FBNQuest Teaches Clients Generational Wealth Transfer

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Clients of FBNQuest Merchant Bank, the investment banking and asset management business of FBN Holdings Plc, were recently hosted to a Wealth Management Customer Forum.

The programme was organised to share in-depth analysis of the impact of long-term wealth preservation and inter-generational wealth transfer and was themed Our Customers, Our Strength.

The event focused on three key topics; Health is Wealth presented by Consultant Nephrologist at St. Nicholas Hospital, Dr Ebun Bamgboye; Benefits of Generational Wealth Transfer delivered by Head Private Trust FBNQuest Trustees, Mofoluke Keshinro; and Trends & Opportunities in the Global & Local Economy by Head Macroeconomic and Fixed Income Research FBNQuest Capital, Gregory Kronsten.

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% of all family-owned businesses survive into the second generation and only 12 percent make it to the third generation.

It further explained that 72 percent of family businesses have no formal business continuity plans and only 7 percent 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.

Speaking at the forum, Managing Director/CEO of FBNQuest Merchant Bank, Mr Kayode Akinkugbe, reaffirmed the position of the bank to help customers build more long-term and strong investment portfolios through structured wealth management services.

“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.

Debbie Irabor, Head, Wealth Management at FBNQuest Merchant Bank, also stated that “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.”

The session also emphasised on the need for individuals to maintain healthy lifestyle habits as a key contributing factor to managing wealth while also highlighting some of the most common health challenges faced in our communities.

The FBNQuest Merchant Bank Wealth Management Forum is designed to appreciate the organisation’s customers and educate them on the importance of Wealth Preservation and Wealth Transfer.

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