Financial Planning and Wealth Management

25

Nigeria is among the third world nations.

This gradation is so based on the level of development and growth indexes emanating from the confines of the country. Recently, due to economic activities and government plans, the country is termed an emerging economy.

It is positive to note that in recent times, growing economic activities in the nation has started showing signs of producing a brand new sets of millionaires. Among them are educated and non educated, young and old, local and foreign, male and female, and most importantly those that are financially literate and illiterate. They are coming from virtually all diverse areas of businesses. Most vivid of them all are those in banking, oil and gas, sports, manufacturing, transportation, telecommunications, real estate and our darling entrepreneurs whom we call, buying and selling folk.

The numbers of these new sets of millionaires are bound to be expanding owing to the virgin nature of the country and the escalating demands of its over 140 million citizens and unknown number of aliens. Equally, worthy of note is the VISION 2020 proposed by the present president, President Umaru Musa Yar’ Adua to place Nigeria among the top 20 economies of the world by that year.

As noble as the ideas are, and as all spanners are now at work to realize this vision, creation of more wealth poses more problems less than the eyes can see in terms of retaining the wealth so created. On this note stands the need for a financial planner in wealth management. This notion remains novel, yet it sounds quite strange as many of our citizenry both individuals and cooperate bodies may not understand its place in economic affairs. Mr. President saw it as a dire need thus, in his state visit to Switzerland earlier this year, he called on Nigerian business community living there to come home and give a helping hand to realizing this dream.

This service has been well established in developed countries and it accounts for the quantum leap in these nations wealth. It is not a chance occurrence to see empires abroad that has lasted for more than four decades and still counting. Among them, a word like PRIVATE WEALTH MANAGEMENT is quite a regular which denotes a specialized service rather than a generally offered service. According to Morgan Stanley a foreign financial service provider, “private wealth management” is a service reserved for clients with investments worth over $20 million.

Based on this reason, the importance of a financial planner cannot be over emphasized. He occupies a central position akin to that of a coach. In his team are bankers, lawyers, insurers, real estate brokers, stockbrokers et al.

Their duty depends on the originators instruction.

This duty separates them from other the traditional financial services practitioners. Thus for a beginner he can be a trusted friend and guide to reach a set financial destination. For those who have counted a few millions, this strategic plans multiplies your wealth, for those in the multi million arena, their expertise will sustain, safeguard and transfer your hard earned wealth to your desired recipients.

Cases abound of empires in multiples that have nose dived and disintegrated at the demise of their founders. Similarly, a person’s individual law does offer one’s wealth to unapproved persons. Also, probate taxes and mismanagement of wealth are not left out.

The sole work of a financial planner in wealth management is to use various wealth management options to protect the clients’ wealth. When this is done the life span of wealth is protected and prolonged while a nation’s wealth is buoyed.

Get a financial planner today!

Source by Kingsley Igwenazor

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