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.