Holistic Wealth Management: Balancing Family Support, Growth, And Legacy Planning
'By midlife, many individuals have achieved professional success and are earning more than ever before, yet their financial responsibilities often outgrow their salaries,' says Jodi Suchard, Advisory Partner at Citadel. 'Managing debt, saving for the future, supporting dependents, living well, and planning your legacy requires a holistic and well-considered wealth strategy.'
In the second episode of The Wealth Journey podcast, Suchard and Seugnet Moggee, Fiduciary Partner at Citadel, unpack the unique wealth challenges faced by midlife professionals and offer practical guidance on how to protect their family's financial well-being.
Avoid Lifestyle Inflation – Prioritise Financial Resilience
'As your income increases, it's tempting to upgrade your lifestyle,' says Suchard. 'But we urge individuals to stay grounded. Pay off debt quickly, maintain consistent savings, and live within your means. Our goal is for clients to reach a point at which they work because they want to, not because they have to.'
Suchard emphasises that it is never too late to start. 'Even if you've missed the early years of saving, it's still possible to chart a successful financial path,' she says. 'A professional advisor can help develop a lifetime cash flow plan that aligns your current income with your future goals, ensuring financial independence remains achievable.'
Estate Planning and Fiduciary Oversight Must Not Be Delayed
A critical step for anyone with children is to have a valid, up to date will in place. 'The absence of a will can causes major legal and emotional difficulties for your loved ones, especially where guardianship is concerned. It is important to name guardians for minor children in case of unexpected events,' cautions Moggee. 'Drafting a will is not simply a legal requirement, it's a cornerstone of responsible legacy planning.'
Suchard adds: 'Wills need to be reviewed regularly, especially after major life changes like divorce, the birth of a child, or a move abroad. It's also never too early to prepare a will.'
Plan for Multigenerational Financial Demands
The financial burden of caring for both parents and children can be overwhelming without careful planning. 'Cashflow is key,' says Suchard. 'Include future family events like weddings, medical care for ageing parents, and educational expenses in your plan, so that such events do not become financial emergencies.'
Moggee notes that fostering financial independence in children is just as important. 'Inheriting money is a privilege, not a right.' Suchard agrees,' Parents need to educate their children early on the value of budgeting, saving, and investment. Involving children in financial discussions, even in small ways, can help reduce entitlement and foster accountability.'
Trusts and Estate Structures Must Suit the Individual
While trusts remain a relevant tool for 'protecting assets, managing inheritance and safeguarding against financial misuse', both experts caution against using them for the wrong reasons. 'Trusts are not tax dodges, they are strategic tools for families with specific needs, such as minor children, beneficiaries with special needs, or multi-jurisdictional estates,' explains Moggee. 'We also need to caution that trusts come with complexity, costs, and compliance obligations.'
Divorce, Remarriage and Inheritance Require Proactive Legal and Financial Planning
Post-divorce financial readjustments are necessary to avoid unintended consequences. Wills need to be updated post-divorce, especially as ex-spouses may still inherit unless a will is updated within three months of the divorce.
'Individuals often forget to update their wills or fail to understand the implications of marital contracts,' says Suchard. 'In cases of blended families or second marriages, proper fiduciary structuring is vital to protect children from previous relationships and ensure that inheritance is distributed fairly and according to your wishes.'
Conclusion: A Holistic Plan for a Complex Phase of Life
'By midlife, the stakes are higher, and mistakes are more costly,' says Moggee. 'A trusted advisor who understands the full financial and personal picture can coordinate across fiduciary, advisory, and investment planning.'
Suchard agrees: 'Every family's story is different, and so their financial roadmap must be unique to them. We start by listening – because wealth isn't just about money, it's about the freedom to choose the remarkable life you want to lead and legacy you want to leave behind.' DM
Seugnet Moggee, Fiduciary Partner
Jodi Suchard, Advisory Partner and Seugnet Moggee, Fiduciary Partner
ABOUT CITADEL INVESTMENT SERVICES
Citadel is a specialist wealth management company with 32 years' experience in providing holistic wealth management solutions. Citadel's expert advisors forge and maintain 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 enables its clients to explore the true potential of their hard-earned wealth by presenting them with tangible advice and solutions. It's a client-centric and advice-led business, with an award-winning in-house asset management team. Citadel offers a variety of services including investment advice, asset management, philanthropy, local and offshore fiduciary services, forex strategy, and family office solutions. For more information about Citadel and its services visit www.citadel.co.za or follow @Citadel SA.
DISCLAIMER
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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