Mentoring is vital in preparing family members for multigenerational success. Effective mentoring helps to ensure that every generation is equipped with the values, knowledge, and skills to sustain wealth while fostering a sense of purpose and unity, according to the Truist Wealth research report, Bridging beliefs and behaviors: Key insights into effective wealth transfer across generations. Through this 16-year study of 120 families, our Center for Family Legacy specialists found compelling evidence that financial education is critical for the successful transfer of wealth.

While many families recognize education’s importance, actual engagement with learning, mentoring, and real-world practice often lags. This opportunity gap is one that the Truist Wealth Center for Family Legacy aims to close by promoting and structuring proactive educational efforts that could prevent common pitfalls and challenges, to better position families for generational success.

The building blocks of generational stability

Financial education is a linchpin of effective wealth transfer because it empowers heirs. “Unprepared heirs can often lead to failures in wealth transition,” says Silke Shilling, senior governance associate at Truist Wealth’s Center for Family Legacy.

Education works best when it’s customized and inclusive, according to Carolann Grieve, managing director of family governance at Truist Wealth. “We address all family members: the younger generations and the older generations, family members involved in asset management and family members who are not involved,” Grieve says.

Truist Wealth’s Center for Family Legacy educational programs create a comfortable, judgment-free environment where education aligns with each individual’s unique understanding and needs. Topics covered may include foundational skills, like personal money management and debt, or highly complex concepts like alternative investments, GST trusts, and LLCs.

“We’re aiming to make financial education accessible, regardless of where each family member may be starting,” notes David Herritt, head of the Center for Family Legacy.

For younger children, programs on fundamental principles like saving, spending, investing, and giving introduce the idea of financial stewardship in an accessible way. For teenagers and young adults, specialists cover more sophisticated topics, such as credit management, investment principles, and budgeting for independent living. For mid-career, near-retirement, and in-retirement family members, lessons may be on philanthropy, estate planning, and so on.

According to Herritt, “Our goal is to provide a comprehensive suite of resources that addresses every stage of life. We cover topics that traditional education often overlooks, such as managing family wealth, understanding investments, and the essentials of trusts and estate planning.” These topics, he notes, are especially vital as they bridge the gap between the family’s current wealth and its future sustainability.

We encourage an entrepreneurial spirit early on, helping younger family members imagine business concepts and understand financial fundamentals.
-Carolann Grieve, Managing Director of Family Governance, Truist Wealth

Cultivating visionaries and innovators

Wealth stewardship often lives alongside wealth creation. That’s why mentoring and education initiatives in successful families can provide family members with tools for innovation, either through independent ventures or contributions within family enterprises. Grieve explains, “We encourage an entrepreneurial spirit early on, helping younger family members imagine business concepts and understand financial fundamentals.”

Daisy Medici, managing director of governance and education, describes how a family’s values play a central role in defining support for entrepreneurship. “Some families fully support entrepreneurial ventures, while others are more traditional and expect the younger generation to start in established careers,” she says.

In Center for Family Legacy research, there is evidence that younger generations in affluent families increasingly view entrepreneurship as a way to express themselves and contribute to family wealth. Medici has seen some families establish family banks or similar mechanisms to let members pitch business plans in a family-style “Shark Tank,” creating both opportunity and accountability. Entrepreneurship doesn’t always mean starting a new venture from scratch, according to Shilling. It also includes corporate entrepreneurship, where family members drive value within existing companies.

Parenting in a family of means

One of the most important and challenging jobs family members hold is parenting. Mentoring and education on this skill is a small piece of the toolkit for successful multigenerational wealth transfer. To put it another way, parents must teach their children how to navigate the unique challenges of privilege without developing a sense of entitlement, and that’s definitely not something learned in college. Programs and guidance from the Center for Family Legacy can help. “We start with the fundamentals of managing conversations around wealth and the benefits of not overindulging,” Medici says.

Parents who model responsible, balanced financial behavior provide an invaluable example, showing children that managing wealth requires discipline and purpose. Herritt recommends identifying and seizing teachable moments. These can range from managing unexpected expenses, such as a computer or cellphone that gets broken due to carelessness, to budgeting for planned costs, like an annual pledge to a nonprofit or gift for special events.

Grieve says another best practice is open communication around wealth. Transparent, age-appropriate conversations that normalize discussions about wealth without necessarily disclosing specific amounts can encourage early healthy stewardship. “Not talking about money is really hurting your children,” Grieve notes. Why? Avoiding these discussions can unintentionally signal a lack of confidence in children’s ability to handle wealth responsibly.

According to the Trends in the Intergenerational Transfer of Wealth study, many families recognize mentoring as an important parenting skill. However, engagement in this area indicates that more attention needs to be paid to preparing heirs for the responsibilities that come with wealth.

The emotional backbone of family wealth

Building a strong family support network strengthens individual resilience and supports intergenerational collaboration and continuity within affluent families. Structured family meetings or retreats where members can discuss values, goals, and challenges in a safe space can help families become more cohesive. The study highlights that families who actively nurture these emotional connections feel better prepared to manage the complex dynamics of wealth, helping to ensure both financial and relational stability across multiple generations.

Establishing a structured approach to support, such as regular family meetings, provides members with an opportunity to align on values, address conflicts, and foster a sense of unity. Silke Shilling underscores the importance of modeling open communication within the family, noting that without it, “everyone builds their own assumptions and expectations, and that’s where tension and misunderstandings arise.” By creating an environment of transparency, families can prevent misunderstandings that may disrupt relationships and threaten their collective legacy.

“It’s about relying on each other to deal with the emotional impacts of wealth,” Grieve noted. She stressed that support networks are essential for managing challenges in business and relationships. Herritt adds, “If families can’t execute on trust and unity, it’s not likely they will sustain wealth,” highlighting the importance of harmony within family dynamics.

Some families value external support, such as life coaches or executive coaches, to help navigate complex emotional dynamics. “Not everyone prefers traditional therapy, but some support is often necessary,” Medici noted. Truist Wealth’s Bridging beliefs and behaviors: Key insights into effective wealth transfer across generations research suggests that younger generations are less engaged in family support networks and may feel disconnected from older family members. Strengthening these networks helps build intergenerational ties critical for a resilient family legacy.

Redefining money smarts

The shift from money smarts to money and relationships as a best practice is more than a rebranding—it reflects a deeper understanding of how wealth impacts interpersonal connections within and outside of affluent families. Wealth, while providing comfort and opportunities, often comes with a set of unique challenges in relationships, both social and familial, that require sensitive navigation and open communication.

Grieve gives insights into the complex emotions wealthy individuals face, such as questioning the authenticity of relationships. “Are my friends really my friends because of me or is it because I can buy them things or take them to great places?” she asked, emphasizing the genuine uncertainty that wealth can introduce into personal connections. Preparation is critical to helping families navigate difficult conversations. This preparation extends to discussions of wealth within romantic relationships, such as the delicate topic of prenuptial agreements, which can provoke feelings of mistrust if not carefully navigated. The dynamics become more intricate within families themselves. As Herritt explained, “Financial disparities among extended family members can lead to feelings of jealousy and rivalry.”

Younger generations often feel uninformed about family wealth, leading to misunderstandings and resentments. Older family members might withhold information to avoid creating a sense of entitlement, while younger members may feel excluded. Facilitated family meetings can bridge these divides, promoting a culture of transparency and support, which is essential for healthy family relationships. Wealth is not simply a financial resource. It’s a force that shapes and often complicates relationships. By fostering open dialogue and preparing individuals to handle the social intricacies wealth brings, families can build stronger, healthier relationships that withstand the unique pressures of affluence.

Shilling emphasized the importance of family meetings to bridge gaps in understanding, particularly around the complexities of wealth and relationships. Transparency within the family fosters healthy relationships, allowing members to connect on a deeper, more genuine level. Truist Wealth’s Bridging beliefs and behaviors: Key insights into effective wealth transfer across generations report highlights the relational aspect of wealth as an area requiring careful mentorship to ensure family members maintain emotional resilience and authenticity in their social and family lives​.

Sustaining wealth for generations

Truist’s Center for Family Legacy goes beyond financial education, building a unified family culture that endures. By fostering open dialogue, embracing shared values, and strengthening emotional ties, families create a legacy that transcends financial assets alone, equipping each generation with the skills to sustain both wealth and family for years to come.

Prepare your family for generational success

Talk to a Truist Wealth advisor or reach out to the Center for Family Legacy for more information.

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