Abstract
Wealth management is gradually becoming attractive to high-net-worth individuals seeking to diversify their investments in Nigeria. The relationship between wealth-manager and client is one that is anchored on utmost good faith. The wealth manager must be honest, considerate, and be very professional. The objective of the paper is to promote good practice on the part of wealth managers in Nigeria. The research was carried out by reviewing laws, regulations, journal articles, reports, periodicals and websites of some wealth management firms. It is important that the training of wealth managers in Nigeria go beyond just making them good at financial planning, offering good advice and business development. A new skill set that will require knowledge of the legal requirements for a sound wealth manager – client relationship is long overdue. The paper argues that wealth managers must report errors to the clients and not seek ways to hide them. It also suggests that appropriate compensation be given to the client for errors caused by the wealth manager. The paper concludes by recommending the de-emphasizing of a target driven approach to one that ensures that the client is satisfied and for ongoing training of wealth managers to know what the law requires of them as they go about their duties.
| Original language | English |
|---|---|
| Pages (from-to) | 161 |
| Number of pages | 173 |
| Journal | Ebonyi State University Law Journal |
| Publication status | Published - 2017 |
Keywords
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