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WEALTH CREATION: Entrepreneurs Need to Diversify their Wealth Portfolio

 



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Mercantile Bank has entered into an alliance with Citadel, one of the country’s most established and respected wealth management organisations. This partnership will afford business owner banking clients the opportunity to establish, grow and expand their wealth portfolio beyond their business interests, and access personal wealth management solutions.

“Business owners tend to invest most of their wealth into their businesses,” says Tom Stilwell of Mercantile Bank. “But this can prove risky, particularly in the current economic environment where business confidence is low, and various industries are feeling the pressure. Owning a business is not the only way to grow a wealth portfolio and business owners should be responsibly diversifying their wealth, rather than concentrating it solely in their business interests.”

Andrew Möller, CEO of Citadel, agrees: “There is no doubt that business owners who have chosen to diversify are better off in the long run. Feedback from our clients shows that a wealth management partner is essential to help a business owner navigate the complex and changing world of investments, while they focus on running and growing their business.”

Mercantile works with successful business owners who are looking for advice on how to diversify their wealth. Stilwell says that diversification is the best way for entrepreneurs to spread their risk and that is why the bank saw a need for the alliance, which will afford clients the opportunity to utilise a traditional wealth creation and preservation offering.

They will now be able to access Citadel’s fiduciary services, financial advisory platform and asset management services. Möller says, “Our business has been built on successful client relationships over the past 20 years – critical to this is the need to understand the circumstances of each individual and provide a solution for their needs. We are excited that we will be able to complement the work already done by Mercantile with their clients.”

Stilwell further adds, “We have had a lot of success in generating wealth for our clients using traditional banking solutions such as bonds and loans, but with Citadel on board we are now able to diversify our own offering to better service our clients’ needs through a broader selection of services.”

Citadel and the Mercantile Business Banking team will engage with business owners and entrepreneurs to understand their needs and then design and implement a comprehensive and holistic investment and risk plan that will work for them, covering both their business and other personal wealth interests.

Möller explains the wealth manager’s role in this alliance: “With our specialist focus on servicing high net worth clients, we will provide a personal wealth service that complements the business owner’s existing relationship with Mercantile Bank. We look forward to engaging with and adding value to Mercantile’s client base.”

Mercantile’s alliance with Citadel forms part of its strategy to offer clients a comprehensive range of business and personal banking products and services that meet their specific needs. “Mercantile is challenging the way business banking is done in South Africa, with a strong focus on products and services that are tailor-made for business owners operating across key industries,” says Stilwell. “That is why we have partnered with Citadel to provide wealth management solutions to the entrepreneurial segment of the market, which is not always prioritised by many traditional banking institutions”.

 
 
 
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