Barron's - USA (2020-12-07)

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CLIENT: The PNC Financial Services Group

AD TITLE: 2020 Hawthorn Advertorial

PUB: 2020 PNC Hawthorn Advertorial - Barron's Penta

PUBDATE: N/A

PROD: Melissa Betancur

AE: Katherine Gabler

AD: N/A

CW: N/A

ARTIST: luis.negron

WIP: Yes

JOB#: PNC_ADV_M09223

SAP#: 11419223-1040-Ao

WORK ORDER #: 83266-2.3

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DATE CREATED: 7-28-2020 10:47 AM DATE MODIFIED: 7-29-2020 3:13 PM

DATE

STUDIO

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1 2

ARE YOU

PREPARING

YOUR

FAMILY FOR

WEALTH?

*Source: Preparing Heirs: Five Steps to the Successful Transition of Family Wealth

and Values — Book by Roy Williams and Vic Preisser, research based on 3,250

families.

The PNC Financial Services Group, Inc. (“PNC”) uses the marketing name

Hawthorn, PNC Family Wealth® (“Hawthorn”) to provide investment consulting

and wealth management, fi duciary services, FDIC-insured banking products

and services, and lending of funds through its subsidiary, PNC Bank, National

Association (“PNC Bank”), which is a Member FDIC, and to provide specifi c

fi duciary and agency services through its subsidiary, PNC Delaware Trust

Company or PNC Ohio Trust Company. PNC does not provide legal, tax, or

accounting advice unless, with respect to tax advice, PNC Bank has entered

into a written tax services agreement. PNC Bank is not registered as a

municipal advisor under the Dodd-Frank Wall Street Reform and Consumer

Protection Act.

“Hawthorn, PNC Family Wealth” is a registered service mark and “Hawthorn

Institute for Family Success” is a service mark of The PNC Financial Services

Group, Inc.

Investments: Not FDIC Insured. No Bank Guarantee. May Lose Value.

©2020 The PNC Financial Services Group, Inc. All rights reserved.

ore and more,wealthy families are realizing

that fi nancial success does not always translate

into family success. They oftentimes struggle

to thrive with their wealth and to achieve

enduring well-being within their families. Unfortunately,

their impression is well-founded. Sadly, 70 percent of wealth

transfers fail by the third generation*, causing heartache

and disappointment for everyone involved. Contrary to

what many families and advisors think, most generational

wealth transfers do not fall apart because of poor fi nancial

management. Rather, fortunes are commonly lost or

squandered due to issues within the family itself: lack of

communication and trust, insuffi cient preparation of the next

generation for responsible wealth ownership, and absence

of a clear family vision, to name a few.

On the other hand, some families manage to beat the odds

and thrive, keeping their wealth intact across generations.

While every situation is different, these successful families

tend to share some common characteristics. They have a

strong identity and know what they stand for; they share a

common vision for their future; they communicate openly

and frequently, and respect and trust each other; they have

found a level of family togetherness that all members enjoy;

they have established a transparent and fair process

to make decisions about the shared family wealth; they

prepare family members to be responsible wealth owners

and future family leaders; and they support personal

fulfi llment and initiatives.

The challenge is that most families don’t get to learn from

these experiences and benefi t from such best practices. They

are often surrounded by advisors eager to preserve wealth

for their family with services like investment management,

estate planning or tax advice. But very few fi rms are willing

or able to help prepare families for their wealth. Fortunately,

the wealth management industry is starting to evolve to

address this growing need. Firms like Hawthorn, PNC Family

Wealth

®

have responded by launching an Institute for Family

Success

SM

to improve these disheartening odds. The Institute

helps clients revamp their family dynamic, promote family

cohesion, and foster open communication and responsible

ownership, ultimately giving families a better chance of

fl ourishing and extending their legacies throughout the

generations.

Such approaches provide families with a greater opportunity

to attain true wealth, which encompasses not only money

but all of the tangible and intangible assets a family

possesses — fi nancial capital, of course, but also human,

intellectual and social capital. These include thinking

skills, experiences, practical know-how, higher education,

relationships, networks, values, traditions, passions,

memories, etc. There are obviously no guarantees, and

luck always plays a factor in achieving success. But being

hopeful isn’t a plan, either. Families who prepare and act

intentionally are much more likely to achieve and sustain

well-being. As the saying goes, “The more you practice, the

luckier you get.”

To learn more, visitpnc.com/hawthorn

A SPECIAL FEATURE FROM PNC Paid Advertisement

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