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Nigeria is one of the third world countries.
This categorization is based on the level of development and development index emanating from the country’s borders. Recently, due to economic activities and government schemes, the country is termed as an emerging economy.
It is positive to note that in recent times, the growing economic activity in the country has started showing signs of producing a new set of millionaires. These include educated and uneducated, young and old, local and foreign, male and female, and most importantly those who are financially literate and illiterate. They are coming from almost all diverse sectors of businesses. The most vivid among them are Banking, Oil & Gas, Sports, Manufacturing, Transport, Telecom, Real Estate and our lovely entrepreneurs whom we call Buying and Selling Folk.
The number of these new sets of millionaires is bound to increase due to the virgin nature of the country and the growing demands of its more than 140 million citizens and an unknown number of aliens. Equally, the Vision 2020 proposed by the current president, President Umaru Moses Yar’ Adua, to position Nigeria among the top 20 economies of the world by that year is also worth noting.
As great as the idea is, and as all the spanners are now working to make this vision a reality, the creation of more wealth creates more problems than meets the eye in terms of maintaining the wealth thus created. can see. On this note money management requires a financial planner. The concept remains new, yet it seems strange enough because many of our citizens and allied bodies cannot understand its place in economic matters. Seeing this as a dire need, Mr. President, during his state visit to Switzerland earlier this year, called on the Nigerian business community based there to come home and help make this dream a reality.
This service has become well established in the developed countries and it is responsible for the quantum leap in the wealth of these countries. It is no coincidence to see such empires abroad that have lasted for more than four decades and are still continuing. Among them, a term like personal wealth management is quite regular which refers to a particular service rather than a service offered generally. According to Morgan Stanley, a foreign financial services provider, “private wealth management” is a service reserved for clients with investments of more than $20 million.
For this reason, the importance of a financial planner cannot be over emphasized. He occupies a central position similar to that of a coach. His team consists of bankers, lawyers, insurers, real estate brokers, stock brokers etc.
His duty depends on the instructions of the promoters.
This duty sets them apart from other traditional financial services practitioners. Thus for a novice he can be a reliable friend and guide to reach a set financial destination. For those who have counted a few lakhs, these strategic plans to multiply your wealth, who are in the multi million territory, their expertise will retain, protect and transfer your hard earned money to your desired recipients .
In multiples there have been cases of empires that have withered and disintegrated upon the demise of their founders. Similarly, a person’s personal law assigns one’s wealth to disallowed persons. In addition, probate taxes and mismanagement of funds are not left out.
The only job of a financial planner in wealth management is to use various wealth management options to protect the money of the clients. When this is done the life span of money is preserved and prolonged while the wealth of a nation increases.
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