Truist Perspectives magazine
Coping with complexity 5 tips for dealing with life’s uncertainties.
A simple plan Why comprehensive wealth planning is important for every family.
Make a clean getaway Find fun and adventure on land and at sea.
March 2021 Table of contents Welcome to Discover why a comprehensive financial plan is key to pursuing your goals—and how the Essential Truist Perspectives 08 Elements of Wealth fit into that plan.
As the head of Truist Wealth, I would like to personally welcome you to our inaugural issue of Truist Perspectives magazine. In these pages, we share the tools, tactics, and ideas to help you ignite your potential and broaden your horizons. It’s a window into what’s working for investors, communities, businesses, and markets. 2020 was a year like no other. Though we may have seen investment values increase, no one came out of last year unscathed by a sense of loss. As we enter 2021, we remain steadfast and optimistic, with a bright, clear vision of the future—a sentiment reflected in the striking purple glasswork on the cover of this publication. In “Our take,” we asked four Truist team members for advice at this crucial moment. As Financial Advisor Kris Funkhouser says, we turn to our core values and long-term goals when faced with great uncertainty. This is why a comprehensive financial plan based on the Essential Elements of Wealth is so important. When in doubt, the plan you have developed with your Truist advisor can be your North Star. For producer and songwriter Christopher “Tricky” Stewart, a Truist client featured in this issue, continuing to grow as an artist keeps him focused on the future, though it would be easy for him to dwell on his illustrious past. Family and faith keep him open, grounded, and happier than he has ever been. At Truist Wealth, our mission is to inspire you with innovative ideas to achieve your greatest potential, and help build better and stronger communities. You can learn about how small businesses and organizations impacted by COVID-19 have benefited from more than $50 million in strategic grants through the Truist Cares initiative. And we are just getting started. We hope you enjoy this issue, and many more to come.
Joe Thompson Head of Truist Wealth 02 04 12 CEO, Truist Investment Services, Inc. Truist Advisory Services, Inc. Pulse Insights Feature Get tactical tips and timely Thought leadership on family, Producer "Tricky” Stewart advice from the Truist team. social investing, and more. is focused on the future.
Investment and Insurance Products: • Are not FDIC or any other Government Agency Insured • Are not Bank Guaranteed • May Lose Value 16 18 20 Community Time off Inspire Truist helps small businesses Travel safely—and luxuriously— Words that off er a unique and nonprofits thrive. during COVID-19. perspective.
Copyright © 2021 Truist Financial Corporation, 214 N. Tryon St., Charlotte, North Carolina, 28202. Find us online at Truist.com/wealth. Pulse: News Pulse: Expertise
Truist Wealth: Our take: A new vision Tips from the Truist team
Building wealth. Protecting assets. Generating income in retirement. At Truist Wealth, As we look at the year ahead, no one can truly predict what turns life will take. But we can we’ve combined the capabilities of SunTrust and BB&T to off er a seamless transition make choices about how we prepare and react. We sought advice from four Truist team and holistic �inancial management that goes beyond your portfolio. members to learn their best takeaways from 2020 as well as important tips for this year.
Dynamic solutions As you accrue wealth, your goals may change over time. We provide solutions that Update your estate documents address your needs every step of the way—whatever your destination happens to be. Making sure my clients have their estate documents in order Tanya Battle has always been a priority, and COVID-19 made it all the more Wealth Advisor Signature crucial. In addition to staying in close touch with my clients Richmond, Virginia For those who have built $1 million or more in assets, we help increase your during this time, my team and I have been busy helping them confidence in the future. Your dedicated Truist advisor will work closely review their estate plans and speaking to their CPAs and with you to understand where you are and what you want to achieve. Fiscal forecast attorneys. If you have your estate positioned right, it will help you through any unexpected crisis that may come along. Reserve The Truist 2021 If you have between $5 million and $25 million in managed assets, Truist Wealth delivers a full range of dynamic, customized solutions, from innova- Annual Financial tive lending approaches to more sophisticated investment opportunities. Maintain an optimistic outlook Outlook Report There is a tendency for people to come out of a year like 2020 Amir Mossanen GenSpring and to say to themselves, “I never want to feel fear and stress Senior Wealth Advisor, Substantial wealth of $25 million and more in assets creates exceptional is available now. like that again.” They want to hide away. But if you live in fear, Market President opportunities and requires a diversified set of solutions. Your team of Learn what you can you’ve given up. My best advice is to be optimistic about the Los Angeles, California advisors can help you address concerns about asset management, family future, because we are inventive, creative, and resilient. At the dynamics, and creating a legacy that honors your values. expect in terms of same time, we can prepare for the unexpected by doing things both global and like maximizing liquidity and restructuring debt. domestic economic Specialized expertise activity and invest- Protect your assets Certain groups and careers face a unique set of financial It’s more important now than ever to protect your assets against Renee Keen challenges and opportunities that benefit from an ment opportunities physical and cyber threats. As part of general risk mitigation, National Practice Leader insider’s knowledge. Truist Wealth has advisory teams in the year to come. even individuals should consider hiring an IT professional to for Small Business and that specialize exclusively in specific sectors, such as: make sure your firewalls, passwords, and protections are set Personal Insurance Download a PDF of McGriff • Medical professionals & practices up correctly to prevent anyone from getting access into your our annual outlook system. If you have bought new property or vehicles in 2020, Raleigh, North Carolina • Attorneys & law �irms be sure you are protecting all of that as well. report and watch • Athletes & entertainers our experts discuss • International wealth Focus on long-term goals the �indings by • Business owners In 2020, many people made financial decisions based on Kris Funkhouser, CFP®, CPWA® going to: truist. short-term emotional reactions, without falling back on their Financial Advisor • Foundations & endowments long-term financial plans or life goals. My advice would be, stick Atlanta, Georgia com/annualoutlook to your North Star—your long-term goals—to guide you through No matter what you do, or where you are on your wealth these storms. Have a plan and lean on that framework when journey, Truist advisors have the knowledge and expertise times are challenging. Short-term events end up being a blip on to help you reach your full potential. As you pass each the radar when you focus on an expanded time horizon. financial milestone, from retirement to philanthropic giving, we’ll be by your side, helping you create a mean- ingful legacy to pass on to future generations. Amir Mossanen, Registered Representative, Truist Investment Services, Inc., Investment Adviser Representative, Truist Advisory Services, Inc. Kris Funkhouser, Registered Representative, Truist Investment Services, Inc., Investment Adviser Representative, Truist Advisory Services, Inc. McGriff Insurance Services, Inc. is a subsidiary of Truist Insurance Holdings, Inc. . February 2021 | 03 Insights: Family Insights: Investing
Let’s talk about money Financial literacy and communication are key to ensuring the transfer of generational wealth. We off er three simple tips for teaching your children about money.
There’s an old proverb that says, they’ll become spoiled, unmotivated, Even very young children can learn “Shirtsleeves to shirtsleeves in three or entitled. “They also worry their how to save, spend, invest, and give. generations,” meaning the wealth kids will feel isolated from friends,” Older kids and adult children can accrued by one generation disap- Herritt says. “And as kids get older, absorb more complex topics. pears by the end of the third, leaving parents may worry about what to the fourth generation to roll up their say when estate plans change or When you are paying a bill or making sleeves and recreate the wealth. conflicts arise.” a credit card purchase, use those opportunities to educate your kids The meaning of this proverb is clear: Despite these concerns, a recent on financial topics. You can also find Invest according to your values Generational wealth transfer isn’t study found that most of the next age-appropriate books, apps, and guaranteed. In fact, according to a generation of inheritors do want to materials on subjects such as saving, Sustainable investing is far more than a trend. Learn how you can make more of an impact 2010 study by Roy Williams and Vic talk about money with their parents. investing, and philanthropy. Explore with your financial decisions. Preisser, roughly 70% of generational They just don’t know how. topics that are particularly important wealth transfers fail. The same to your family. With one dollar in every four societal concerns with respect to “With impact investing, whether study finds that financial errors only You can start with these three tips going toward sustainable investing, investment decisions. Exclusionary it’s targeted toward green account for 15% of those failures; the to engage in conversation with your Take time to teach your children putting your money where your SRIs can be thought of as socially technology or improving access to rest are due to poor communication, kids, no matter their age. about your family history. Who values are can no longer be called responsible investing 1.0. As an healthcare, you expect a financial lack of trust, and unprepared heirs. created the wealth and how? a trend. A look at the demographic example, religious institutions return—but more importantly, 1. Communicate Understanding those sacrifices data makes it clear—more than might use them to ensure their investors strive to create positive You can start discussions about can inspire the next generation to two-thirds of millennials age 24 to investment programs omit certain environmental, social, and gover- money when your kids are as young protect the family legacy. 39 are interested in making an industries that are not consistent nance-related change and long- “ Parents are more as 5 years old. Begin by focusing on environmental and social impact with the goals and teachings of term value,” says Frohsin. “With willing to talk to their family values. 3. Collaborate with their investments, according that institution.” pure philanthropy, you are really Include your children in the to The Economist magazine (Oct. looking to create a public good.” children about sex “Your values and beliefs guide every decision-making process and create 24, 2020). Sustainable investing ESG (Environmental, Social, and than about money.” decision in your life,” Herritt says. learning opportunities for them. Let is also changing the future of Governance) informed investing “If you communicate your values them make mistakes when the stakes business as companies and money strategies, however, can be David Herritt, head of the Truist around money, then when you face are low. Kids who make mistakes will managers realize that nonfinancial thought of as socially responsible More than two-thirds Center for Family Legacy a di� icult decision or conversation, learn about consequences and will drivers have an enormous influence investing 2.0. “Instead of omitting of millennials age 24 you can point back to those values.” carry these lessons with them. on their ultimate valuation. certain sectors, they actively pur- sue products or services that have to 39 are interested Herritt suggests creating a family “You want the next generation to There is no one-size-fits-all shown a demonstrably beneficial “Parents are more willing to talk to mission statement. “Family members have a seat at the table and know approach to sustainable investing. societal impact,” says Spencer in making an their children about sex than about can share what’s most important you’re willing to listen to them,” Before deciding which funds or Boggess, managing director, environmental and money,” says David Herritt, head of to them,” he says. “It helps create a Herritt says. “As they get older, they investments are right for you, alternative investments research, the Truist Center for Family Legacy. roadmap based on what the family can step confidently into their role consider what kind of impact you’d Investment Advisory Group. social impact with “But if you’re not communicating, wants to accomplish in the future.” as responsible caretakers of the like to make. Are you passionate their investments. how will you prepare them for their family wealth.” about the environment? Eradicat- Studies show that ESG scores are future responsibilities?” 2. Educate ing poverty? Saving endangered linked to stock-specific perfor- species? Or perhaps you are mance. Thus, many businesses Make time to talk Financial literacy is essential, but very few K – 12 educators include it primarily focused on revenue but understand the value in managing Customize your approach Talking about wealth doesn’t come in their curriculum. That means it’s prefer to invest in companies that certain nonfinancial factors to “Often, when we talk to clients naturally. Parents often fear that if up to parents to guide their children are good corporate citizens. minimize costs and mitigate about what they’re trying to their children know about wealth, on this important subject. firm-specific risk, and in turn they accomplish, they want to leave a Both social and seek to generate higher revenues. legacy; they want to impact the financial returns world,” says Boggess. Sustainable investing comes in In addition to SRI and ESG many flavors, explains Kelly investing, you can express your “We can help our clients achieve Frohsin, director, manager values through impact investing their wealth goals because we research, Investment Advisory and philanthropy. Through impact have a broader perspective of Group. “Socially Responsible investing, you work closely with an how those goals map to their Investment funds (SRIs) tend to be advisor to create a custom portfolio psychology, values, and intentions,” exclusionary in nature, recognizing that aligns neatly with your particu- says Boggess. “And Truist has been corporate responsibility and lar concerns and beliefs. walking that walk for a long time.”
Keep in mind that investing involves risk. The value of your investment will �luctuate over time, and you may gain or lose money. Kelly Frohsin, CFP®, CIMA®, Registered Representative, Truist Investment Services, Inc., Investment Adviser Representative, Truist Advisory Services, Inc. Spencer Boggess, Investment Adviser Representative, Truist Advisory Services, Inc. February 2021 | 05 Insights: Leadership
Coping with a complex world Volatility, uncertainty, complexity, and ambiguity (VUCA) are all around us. How we respond can make us happier and more resilient leaders and people. 5 practices for handling VUCA If you’re looking to In 2008, my wife and I bought a helping business teams work together building downtown in the city where more successfully. The leaders I meet learn about VUCA, we live. We were happy to be invest- might be working with VUCA from ing in a district that was undergoing external sources, like the pandemic or 2020 off ered plenty a revival, and we took out a five-year competition in their industry. Or they of examples to study. loan for the purchase. A few months might face it internally from a change later, our financial advisor guided us initiative in their organization. VUCA stands for not to get ahead of ourselves about When I coach leaders about how to a potential upswing. She told us, “I volatility, uncertainty, deal with VUCA, there is often an want you to set aside some money for complexity, and when you have to refinance in 2013, Stop to label Adjust Start a Don’t go it Get comfortable ambiguity. 2020’s VUCA just in case. Maybe the building de- your thoughts your mindset: gratitude alone: with contingencies: preciates. Maybe downtown doesn’t “ Right now, we and emotions: practice: has posed challenges grow as much as you think it’s going to. Let’s keep it fairly conservative.” are in the de�inition to investors, business Give yourself Remember when my The most confident Confident leaders It’s OK to say, “I’d love When 2013 came around, the building of a VUCA permission to wife and I bought leaders are optimistic. have a team of experts XYZ to happen,” but owners, governments, had depreciated about 10%, which acknowledge, the downtown One way to increase to advise them, build in a backup plan environment.” building? Rather than whether that’s an for flexibility so that and families all over meant there was a cash call at the “Wow, this is really your optimism is by refinance. And we were ready with stressful and I’m making the building starting a gratitude executive coach like you’re not let down the globe. We asked the savings set aside. feeling frustrated.” our only path to an practice. This can be me, an attorney, a when something element of fear involved. But there’s Pay attention and be investment gain, we as simple as writing mentor, or a spiritual diff erent happens. Senior Consultant and Our mindset, and the advisor’s also some relief in normalizing their aware of what’s going got comfortable down three things that advisor. Advisors are The sooner we get our guidance, was built for VUCA. situation. They think, “There’s a name on. Starting there with the idea that you’re grateful for once there to help you arms around that, it Executive Coach If you’re not familiar with this old for this,” and they are not alone can help turn the success could come a day. It quickly puts talk it out and focus allows us to be more military term, it stands for volatility, Jeremy Spidell, MSW, in experiencing it. That can have volume down on some from multiple things into perspective on what matters. agile, content, and uncertainty, complexity, and a calming eff ect. And it’s not just of the stress and fear. outcomes. and helps you rewire resilient in these LCSW of Truist Leader- ambiguity. It’s been used widely in business leaders facing VUCA. It’s It can also engage your brain to see VUCA times. business and by leadership authors ship Institute to off er our kids, our siblings, our parents, our prefrontal cortex, positive opportunities. like Brené Brown. Even if you’re new our friends. It’s healthcare workers, which allows us It can also help give guidance for navigating to the acronym, you’ve undoubtedly schoolteachers—everyone during this to shift from a you a sense of power faced off with its components in uncertain times in global pandemic. fight/flight/freeze and control over your career and other aspects of your response into a more a situation. and outside of the life. We’re all experiencing disruption Throughout 2020, we’ve all experi- creative, empowered and loss. Right now, we are in the enced loss. Some people have lost approach. workplace. definition of a VUCA environment. people close to them; some have lost The coronavirus pandemic and the jobs or businesses. There’s also more recent U.S. presidential election ambiguous loss—of things like going have added to the VUCA conditions to a graduation, a wedding, going to we face. a friend’s house for dinner. Losses like that mount. Luckily, there are some VUCA is a familiar concept in the work simple things we can do to cope. I do at Truist Leadership Institute, fa- cilitating leadership development and
06 | Truist Perspectives February 2021 | 07 essentialThe elements of a smart financial plan
Banking. Investing. Risk management. Some elements
of financial management are inevitable in every client’s
journey. And as wealth increases, so does the need for
more complex solutions, such as governance and wealth
administration. (See page 11 for the full table of the
Essential Elements of Wealth.) Having a comprehensive
financial plan is key to making sense of your wealth
ecosystem, pursuing your long-term goals, and planning
a legacy for future generations.
08 | Truist Perspectives February 2021 | 09 What are the Essential Elements of Wealth? Comprehensive wealth advice is integrated across a combination of subject areas we’ve de ined as the Essential Elements of Wealth. These elements do not exist independently of each other; decisions and actions can naturally start to become part of the conversation, because you’ve handled have dramatic consequences for other elements. the foundation well,” he says. Sicchitano inds that once clients have handled the basics, the focus tends to Planning shift outward. ”You start thinking not only about your kids but also about philanthropic interests and how you can help make a positive impact in your community.” Banking Navigating uncertainty “Financial planning is about focusing on your personal algorithm—the Why you need a gone.’ We want to understand a the solutions that we think you Risk comprehensive inancial plan client’s non inancial values; we ask uniquely should do. This is why models and frameworks you use for those foundational questions that we think this is the best route for inancial decisions,” Sicchitano says. “Typically when clients come to “The customization piece is consistent Signature us, their inancial picture is like a lead to the emotional, social, and you to take based on your stated purpose-driven aspects of what goals,’” Beard says. “And instead throughout. We ask, ‘What’s important collection of independent pieces to you?’ because that’s the governing representing solutions to the the client wants to accomplish of handing you a 300-page plan Investments and ensure a far-reaching and that you may or may not read, we factor.” When clients come in for problems they faced in the past,” a inancial review, they are often says Joseph Sicchitano, head lasting impact.” Understanding are able to boil down the inancial your core values and expecta- plan to incremental action steps overwhelmed. “You have access to Reserve of Advice and Planning at Truist more inancial information at your Wealth. “Maybe they’ve collected tions on both a inancial and that you can start to take today to non inancial level results in the get closer to what matters most ingertips than you could ever possi- Estate a 401(k) from a previous employer, bly need.” A proper inancial planning bought some insurance from a deep strategic analysis needed to to you.” create a durable, actionable plan. process considers this abundance family member. Their previous More than just of information and simpli ies it so banking relationship may be from “We are able to say not just, ‘Here inancial capital you can determine how to address when they graduated college or are some things we think you concerns and complexity. Fiduciary GenSpring bought their irst house. They have “When we talk with our families could do,’ but instead, ‘These are A good advisor sees every family and this collection of pieces that made and clients with very high net every client as unique but also draws sense at one point, but may not be worth, we tend to hear speci ic on their experience of having worked working in harmony now.” types of concerns,” Sicchitano with many people in similar circum- says. “They say, ‘My partner and Philanthropy Through the planning process, I have achieved our goals; we’ve stances who have navigated the same “a inancial advisor takes those “ Typically when learned so much along the way. challenges. “That experience enables building blocks and makes them How do we impart those lessons— them to off er proven yet personalized into a cohesive and seamless clients come to that intellectual and experiential inancial strategies and tools that whole, looking at all the elements wealth—to our heirs so they don’t inspire con idence and cut through Learning to determine how they interplay, us, their inancial have to experiment their way to the noise, providing wisdom, direc- how they lend strength to one success like we have?’” tion, and clarity,” Sicchitano says. “We another,” Sicchitano says. picture is like seem to be addicted to complexity In addition, he says, as a family as a people, but I’d suggest what we Concrete, actionable steps a collection of becomes more successful, it can crave is actually simplicity. Governance When Truist advisors talk with sometimes be di icult to maintain independent relational harmony, “so relational “Right now, we are all trying to igure their clients, “the goal is to out what COVID-19 is going to do to uncover not just data, but also wealth, social wealth—all of these pieces.” things come into play.” us, and dealing with a lot of uncer- what is truly important to them, tainty. A good advisor and inancial Wealth what gets them motivated,” Joseph Sicchitano, Sometimes you need to bring plan help focus your attention, not on Administration says Kristin Beard, consulting head of Advice and Planning in additional solutions, such as the outcomes you can’t control, but director, Advice and Planning at at Truist Wealth educating the next generation and on the engine of decision-making, Truist Wealth. “This is part of the wealth administration, for the chal- enabling you to make good decisions discovery process, where we may lenges of achieving, growing, and that are compounded over time, much Education have heard the client say things transferring wealth. “The more you like investments. Then, when the next like, ‘It’s very important for me to succeed in the basic elements, the challenge arises, you can navigate it take care of my children after I’m more these new lenses on wealth with con idence.” 10 | Truist Perspectives March 2021 | 11 “Music was all around me. My mom and her sisters were singing backgrounds for Aretha Franklin. My uncle was
Grammy-winning the biggest jingle songwriter and producer Christopher producer in Chicago, “Tricky” Stewart stays grounded in the present doing some of the while focusing A life in on the future. biggest commercial campaigns for brands like harmony Coca-Cola, Pepsi, and McDonald’s. My aunts would sing on them. Music permeated all the way through my family in every place that I could look.”
12 | Truist Perspectives Rihanna. Britney Spears. Justin artists. With an eye on the past, he’s “Music was all around me. My hadn’t grown an inch,” Stewart knew Stewart relocated to Los Angeles, Getting that part right just allows Bieber. Beyoncé. These are just a few looking ahead at what’s next. mom and her sisters were singing “it was time to read and react.” where he found success. But after a you to have a better outlook on life; of the musicians that Christopher backgrounds for Aretha Franklin. few years, he developed relationships it allows you to do your best work. “Tricky” Stewart has collaborated Music was all around My uncle was the biggest jingle “It was decision-making time for me. with several Atlanta-based music Where you are and where you dwell with over the course of his 20-plus- Family has always been at the center producer in Chicago, doing some of It felt like a race against time. A lot of moguls and soon felt the pull to is a light that sends you out into the year career as a songwriter and for Stewart, and at the center of the the biggest commercial campaigns kids didn’t get to become adults in relocate his business to Atlanta, a world every day to accomplish your producer. If you’ve listened to pop family was music. for brands like Coca-Cola, Pepsi, and Chicago, and sports wasn’t going to place unlike any other in the industry. goals. Those things that make me music over the last two decades, McDonald’s. My aunts would sing on be the way out.” you’ve heard his work. “My earliest musical memory takes them. Music permeated all the way Atlanta, a new frontier place in my mom’s bedroom. I am 2 through my family in every place that He didn’t have to look far to find “This is where I really grew up,” Happier now than he’s ever been, he’s or 3 years old. I’ve got her eight-track I could look.” another way. His cousins were says Stewart of Atlanta. “It’s where I taking stock of his success, reveling player. I’m wearing headphones and landing voice acting gigs on Disney became a man.” In many ways, the in his role as a husband and father, I’m listening to Earth, Wind & Fire; But, Stewart says, “I was looking films. His older brother Laney was a South was a fallow field for music, and using his experience to help new Bootsy Collins; Gino Vannelli; and somewhere else.” musical prodigy and producer. “He the new frontier in stark contrast to KISS,” Stewart says. was eight years older than me,” says the expensive lifestyle and saturated He ran from it—literally—because Stewart, “and he had a piano in his market of the West Coast. Stewart grew up in the he was mad for football. The game room. It wasn’t far away; I just needed “ From the very late '70s in Dolton, Illinois, was life for Stewart, and he became to take a little trip down the hall. “Atlanta was an aff ordable place to a suburb just south of an accomplished quarterback as a be,” says Stewart. “I could build a life Chicago. Both of his parents kid. “I liked being in control of the “From the very first moment I decid- and a career at the same time. It’s irst moment participated in choir compe- game,” he says. “I wanted to be at ed to touch music, I was hooked.” di� icult to do that in New York or LA.” titions. the epicenter.” Artistically, Atlanta was doing things I decided to Stewart began writing songs with his diff erently too. Black-owned record “They were both born with But when the other kids came back cousins, aunts, and friends. “Every labels were giving more creative the gift of music inside from summer break 40 pounds writer or producer has to write a freedom to their Black artists like TLC touch music, them,” Stewart says. heavier and five inches taller “and I song that makes people go, ‘Who is and Outkast.
“These people not only looked like I was hooked.” me, but they had also achieved Tricky at home in Atlanta with his family. success,” says Stewart. “I was given “ I love the challenge free rein creatively because I came after those guys. I had no excuses, really happy are developing right in of starting with no option but to rise to the occasion. front of my eyes.” That’s what happens in Atlanta. It’s nothing and diff erent from anywhere else. You In 2020, Stewart’s record label, RZ3 having to create get a free license to be a creator and Recordings, signed a new label entrepreneur.” deal with Sony Epic. Stewart is something—the also creating a 10,000-square-foot relationships, the It was in Atlanta where Stewart would studio/o� ice space that will be the do his greatest work—and some of new home for his next venture. It conversations that his most rewarding. will include a photography studio, rehearsal spaces, green screens, come along with “The most spectacular part of it is and spaces for listening parties. “It making music when you actually have a magic will be a complete musical film lot in moment, when you’ve written a song Atlanta," he says. and being in and you hear the voice going on that entertainment ...” song in real time,” says Stewart. “And Ultimately, Stewart finds the greatest you know exactly what it is before joy and excitement not from looking anyone ever gets to hear it. You’re back but from finding and developing taking that ‘Umbrella’ and putting it new talent. “I was there at the with Rihanna, or putting ‘Baby’ with beginning of many creative careers— that?!’” says Stewart. When he was Justin Bieber, or ‘Single Ladies’ with Frank Ocean, Ester Dean, Pink, Justin just 15 years old, Stewart wrote that Beyoncé, and you’re hearing it hap- Bieber. I love the challenge of starting song—called “Be My Girl,” which pen in real time. That’s what makes with nothing and having to create made it onto the debut album of the all the long hours and countless days something—the relationships, the up-and-coming R&B group Immature. that you’re never home worth it.” conversations that come along with making music and being in entertain- He was off ered his first production Home is your foundation ment are things that still motivate me fee and a trip to Los Angeles. “I It’s been more than two decades to this day. would have gone for $300 and some since Stewart wrote his first hit. And Skittles,” he says jokingly. Perhaps he he says he’s happier now than he’s “Now I want to make content for could have gotten more money for ever been. As he sits in his home new artists by creating a mechanism the song, but it was an experience o� ice surrounded by his wife and and platform for streaming, physical that would set the stage for Stewart’s young daughters, he says, “Ultimate- sales, and touring. That is the next entire career. ly, your home is your foundation. big challenge for me.”
14 | Truist Perspectives February 2021 | 15 Community
“Overnight, we had become a That meant more facilities could [COVID-19] hot spot, and it was stay open, and, according to Boys & Empowering terrifying,” says Carolyn Higgins, Girls Clubs, more than 113,000 youth Phoebe Foundation’s president and could be served in places where the chief fundraising o� icer. need is greatest.
those who make The Phoebe Putney Health System Quin Kelly, culinary director of the serves 40 counties across southwest Memphis Boys & Girls Clubs’ Juice Georgia. When the hospital began Plus+ Technical Training Center, a diff erence, to run out of supplies, “the very has been making more than 120 first need was PPE—gowns, face breakfasts each morning for the masks, hand sanitizer, the touchless children of essential workers. “We thermometers—we were short on saw a report that said one in seven one community everything,” Higgins says, noting healthcare workers couldn’t go to that the health system went through work because of childcare,” says about six months’ worth of PPE in Kelly. “So soon we opened our first at a time just five days. Quin Kelly, culinary director, Memphis location to off er childcare services, Boys & Girls Clubs’ Juice Plus+ including meals. We were serving Healthcare workers stayed safe Technical Training Center (left). 20 kids at one location at first; that thanks in part to a $500,000 Truist quickly expanded to four locations.” Cares grant that helped secure PPE Truist Cares is a cooperative eff ort between Truist Financial Small businesses create Corporation; Truist Foundation, better communities Inc.; and Truist Charitable Fund to “We had been doing in-person class- provide communities, organizations, es, teaching people how to make and individuals disaster relief and their own soap from scratch. That all assistance during the COVID-19 had to stop,” says Kela Nabors, who crisis.
"Our company leaders—Kelly King and Bill Rogers—were adamant that we needed to address the pandemic “ Literally I cried ... We’ve early on, and that’s how Truist Cares never had that kind of was born," says Bell. backing before.”
Since March, Truist Cares has Kela Nabors, owner, Kela Nabors, owner, donated more than $50 million to Organically Bath & Beauty Organically Bath & Beauty A chaplain at Phoebe Putney Memorial grantees. Johns Hopkins University San Antonio Hospital puts on PPE made possible by and the CDC Foundation—both a Truist Cares grant. on the front lines of fighting and tracking the pandemic—were among owns Organically Bath & Beauty in and spurred a wave of similar dona- the first to receive grants of $1 San Antonio. “Our income went from tions. “It helped bolster the morale of million each. An additional $7 million maybe $10,000 to $15,000 a month our team,” Higgins says. “We felt like in grants went to local United Way to almost zero.” we were no longer alone.” organizations. A foundation that cares Nabors applied for COVID-19 relief Providing essential services funding and received a $25,000 Launched in March 2020, the Truist During the pandemic, 3,000 Boys grant from LiftFund, a community Foundation partners with hard- & Girls Clubs of America stepped development financial institution that working nonprofit organizations to in to provide food, water, supplies, helps underserved small business create opportunities for those who tutoring, childcare, training, and owners. That assistance was made need it most. more to families of first responders possible by a $1 million Truist Cares and essential workers in their grant, which enabled LiftFund to “Eighteen days after we launched, communities. provide relief to 80 small businesses Grants from Truist Cares are helping small businesses, the pandemic hit,” says Lynette Bell, like Nabors’. The grant helped president of the Truist Foundation. “Truist was among the first orga- Nabors pivot to online sales and hire nonpro�its, and communities survive and thrive during the “But we were able to reach out much nizations to give,” says Jim Clark, additional staff . COVID-19 pandemic and beyond. more quickly than a lot of other president and CEO of Boys & Girls financial institutions, and within 22 Clubs of America. The organization “Literally, I cried when they called days we had distributed the first $25 distributed a $2 million grant from and said the [$25,000] number,” million grants under our Truist Cares Truist Cares across hundreds of Nabors says. “We’ve never had that COVID-19 relief initiative.” clubs in underserved communities. kind of backing before.”
16 | Truist Perspectives February 2021 | 17 Time off Five ways to find fun and adventure during COVID-19 We can just about see the light at the end of the pandemic tunnel. Soon, we hope to be back on airplanes and exploring faraway cities and resorts. But travel is not quite risk-free just yet. So we have found �ive ways to get away safely, adventurously, and even luxuriously with your partner, family, or pandemic pod. A good life is about balance. That’s why in each issue of Perspectives, we focus on a diff erent aspect of what it means Book a home Sail the Hit the Try to live life to the fullest. for the holiday ocean blue open road slow travel Go VIP Enjoy extraordinary Avoid the crowds and enjoy Although that Paris or Tokyo Many popular destinations Many luxury resorts, lodgings while bypassing a luxury vacation aboard a vacation may be on require travelers to including Rosewood Little most of the risks associated fully stocked, profession- hold, now is a good time quarantine for 10 – 14 days Dix Bay resort in the Virgin with travel and tourism ally crewed private yacht. to visit some of America’s upon arrival to mitigate Islands and Las Ventanas by renting a historic or Private charters off er many greatest treasures, such as the spread of COVID-19. al Paraiso in Cabo San architecturally signi�icant advantages, such as: Yellowstone National Park Why not embrace the wait? Lucas, have teamed up with home through a vacation • Self-su� icient or the giant sequoia trees. Slow travel, as the trend private jet rental companies rental service. accommodations. Travel the country on your is known, means taking to off er safe travel packages You can book a stay at • Controlled environment own terms by renting a time to truly connect to to consumers. Harry Houdini’s estate in and COVID-screened staff . luxury RV and taking the the culture of a particular Fly in via private jet Los Angeles, complete with • Customized itineraries road trip of your dreams. destination. and be whisked away to gardens, a heated pool, and that let you do what you RVs allow you to If you have the time your destination in a private beautiful views of nearby want, where and when travel safely by taking your and/or can work remotely, car. Many resorts also off er canyons. See yourself in you want to do it (travel lodging and meals with you consider planning a long, safe luxury services, such a modernist masterpiece restrictions permitting). while exploring the great leisurely stay at a favorite as private dining and at Casa L4 on Sardinia’s Yachting companies outdoors. You can even destination, such as a personal butlers, who Costa Smeralda. Or toast around the world off er hire a private driver, so you Landmark Trust property can plan everything from with friends at Twin Palms, everything from a chartered never have to worry about in the United Kingdom or a perfect picnics to deluxe Frank Sinatra’s swinging sailboat to a mega-yacht. tra� ic or �inding the perfect beachfront villa in Maui. spa days. midcentury modern former Talk to your travel agent camping spot. Be sure to comply with all estate in Palm Springs. about which vessel best �its Several high-end RV local safety regulations, your particular needs. rental companies specialize including quarantines and in luxury accommodations testing requirements. on wheels.
Before you go...
The best way to Check travel guidelines for your destination. This includes restrictions on who can travel and what travel safely you can do when you arrive. • Ask about cancellation policies. What if you have to cancel bookings is to plan due to illness or increased restrictions? Is there a fee to reschedule? • Plan for emergencies. If you ahead. Before become ill while traveling, can you access quality medical care and extend your stay until you are well? you book your Will your insurance cover the costs? Some destinations now require additional COVID-19 insurance next vacation, policies. • Be lexible. Nothing is certain these days, and the perfect trip may fall through at the be sure to: last minute. Have a plan B or even a plan C, and be willing to adjust your expectations. 18 | Truist Perspectives Inspire
We can feel optimistic about the future because we are inventive, creative, and resilient. We can acknowledge the world is a dangerous place, and yet know we will overcome.
Amir Mossanen, Truist senior wealth advisor Find the latest market research and Los Angeles market president financial insights at truist.com/wealth
Disclosures: Truist Bank, Member FDIC. © 2021 Truist Financial Corporation. Truist, the Truist logo, and products are off ered through Truist Life Insurance Services, a division of Crump Life Insurance Services, Truist Purple are service marks of Truist Financial Corporation. Inc., AR license #100103477, a wholly owned subsidiary of Truist Insurance Holdings, Inc. Investment Equal Housing Lender advisory services are off ered by Truist Advisory Services, Inc. (d/b/a SunTrust Advisory Services, Inc.), Investment and Insurance Products: GFO Advisory Services, LLC, Sterling Capital Management, Precept Advisory Group, LLC, and BB&T • Are Not FDIC or any other Government Agency Insured • Are Not Bank Guaranteed • May Lose Value Institutional Investment Advisors, Inc., each SEC registered investment advisers. Sterling Capital Funds are advised by Sterling Capital Management, LLC. All Truist mortgage professionals are registered on the Nationwide Mortgage Licensing System & Registry (NMLS), which promotes uniformity and transparency throughout the residential real estate industry. Comments regarding tax implications are informational only. Truist and its representatives do not provide Search the NMLS Registry. tax or legal advice. You should consult your individual tax or legal professional before taking any action that may have tax or legal consequences. Truist Wealth is a marketing name used by Truist Financial Corporation. Services off ered by the following a iliates of Truist Financial Corporation: Banking products and services, including loans and deposit Truist Securities is the trade name for the corporate and investment banking services of Truist Financial accounts, are provided by SunTrust Bank and Branch Banking and Trust Company, both now Truist Bank, Corporation and its subsidiaries, including Truist Securities, Inc., member FINRA and SIPC. Member FDIC. Trust and investment management services are provided by SunTrust Bank and Branch Banking and Trust Company, both now Truist Bank, and SunTrust Delaware Trust Company. Securities, New York City residents: Translation or other language access services may be available. When calling our brokerage accounts and /or insurance (including annuities) are off ered by Truist Investment Services, Inc. o ice regarding collection activity, if you speak a language other than English and need verbal translation (d/b/a SunTrust Investment Services, Inc.), and P.J. Robb Variable Corp., which are each SEC registered services, be sure to inform the representative. A description and translation of commonly used debt 2001 || TruistPerspectives Perspectives broker-dealers, members FINRA, SIPC, and a licensed insurance agency where applicable. Life insurance collection terms is available in multiple languages at www.nyc.gov/dca.