Sustaining wealth for future generations. Grow your family’s financial, human, and intellectual capital.
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.
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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.
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.
For more information, please speak with your Truist Wealth Advisor, or visit Truist.com/Wealth.
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
Breakdown in family communication and trust
Lack of a mission
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.
The movable and immovable property a family owns
The individuals who make up the family
The knowledge gained through the education and life experiences of each family member
What sets us apart?
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.
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.
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.
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
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.
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 eduction — 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.
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 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.
Each area has programs, games, and tools designed to be fun and interactive.