Truist-Perspectives-AUGUST_2021

Pulse: Expertise
Our take:
Insider tips for specialty clients
Athletes, artists, doctors, and those outside the U.S. often face
distinct challenges. Here’s how Truist advisors are helping our
specialty clients pivot and plan ahead this year.
Share your hopes and dreams
When a rising musician thought his dream studio was out
of reach, we found the financing and connected him with a
realtor. As specialty advisors, we understood the need to be in
the most creative environment. In three weeks, he was in his
new home—where he recorded what I believe is the biggest
song of the year! Share your dreams with your advisor, who
will figure out the steps to help you shape the legacy you want
to leave behind.
Let pros care for you
We work only with medical practices and physicians—day in,
day out—so we know what keeps doctors up at night. Right
now, we’re seeing an uptick in cyber fraud. Our clients are
often surprised that a cyber liability policy they purchased
three years ago may not cover the types of crimes happening
today. We’re recommending all clients do an insurance review
to protect patients and the practice itself against this and
other threats. It’s a good idea for any business owner to have
their policies reviewed at least once a year.
Be an open book
Many people compartmentalize their finances: Personal.
Family. Business. But international business owners tend to
view their finances more holistically. When the pandemic hit,
we already understood the big picture of their finances, so we
were able to help them pivot quickly. That was a real reminder
about how connected the world is—and how connected our
goals are, too.
Make the case for liquidity
Law firms are not like other businesses. For one, monthly
draws are usually supplemented by a big end-of-year payout,
with most of the money distributed to partners. That means
there isn’t much cash on hand for the practice—including
when a pandemic shuts down the court system. Truist Legal’s
specialized knowledge enabled us to help lawyers manage the
unique challenges of 2020. Now we’re making a strong case
for holding something in reserve so funds are more liquid in
case of emergency.
Rasheed L. Muhammad
Managing Director, Senior
Wealth Advisor, Beverly
Hills, California
Sports & Entertainment
Specialty Group
Marylin Gonzalez
SVP, Director,
Miami, Florida
Medical Specialty Group
Marcello Zaffaroni
VP, Wealth Advisor,
Coral Gables, Florida
International
Specialty Group
Wendy F. Inge
SVP, Wealth Advisor,
Richmond, Virginia
Legal Specialty Group
Muhammad, Gonzalez, Zaffaroni, and Inge, Registered Representatives, Truist Investment Services, Inc. Investment Adviser Representatives, Truist Advisory Services, Inc.
August 2021 | 7