credit score

Wealth preservation

Taxes, identity theft, prenuptial agreements, estate planning, insurance, trusts

Investing

Investing options, risk and return, portfolio considerations, reviewing reports

Personal & professional development

Personal goal setting, entrepreneurship, college planning, career planning

Philanthropy

Ways to give, finding a focus, conducting due diligence, collective giving

Family wealth

Family history, family communication, financial parenting, communicating planning intentions

Interested in learning more?

Reach out to your Wealth Advisor or email the CenterForFamilyLegacy@truist.com

Value-added services from Truist Wealth

Take advantage of specialized banking services based on your type and level of investments.

Truist Wealth GenSpring

Serving individuals and families with $25 million or more in managed investments.

Learn more

Truist Wealth Reserve

Serving individuals and families with $3 to $25 million in managed investments.

Learn more

Your wealth. Your family’s future.

If your objective is to sustain wealth for future generations while having a positive impact on those who benefit from it, let’s talk.

Meet the Team

An enduring, positive impact

Can wealth be a growing resource and still have a positive impact on your beneficiaries?

Sustaining and enhancing wealth can be a challenge

Causes of wealth transfer failure by percentage

Success is multi-dimensional

Financial Capital

Human capital

Intellectual capital

What sets us apart?

Time

Tools

Talent

Understand the thinking behind our passion

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How we help – Building collaboration and trust

Who needs family governance?

The process

The benefits

Our approach

The process

Six core areas of education

Personal money management

Wealth preservation

Investing

Personal & professional development

Philanthropy

Family wealth

Interested in learning more?

Value-added services from Truist Wealth

Truist Wealth GenSpring

Truist Wealth Reserve

Your wealth. Your family’s future.

Disclosures

Investment and Insurance Products:

Limited English Proficiency Support:

New York City residents:

Borrowers with Limited English Proficiency (LEP) needing information can use the following resources:

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