The Managing Director/CEO, FBNQuest Merchant Bank, the investment banking and asset management business of FBN Holdings Plc, Kayode Akinkugbe, has reaffirmed the position of the bank to help customers build more long-term and strong investment portfolios through structured wealth management services.
Akinkugbe spoke at the Wealth Management Customer Forum organised for clients recently in Lagos, to share in-depth analysis of the impact of long term wealth preservation and inter-generational wealth transfer.
“We work with our clients to provide tailored investments solutions to help build, sustain and transfer wealth across generations. Over the years, we have actively partnered with both individual and institutional clients to grow financial assets and investment portfolios in line with varying wealth management objectives. We ensure that we seek investments that are safe, liquid and profitable for long term sustainability,” he said.
Also speaking, the Head, Wealth Management at FBNQuest Merchant Bank, Debbie Irabor, said: “The inheritors of a generational wealth transfer must maintain a more global outlook, in ways not only to preserve wealth but investment opportunities to maximise such wealth.
“This is why we ensure that our wealth management products and advisory services are specifically tailored, as we journey alongside our clients. This customer forum is also for us to engage, get customer feedback, strengthen our relationships, innovate and continue to provide clients with the best solutions required to manage their wealth.”
On generational wealth transfer, the forum highlighted some of the challenges individuals and businesses encounter, due to lack of a proper estate plan. According to FBNQuest Trustees, insights have revealed that globally, only 30 per cent of all family-owned businesses survive into the second generation and only 12 per cent make it to the third generation. It further explained that 72 per cent of family businesses have no formal business continuity plans and only seven per cent have hired professionals to help deal with family relationship issues involved in planning for the continuation of the business. The forum also advised on the importance of securing your wealth through the services of professional financial institutions to guarantee successive generational wealth transfer and stable investment growth.
According to the FBNQuest, it is an innovative and client-focused, with strong industry and execution expertise to serve its diverse client base of high net-worth individuals, institutions, corporations and governments across a wide range of services.