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Truist Wealth Review

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This review was produced by SmartAsset based on publicly available information. The named firm and its financial professionals have not reviewed, approved, or endorsed this review and are not responsible for its accuracy. Review content is produced by SmartAsset independently of any business relationships that might exist between SmartAsset and the named firm and its financial professionals, and firms and financial professionals having business relationships with SmartAsset receive no special treatment or consideration in SmartAsset’s reviews. This page contains links to SmartAsset’s financial advisor matching tool, which may or may not match you with the firm mentioned in this review or its financial professionals.

Truist Wealth, which is legally known as Truist Advisory Services, Inc., is the wealth management arm of Truist Bank. Truist Bank came about in 2020 as a result of the merger of two large banks: BB&T and SunTrust. The firm offers various types of investment advisory programs, in addition to financial planning and consulting services. Truist is a multi-billion dollar operation, with thousands of on-staff financial advisors.

As a fee-based firm, some of the advisors at Truist can receive third-party compensation for things like insurance product sales. A fee-only firm, on the other hand, earns only client-paid fees, avoiding any third-party compensation.

Truist Wealth Background

As we state above, Truist Wealth and its affiliate, Truist Bank, opened in their current form in 2020. The firm was born out of the merger of BB&T and SunTrust, formerly two of the largest financial institutions in the U.S. Truist Wealth and Truist Bank are both under the ownership of Truist Financial Corporations. Today, the firm is led by Joseph M. Thompson.

Truist Wealth Client Types and Minimum Account Sizes

Truist Wealth's advisory business is squarely centered around individuals both above and below the high-net-worth threshold. In fact, the firm works with more than 123,000 individuals, the majority of whom don't have a high net worth. Other common clients of Truist include charitable organizations, retirement plans, businesses and other entities.

The minimum investment requirements at Truist Wealth typically vary by service. Here's a breakdown:

  • Financial planning: no stated minimum
  • Investment consulting: no stated minimum
  • AMC Advantage Program: $100,000
  • AMC Allocation Plus: $100,000
  • AMC Advise: $50,000
  • AMC Annuity: $50,000
  • AMC Fund Select Tactical: $50,000
  • AMC Fund Select Tactical (Focus): $10,000
  • AMC Pinnacle: $50,000
  • AMC Premier: $100,000 (equity) or $250,000 (fixed-income)
  • Envestnet Sentry: $100,000 (equity) or $250,000 (fixed-income)

Services Offered by Truist Wealth

Truist Wealth is a large advisory firm, and it offers many services to its clients. These include financial planning and investment consulting offerings, as well as in-house and third-party investment management programs. The firm also provides services to retirement plan sponsors and participants.

  • Financial planning
    • Retirement planning
    • Investment planning
    • Short-term goal planning
    • Long-term goal planning
    • Financial situation analysis
  • Investment consulting
    • Asset allocation development
    • Investment recommendations
    • Performance monitoring
    • Cash flow analysis
  • Portfolio model programs
    • AMC Advantage
    • AMC Allocation Plus
    • AMC Advise
    • AMC Annuity
    • AMC Fund Select Tactical
    • AMC Fund Select Tactical (Focus)
    • AMC Pinnacle
    • AMC Premier
    • Envestnet Sentry
      • Risk-adjusted asset allocations
  • BrightFolio
    • Client financial education
    • Algorithm-based financial tools
  • BrightFolio Pro
    • Everything available through BrightFolio, but with unlimited support

Truist Wealth Investing Philosophy

Before helping clients with their investments, or even their financial plans, advisors at Truist Wealth will work with them to determine exactly what their financial goals and situation look like. This involves doing a deep dive into the client's risk tolerance, long- and short-term goals, time horizon, income needs and any other pertinent characteristics. By the conclusion of these discussions, your advisor will build a personalized investment policy statement, or IPS, for you, which will essentially detail how your portfolio will be managed.

When it comes to specific investment strategies, Truist will use some combination of short-term purchases (held for less than a year), long-term purchases (held for at least a year), trading (sold within 30 days), margin transactions and option writing. There are many different investments that the firm is open to using in client portfolios. These include common and preferred stocks, mutual funds, exchange-traded funds (ETFs), options, warrants, fixed-income securities, notes and bills.

Fees Under Truist Wealth

Each of the services available through Truist Wealth come with their own fee schedules. Although most investment fees at Truist are shown in annual rates, they are typically charged quarterly, in advance. Below, we review each service's set of fees:

Truist Wealth Fee Schedule
Service Fees
Investment consulting 1.45% - 2.25% of AUM annually
Financial planning $2,000 - $30,000 fixed fee
All AMC programs 1.45% - 2.25% of AUM annually
Envestnet program 1.45% - 2.25% of AUM annually
Truist Invest 0.50% annual fee ($90 minimum)
Truist Invest Pro 0.85% annual fee ($90 minimum)
Truist Invest (basic tier) Free

What to Watch Out For

Truist Wealth has 47 disclosures on its SEC-filed Form ADV. These include five criminal and 42 regulatory disclosures. Each of these disclosures belong to advisory affiliates of Truist, with many of these being attributed to BB&T Securities, the investment advisory arm of the former BB&T Bank.

Because some of the on-staff advisors at Truist can sell insurance and other financial products on a commission basis, a potential conflict of interest arises. Despite this arrangement, the firm's fiduciary duty means it must act in clients' best interests at all times.

Opening an Account With Truist Wealth

To become a client of Truist Wealth, you can visit the firm's website and use its "Find an Advisor" tool. Alternatively, you can reach the firm's Atlanta headquarters over the phone at (404) 827-6461.

All information is accurate as of the writing of this article.

Tips for Finding a Financial Advisor 

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How Long $1 Million Lasts in Retirement

SmartAsset's interactive map highlights places where $1 million will last the longest in retirement. Zoom between states and the national map to see the top spots in each region. Also, scroll over any city to learn about the cost of living in retirement for that location.

Least
Most
Rank City Housing Expenses Food Expenses Healthcare Expenses Utilities Expenses Transportation Expenses

Methodology We weighed potential expenditures for a prospective retiree with a  $1 million nest egg to assess how many years that fund would cover in retirement in America’s largest cities.

We applied cost of living data from the Council for Community and Economic Research to adjust those national average spending levels based on the costs of each expense category (housing, food, healthcare, utilities, transportation and other) in each city. Using this data, SmartAsset calculated the average cost of living for retirees in metro areas across the U.S.

We assumed the $1 million would grow at a net annual return of 2% after inflation. Then, we divided $1 million by the sum of each of those annual numbers to determine how long $1 million would cover retirement expenses in each of the cities in our study. Cities where $1 million lasted the longest ranked the highest in the study.