Retirement Planning Specialist Urges Investors to Avoid Quick Returns

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By Dipo Olowookere

A retirement planning expert, Ms Folashade Onanuga, has advised investors not to be tempted to invest in assets that offer quick returns as they wipe away their funds.

She gave this advice at the first virtual education summit organised by the Professional Insurance Ladies Association (PILA) themed Redefining Success in A Changing World.

During her presentation, she urged investors to consider diversifying their portfolio ahead of retirement as this would ease pressure on them when one asset class was doing badly.

“If you are planning for a good retirement, you must be able to distinguish between your needs and your wants right now.

“To retire well, you need money, you need assets and don’t put all of your assets in one basket, diversify. Always avoid the desire for quick returns and most importantly manage your health,” Ms Onanuga stated.

Another speaker at the conference, Ms Adetola Adegbayi, the Executive Director in charge of Corporate Services at Leadway Assurance, reminded the audience of the redefined place of women in the modern-day.

“Our society now requires and says women must come to the front and when they come to the front, they must be fearless, they must not say this is how things are done. They must be careful of dogmas, they must challenge everything.

“We have to see how we can create value and as we create that value, where we need to be, the ladder we need to step, the mountains we need to climb and the flag we need to fly on top of that mountain would obviously come,” she said.

On his part, a foremost Gambian Insurance expert, Mr Frederick Bowen John, while commenting on redefining insurance in Africa in the 21st century as well as gender diversity from an international perspective, highlighted the challenges facing insurance globally and in the African market and the possible solutions to address these challenges.

As for the CEO of Edumark Consult, Ms Yinka Ogunde, she detailed how professional women spoke can attain leadership positions and make a change.

“Preparation is very important if you want to get into the C-Suite. It is a place that requires extensive experience, proven impact, excellent leadership skills, strong management attributes and great problem-solving capacity, the vision to see what others see and before others see,” she submitted.

The president of PILA and MD/CEO of African Alliance Insurance Plc, Mrs Joyce Ojemudia, while setting the tone for the event, said, “As we all know, success, by its very essence is about meeting and exceeding set expectations.

“In this COVID-19 imposed new normal, the parameters for measuring success have become quite stricter. However, if there is one thing we all here have in common, it is that we are in the business of uncertainty being insurance practitioners.

“We, therefore, are supposed to naturally thrive in uncertainties due to our training and professional leanings. But you and I know this is usually not the case.

“It is with this at the back of our minds that PILA has put together this education summit to help us, reinvigorate us, remind us and indeed realign our thoughts towards success despite the uncertainties.”

The education summit organised by PILA was first held in 2002 as an educational seminar for women in insurance which later transformed into an international program where members would embark on an educational tour in an African country. This year’s summit was the association’s first virtual summit due to the restriction of COVID-19.

The event had other opinion leaders in the Nigerian insurance industry like Funmi Babington-Ashaye, MD/CEO, Risk Analyst Insurance Brokers; Adeyinka Adekoya, former MD/CEO, Coronation Insurance PLC and Ebelechukwu Nwachukwu, MD/CEO, NSIA Insurance, amongst others in attendance.

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