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.
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
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:
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.
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.
Take advantage of specialized banking services based on your type and level of investments.
Serving individuals and families with $25 million or more in managed investments.