FINANCIAL PLANNING AND WEALTH MANAGEMENT.


Nigeria as a nation among the committee of nations is placed among the developing nations of third world class. This gradation is so based on the level of development and growth indices emanating from the confines of the country. Recently, due to economic activities and government plans, we are equally termed an emerging economy.

It is positive to note that in recent times, growing economic activities in various areas of human endeavors of the nation is producing brand new sets of millionaires. Among them are educated and non educated, young and old, local and foreign, male and female, and more 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 buying and selling men and women.

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 our dear 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 thrown into 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 sounds quite strange as so 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, he called on Nigerian business community living there to come home and give a helping hand in 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 words like PRIVATE WEALTH MANAGEMENT (pwm) 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 the afore mentioned reason, the importance of a financial planner cannot be over emphasized. As he occupies a central position akin to that of a coach, in his team are bankers, lawyers, insurers, real estate brokers, stockbrokers et al. depending on ones contract with them, they do create, multiply, sustain, safeguard and most importantly transfer wealth to the originators approved entities. This duty separates them from other the traditional financial practitioners. Thus for a beginner he can be a trusted friend and guide to reach your financial destination, for those who have counted few millions, their 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. Similar to that is the personal individual laws that offer one's wealth to unapproved persons against his wish, not excluding the national monster called capital flight. All these eats deep into wealth acquired by individuals when such wealth is not properly managed. The sole work of a financial planner in wealth management is to use various wealth management options to protect this wealth. When this is done the life span of wealth is protected and prolonged while the nations wealth is buoyed.


Get a financial planner today!