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

60%
Breakdown in family communication and trust
25%
Unprepared heirs
12%
Lack of a mission and other
Less than
3%
Financial planning 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.

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Financial Capital

The movable and immovable property a family owns

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Human capital

The individuals who make up the family

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Intellectual capital

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

What sets us apart?

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
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Family dynamics – 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.

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.

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

Six core areas of education

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Personal money management

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

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Wealth preservation

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

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Investing

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

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Personal & professional development

Personal goal setting, entrepreneurship, college planning, career planning

Philanthropy

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

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Family wealth

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

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.

Truist Wealth Reserve

Serving individuals and families with $5 to $25 million in managed investments.

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.