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Citadel unveils its powerful campaign highlighting the importance of having conversations about wealth with those you love.

Many of us grew up being taught that it was inappropriate and frowned upon to speak about money, a norm that was reinforced across cultures and generations. This behaviour has often left loved ones feeling vulnerable, worried and disillusioned, as they are kept in the dark about finances.

“Globally, we are in the midst of the ‘Great Wealth Transfer’ where the Baby Boomer generation is passing on their wealth to the next generations, emphasising the important need for open conversations about finances. You simply cannot afford to not talk about it any longer,” says Andrew Möller, Citadel’s Chief Executive Officer.

Specialist wealth management company, Citadel, is marking its 30-year anniversary with a three-part series that demonstrates how open conversations about finances can alleviate fears, strengthen connections and empower families.

Conversations – A series by Citadel follows three duos, each with different relationships, financial views and backgrounds, and places them in an experimental setting where a conversation about finances is prompted. At the end they reveal their deepest financial fears to one another.

Watch the campaign teaser video:

The results were a powerful reminder that we all behave differently towards wealth, but have the same financial fear.

Legacy and retirement planning 

“The experiment reaffirms the importance and overwhelming need to leave a legacy for the next generation. That is why estate planning and structuring are important as part of a holistic financial plan,” says Möller.

It’s not just parents worrying about their children’s financial futures. There are children and grandchildren who are actively seeking out information on their parents’ finances so that they, themselves, can plan accordingly.

“We call it the ‘sandwich generation’ – a generation of people who are most likely going to be supporting both their own children as well as their parents into old age which is challenging to navigate. In some cases, they support children from different marriages or a partner’s children from another relationship, as well as children who move back home after setbacks such as divorce.”

“But, if time is on your side and you are aware that these challenges are coming your way, you can get the financial and investment advice you need to plan for it,” explains Möller.

When it comes to planning for retirement, the experiment also echoes the concern many South Africans have about having enough money until death. Longevity risk is worrying. People are living longer, and the cost of living continues to get higher.

“Having these conversations provides an opportunity to reflect and acknowledge your current situation. It enables you to change course and seek advice on your wealth journey to ensure that your wealth is secured and grows for you, and your loved ones,” says Möller.

The future is uncertain and will always surprise 

Möller explains that a key pillar in the Citadel investment philosophy is that the only certainty in the future is uncertainty. “Scenario planning is essential in our investment decision making process, it enables us to identify investment opportunities in any market cycle. We guard against market uncertainty by being prudent and taking a long-term approach to investing. Portfolios are also diversified to mitigate risks.”

With so many investment vehicles available, each with its own advantages and limitations, investing without professional financial advice can be overwhelming and often leads to short-sighted decision making for “quick wins” rather than a strategic long-term financial roadmap.

Getting comfortable with being uncomfortable 

No matter your circumstances, talking about finances with loved ones should not be taboo. At the end of the day, relationships are based on open conversations, and finances play a big part in it. There are children seeking out advice on how to start their financial journeys, there are siblings wanting to understand how to share the load of supporting their elderly parents, and there are couples wanting to leave behind a legacy that lasts for generations to come.

Citadel has been leading meaningful conversations about wealth for 3o years, and will continue to do so for many more years to come. We created this social experiment to illustrate how important it is to talk about your financial situation with those you love – and we’ll be here to continue guiding our clients as their trusted financial partner,” concludes Möller.

Visit www.citadel.co.za/conversations to view the series or follow @CitadelSA on social media. DM


About Citadel

Citadel is a specialist wealth management company with 30 years’ experience in providing holistic financial solutions. Citadel’s expert advisors forge and maintain long-term authentic relationships with clients based on trust; enabling them to understand each individual’s unique goals and develop the best financial roadmap tailored to them. Citadel partners with clients to explore the true potential of their hard-earned wealth by presenting them with tangible advice and solutions. Citadel offers a variety of services including investment advice, asset management, estate and legacy planning (fiduciary), offshore structuring, treasury management, risk solutions, and philanthropy. For more information about Citadel and its services, visit citadel.co.za. Follow Citadel at @CitadelSA.


Citadel Investment Services Proprietary Limited is licensed as a financial services provider in terms of the Financial Advisory and Intermediary Services Act, 2002. Kindly note that this article does not constitute financial advice. All information and opinions provided are of a general nature and are not intended to address the circumstances of any individual.




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