Cordros Capital has advised families to be strategic with wealth management and transfer plans.
The company’s operators gave wealth creation and trans-generational wealth transfer tips during discussions at the Cordros Wealth Summit 2023 in Lagos.
The summit, themed, ‘The future of wealth’, brought together high-net-worth investors, industry leaders, and stakeholders to engage in insightful discussions, collaborate on groundbreaking strategies, and explore cutting-edge innovations to shape the landscape of wealth management and investment in the country.
In his keynote address, the Chairman of Cordros Capital, Charles Osezua, while speaking on ‘Wealth management and family legacy’, said managing family wealth required the deliberate application of principles, just like managing a business.
He noted that in spending limited time with families, many people failed to transfer the values that made them succeed in their businesses to their respective heirs.
He said, “Yes, we have built a comfortable home environment, and we have created an inheritance but because some of us failed to transfer values to our family, it is discovered that our vision gets jettisoned and then you see families in court trying to find a way forward after the wealth creator is no more, and in the process, a legacy that the wealth creator built over the years is destroyed.
“To overcome this challenge, I want to emphasise that we need a principle-centered approach in management and transfer of wealth. At times, doing that can be very challenging, indeed, it can be messy. I have been there. You need to have a vision and make it known to members of your family. This is simply because the sooner you let your family members know, the better it becomes for you.”
In his opening remarks, the Managing Director of Cordros Asset Management, Adegbolahan Aina, said the summit’s focus was on knowledge sharing on wealth management and family legacy.
The Group Managing Director of Cordros Capital, Wale Agbeyangi, said, “I am happy to inform you that Cordros has made significant progress as a credible capital market operator.
“We have evolved into a financial services super house comprising six subsidiaries with over a hundred staff members in Lagos, Abuja, and Port Harcourt.”