Truist Wealth Review

Pros and Cons of Truist Wealth

Types of Clients

Truist directs its financial advisory services toward an array of different clientele. The majority, however, are individuals. According to its Form ADV filing, approximately 83.1% are individuals of standard net worth levels, while about 14.5% have a high net worth. The company also serves institutional clients, including banking and thrift institutions, pensions and profit-sharing plans (e.g., 401(k)s, 403(b)s, and 457(b)s), charities, and corporations.

You’ll need a certain amount of investable assets before opening an account with Truist Wealth; however, the requirements depend on the service you receive. The company has multiple investment advisory programs with different account minimums. Per its Form ADV Part 2A, the firm highlights that it may waive minimums when it sees fit.

The table below illustrates the investment requirements for Truist’s advisor programs:

Program	Minimum Investment
AMC Truist Invest	$5,000
AMC Fund Select Tactical — Focus	$10,000
AMC Fund Select Tactical	$50,000
AMC Advise	$50,000
AMC Annuity	$50,000
AMC Pinnacle	$50,000
AMC Advantage	$100,000
AMC Allocation Plus	$100,000
AMC Premier	$100,000
Envestnet Sentry	$100,000
Financial planning and consulting	$250,000

Financial Advisor Services

Truist offers several advisory services, including financial planning, discretionary and non-discretionary portfolio management, and automated investing services for clients with fewer assets. Here is a more complete breakdown of what the firm offers:

Financial Planning and Consulting

If you can meet the $250,000 minimum asset level, Truist Wealth provides a consulting and planning service. With this, you’ll be able to work with a dedicated professional who will work to understand your situation and provide guidance on your financial picture and investing goals.

According to the company’s website, an advisor can help you plan in several areas, such as:

• Investing
• Retirement
• Estates and trusts
• Debt management
• Banking
• Risk management

Investment Advisory

Truist also provides full-service investment advisory, with the scope and program ultimately depending on your assets. You can work with an advisor on either a discretionary (where they have authority to make trades and choices without asking you) or a non-discretionary (where you must approve every decision) basis.

If you enroll in the portfolio management program, you’ll meet with an advisor who will assess your objectives and circumstances to decide the portfolio that fits you the best. This includes an analysis of your overarching goals, risk tolerance, and financial details such as your income, expenses, and budgeting needs.

The firm has a range of different programs your investment manager may recommend depending on your investor profile, each with unique asset allocations and portfolio targets. According to Truist Wealth’s Form CRS, they include various securities, including but not limited to stocks, fixed-income assets, mutual funds, and alternatives.

The following is a list of the available programs:

• AMC Advantage
• AMC Advise
• AMC Allocation Plus
• AMC Annuity
• AMC Fund Select Tactical
• AMC Fund Select Tactical — Focus
• AMC Pinnacle
• AMC Premier
• Envestnet Sentry

Automated Investing

As noted, Truist also offers an automated investing (robo-advisor) solution if you don’t have substantial funds to invest—Truist Invest. After meeting the minimum investment threshold of $5,000, the firm’s technology will begin building and investing your portfolio according to your goals and risk tolerance.

The firm’s advisory brochure explains that its algorithm bases decisions on a combination of your risk tolerance and one of three goals: retirement, major purchases, or investing. Though this is a good starting point for some investors, it can be somewhat limiting if you have more complex needs or want to accomplish several different goals with your wealth.

It’s important to note that this is a discretionary arrangement, where the company’s software will manage your investments on your behalf. While robo-advisors are an accessible option, the Invest program will require you to trust the firm’s technology and data to build a strong portfolio according to your needs.

Fee Structure

Truist Wealth uses a tiered fee structure based on a percentage of the dollar amount of assets under management (AUM) in your account. As your assets increase, you’ll pay a lower percentage. The firm notes in its Form CRS that you must pay this quarterly-in-advance.

Here is an overview of Truist’s fee ranges by program:

Service	Fee Range
Financial planning	$2,000 to $50,000
Consulting services	1.45% to 2.25% AUM
AMC investment advisory programs	1.45% to 2.25% AUM
Envestnet (third-party)	1.45% to 2.25% AUM
Truist Invest (robo-advisor)	0.85% AUM

Many of the firm’s investment advisory programs use a wrap fee. Under this structure, you’ll pay a singular fee that includes any advice or management of your account. It also comprises transaction fees, expense ratios, or brokerage fees.

Investment Philosophy

A vital element to consider before working with any advisory firm is whether you understand and align with their investment philosophy. This will give you an idea of how they may structure your portfolio and deliver advice, helping you decide whether to continue with them or consider other options.

According to its publicly available Form ADV and CRS materials, Truist Wealth uses many asset classes (e.g., equities, fixed-income securities, alternatives, etc.) when building client portfolios. However, your financial advisor or the firm’s technology (with a robo-advisor) will decide which suits you based on your information and may implement them in a discretionary arrangement.

Disclosures

Truist Advisory Services Inc. is registered with the U.S. Securities and Exchange Commission (SEC) as a registered investment advisor (RIA). This status requires it to report any disciplinary history, conflicts of interest, or legal proceedings as disclosures on its Form ADV.

Per its documentation with the SEC, Truist has disclosures on file. For example, it lists that, in the past ten years, at least one of its representatives was charged with a felony. Additionally, the firm or one of its affiliates was found to have made a false statement or omission. While these may not be dealbreakers for some, we recommend always assessing a firm and individual advisor’s disclosure history before working with them by using the SEC’s Investment Adviser Public Disclosure (IAPD) search tool.

Customer Service and Becoming a Client

Truist provides several resources to contact the firm or an advisor for support or help, including:

• By phone at (844) 487-8478.
• Visiting its finder page to locate an advisor.
• Going to a branch in person.

If you’d like to begin investing or receiving financial advice from Truist, you can do so by scheduling an appointment online and opening an account. As you do so, you’ll need to specify whether you’re an existing client and what your needs are. Appointments are typically held via a callback or remote via video conferencing.

Methodology

This review is based on publicly available information directly from Truist’s website and the SEC. Neither the firm nor its representatives have any say on what we’ve included on this page.

Frequently Asked Questions

Is Truist Wealth a fiduciary?

Truist is a fiduciary because it holds an ongoing registration with the SEC as an investment advisor. This means it must strictly uphold strong ethics, including avoiding and properly disclosing conflicts of interest, offering objective advice, and working with a duty of care and integrity. This trickles down from the company level to all the investment advisor representatives (IARs) working with clients.

Is Truist a good financial advisor company?

Though new to the advisory space, Truist is a large firm with a generally positive reputation. For instance, it ranked highly in a recent J.D. Power study and, per its accolades page, was listed as one of America’s Greatest Workplaces by Newsweek in 2023. It also features many of the services you would hope for a firm to provide, including comprehensive planning and portfolio management with multiple sub-programs for varying needs.

While it has several options available, Truist isn’t the most accessible company to prospective clients. Many products come with high minimum thresholds, including $100,000 for a dedicated professional and $5,000 for automated investing, which is much higher than other options such as Wealthfront and Fidelity Go for the latter.

Can you talk to an advisor with Truist Invest?

Yes, you can meet with an advisor under certain circumstances with Truist’s robo-advisor program. According to the firm, you’ll be able to discuss your goals and preferred risk with a professional while setting up your portfolio. Then, they’ll work with you to answer questions and oversee your account.