In my extensive experience within the realm of Private Clients, I have encountered various types of clients, all driven by a common aspiration: the desire to generate and multiply their wealth. It’s undeniable that a significant portion of human endeavors revolves around the pursuit of financial prosperity. The typical trajectory involves amassing wealth and subsequently diversifying it.
However, the essence of wealth extends far beyond its mere creation or multiplication. True wealth should be crafted with the intention of making it last, yet many individuals find themselves stuck at, or falling short of, the pinnacle of wealth creation – sustaining it. The inability of affluent individuals to preserve their wealth is, indeed, one of the most pressing societal issues, manifesting itself in diverse ways.
It’s a well-acknowledged fact that wealth not thoughtfully transferred often dissipates within one or two generations. Even the wealthiest individuals and families of the 90s have struggled to maintain the level of affluence they enjoyed just two decades ago, primarily due to factors such as the erosion of their wealth through family conflicts and obligations, including taxes, debts, and expenditures.
Furthermore, wealth lacking a structured approach is unlikely to have a meaningful impact on society at large. This is precisely why concerns regarding wealth inequality persist, along with the social censure faced by legitimate wealth creators.
So, how can one transform their wealth into a source of generational and societal prosperity? How can wealth be channeled to create a positive impact?
The first step is to initiate conversations with experienced wealth advisors who can provide comprehensive guidance for creating and transferring wealth across all facets. A seasoned advisor, such as myself, will not only offer legal or investment counsel but will also collaborate with your existing advisors to craft a lasting legacy for you.
Seun Idowu is an estate planning solicitor, and the Head of the Private Trust at ARM Trustees Limited, Nigeria. Contact ARM Trustees by sending a mail to armtrustees-[email protected] or visit www.arm.com.ng/trustees
