Citadel recently hosted a series of events featuring Diana Chambers, a globally recognised family wealth mentor, who explored the meaning of true wealth and our emotional relationship with money. Following Diana’s tour, Citadel Advisory Partner Daryl Coker reflects on how wealth is being redefined today.
In today’s world, wealth is being redefined. No longer measured solely by the size of a balance sheet, true wealth now encompasses a broader spectrum—one that includes physical health, emotional well-being, personal freedom and the richness of human connection. This marks a fundamental shift from past generations, whose understanding of prosperity was often shaped by survival, accumulation, and legacy in a very different economic and social landscape.
As access to information and financial mastery expands, so too does society’s understanding of what it means to live a truly successful life. Increasingly, people are recognising that money, while still a powerful enabler, is only one part of the equation. A fulfilled life, grounded in purpose and meaningful relationships, is emerging as a more accurate reflection of wealth.
After all, someone with modest financial means but strong health and deep personal bonds may be far ‘wealthier’ than another with abundant assets but little joy, connection or vitality.
Wealth is more than just a balance sheet
In our approach to wealth management today, we recognise that money is never just a number. Whether clients are motivated by status, recognition or the satisfaction of achieving financial independence, it is important to recognise that money represents meaning and power. By appreciating this, we can tailor wealth management strategies that align with individual and family values and aspirations – ultimately enabling them to exercise their freedom to shape the future they envision.
Understanding what drives a person’s decisions and how they relate to money is essential. Some individuals may have limited financial means but enjoy deep relationships and robust health, placing them in a far wealthier position than someone with a large balance sheet who is isolated or unwell.
Prioritise family dialogue and discovery
Ongoing conversations about how a family’s wealth can find true purpose in the world relies on creating a space where everyone feels safe and comfortable to speak openly. As advisers, we approach each relationship with curiosity and compassion, recognising that while people seek financial advice, the process must be a collaborative and two-way dialogue. It may also involve multiple generations in the family. This ensures that financial planning is not only about wealth but also about purpose, fulfilment and collective well-being.
Shift to the mindset that legacy can be a living concept
Legacy is another important consideration. There are various forms of legacy that individuals can consider. It is important to understand that a legacy does not need to begin only after you pass away – it can be cultivated during your lifetime. Conscious, intentional giving is a powerful way to instil values and guide the next generation to build their legacy.
Unlike previous generations, today’s families are more open to discussing money and giving should be a natural part of that dialogue. By encouraging and educating the next generation on purposeful giving, it is possible to establish enduring legacies that extend well into the future.
Balance your core beliefs with a sound financial strategy
While it may sound like a cliché, having a solid investment strategy aligned with a person’s overall life objectives and core values is essential. Many people carry belief systems inherited from their parents, which often include ingrained biases about how money should be managed. However, the world – and the nature of money – has evolved, and adapting to new financial perspectives can be emotionally challenging, and liberating.
It is important to do some self-reflection and first acknowledge your own deeply held beliefs and biases before embarking on a strategic financial journey. It is important to have thoughtful conversations and gently challenge perspectives that may not serve the family now and in the future. Through open dialogue, it is possible to find a balanced approach that respects specific values while aligning with a sound investment strategy.
Plan for the fulfilment of your purpose
It is essential to start with crafting a comprehensive overall financial plan rather than jumping straight into specific, niche investment strategies. There needs to be an alignment between a person or family’s financial resources, values, and long-term goals – something we are deeply passionate about. If a plan reflects your values and purpose, the rest of the financial journey tends to unfold with greater clarity and ease.
Understanding the emotional and psychological aspects of money is essential, especially if there was past trauma around money. It is important to uncover those perspectives and to ensure that financial strategies align with deeper values and future aspirations, rather than with past traumas.
Conclusion: make time for honest conversations
Don’t shy away from having honest conversations with your family and financial advisor about what you want your wealth to achieve. It is extremely helpful to engage in constructive, positive discussions about money. Too often, financial conversations within families are framed negatively, which can create tension and avoidance. When we learn to approach these discussions with openness and positivity, attitudes can begin to shift. This change fosters healthier dynamics within couples and families and leads to more fulfilling, confident conversations around wealth.