Nigeria is among the third world nations.
This gradation is thus based on the level of development and growth rates that emanate from the confines of the country. Recently, due to economic activities and government plans, the country is called an emerging economy.
It is positive to note that in recent times, the growing economic activities in the country have begun to show signs of producing a new group of millionaires. They include educated and uneducated, young and old, locals and foreigners, men and women, and most importantly, those who are financially literate and illiterate. They come from virtually all the various areas of business. The most vivid of them all are those in banking, oil and gas, sports, manufacturing, transportation, telecommunications, real estate, and our beloved entrepreneurs whom we call people who buy and sell.
The number of these new sets of millionaires is sure to expand due to the unspoiled nature of the country and the growing demands of its more than 140 million citizens and an unknown number of foreigners. Likewise, it highlights the 2020 VISION proposed by the current president, President Umaru Musa Yar’ Adua, to place Nigeria among the top 20 world economies for that year.
As noble as the ideas are, and given that all the keys are now at work to realize this vision, creating more wealth poses more problems than the eyes can see in terms of retaining the wealth so created. In this note is the need for a financial planner in wealth management. This notion is still novel, but sounds rather strange as many of our citizens, both individuals and cooperative bodies, may not understand their place in economic affairs. The President saw it as an urgent need, so on his state visit to Switzerland earlier this year, he called on the Nigerian business community living there to come home and help make this a reality. sleep.
This service has been well established in developed countries and represents the quantum leap in the wealth of these nations. It is no accident to see empires abroad that have lasted more than four decades and are still counting. Among them, a word like PRIVATE WEALTH MANAGEMENT is quite common and denotes a specialized service rather than a generally offered service. According to Morgan Stanley, a foreign financial services provider, “private wealth management” is a service reserved for clients with investments worth more than $20 million.
Based on this reason, the importance of a financial planner cannot be overemphasized. He occupies a central position similar to that of a coach. His team includes bankers, lawyers, insurers, real estate brokers, stockbrokers and others.
Their duty depends on the instruction of the originators.
This duty separates them from other traditional financial services professionals. Therefore, for a beginner, it can be a trusted friend and guide to reach a certain financial destination. For those who have counted a few million, this strategic plan multiplies your wealth, for those in the billionaire arena, your expertise will hold, safeguard and transfer your hard-earned wealth to your intended recipients.
Cases abound of multiple empires plummeting and disintegrating with the disappearance of their founders. Similarly, a person’s individual law offers his wealth to unapproved people. Inheritance taxes and mismanagement of wealth are not left out either.
A financial planner’s only job in wealth management is to use various wealth management options to protect clients’ wealth. When this is done, it protects and prolongs the useful life of wealth while keeping a nation’s wealth afloat.
Get a financial planner today!