Nigeria is one of the third world countries.
This gradation is thus based on the level of development and the growth indices emanating from the borders of the country. Recently, due to economic activities and government plans, the country is termed as an emerging economy.
It is positive to note that in recent times, the growth of economic activities in the country has started to show signs of producing a whole new group of millionaires. Among them are educated and uneducated people, young and old, locals and foreigners, men and women, and especially those with financial knowledge and illiterates. They come from practically all fields of activity. The liveliest of these are those in banking, oil and gas, sports, manufacturing, transportation, telecommunications, real estate, and our dear entrepreneurs who we call buyers and sellers.
The number of these new groups of millionaires can only increase due to the country’s pristine nature and the growing demands of its more than 140 million citizens and an unknown number of foreigners. Also noteworthy is the VISION 2020 proposed by the current President, President Umaru Musa Yar’ Adua, to place Nigeria among the top 20 economies in the world that year.
As noble as the ideas are, and as all the levers are now at work to realize this vision, creating more wealth poses more problems than the eye can see in terms of retaining the wealth thus created. On that note stands the need for a Wealth Management Financial Planner. This notion remains new, but it seems quite strange because many of our citizens, both individuals and cooperative organizations, may not understand its place in economic affairs. Mr. President saw an urgent need. So, during his state visit to Switzerland earlier this year, he called on the Nigerian business community living there to go home and lend a hand to realize this dream.
This service has been well established in developed countries and it represents the quantum leap in wealth of these nations. It is no coincidence to see overseas empires that have lasted more than four decades and still count. Among them, a word like PRIVATE WEALTH MANAGEMENT is a fairly common term that refers to a specialized service rather than a generally offered service. According to Morgan Stanley, an overseas financial services provider, “private wealth management” is a service reserved for clients with investments worth more than $20 million.
For this reason, the importance of a financial planner cannot be overstated. He occupies a central position close to that of coach. In his team are bankers, lawyers, insurers, real estate brokers, securities brokers et al.
Their duty depends on the instruction of the principal.
This obligation separates them from other traditional financial services practitioners. Thus, for a beginner, he can be a trusted friend and guide to reach a definite financial destination. For those who have counted a few million, these strategic plans multiply your wealth, for those in the multi-millionaire arena, their expertise will sustain, safeguard and transfer your hard-earned wealth to your desired recipients.
Cases abound of multiple empires that have taken a nosedive and disintegrated with the demise of their founders. Likewise, a person’s individual law offers his wealth to unapproved people. Also, probate taxes and poor asset management are not left out.
The sole job of a wealth management financial planner is to use various wealth management options to protect clients’ wealth. When this is done, the life of wealth is protected and extended while a nation’s wealth is sustained.
Get a financial planner today!