Meristem Wealth Management hosts Private Breakfast Session on Retirement, Tax & Wills

Wednesday 4th, December 2019 Meristem Wealth Management Limited hosted a private breakfast session on retirement, tax, and wills for her clients at the Wheatbaker Hotel, Ikoyi Lagos. The session themed; conversations you do not want to have was aimed at discussing the important yet mostly averted conversations around retirement planning, tax planning as well as wills & trust. The objective of the session sought to enlighten and help attendees make informed decisions about the management of their wealth and its preservation over the long term. 

Giving the opening remarks, Group Managing Director Meristem, Wole Abegunde emphasized the need for individuals to begin retirement planning at an early stage of one’s career. He stated that the key to a comfortable retirement lies in the time allotted to putting resources aside, so if you start early, retirement is a lot easier. 

Taking the conversation further, a panel discussion featuring Sulaiman Adedokun, Managing Director Meristem Wealth Management Limited, Mercy Aminah, Managing Director Meristem Trustees, Yomi Olugbenro, Partner and West Africa Tax Leader Deloitte, Joseph Ariyo, founder Telnet Group of Schools ensued. The session which was moderated by Damilola Hassan, Head, Wealth Management Meristem, was designed to give the guests a platform to interact with members of the panel and get clarifications on retirement planning, tax planning, wills and trust.

Shedding light on retirement planning, Sulaiman Adedokun, Managing Director Meristem Wealth Management Limited highlighted that there are two phases of retirement “The active retirement which involves the desire to remain active and engaged – travel, take vacations, get involved in the community and social causes. While there is also passive retirement which includes spending time with family, nursing health issues and generally winding down. These retirement phases are not inevitable and should be characterized by financial stability which must be accumulated early in one’s career”. He further explained that retirement planning should not be treated as an activity for the old or about to retire, but rather as a starter pack for a fulfilled career.

Also, speaking during the panel session, Partner and West Africa Tax Leader Deloitte, Yomi Olugbenro, addressed one of the pain points for attendees which bordered around understanding the tax regime in the country. He spoke on the benefit of the new finance bill for MSME’s and SMEs, he specified that “Prior to the amendment of the finance bill, all entities and companies in Nigeria have been mandated to pay company income tax on their income, but with the new amendment of the bill, micro and small enterprises are no longer automatically required to pay company income tax, where small businesses in this regard are classified as companies with an annual turnover of 25 million naira or less”. He further added that “while the VAT rate may have been increased, the government is also encouraging MSMEs and SMEs to float their business through legal entities and in exchange their businesses can benefit from incentives.

The breakfast session was concluded with Mercy Aminah, Managing Director Meristem Trustees urging attendees to seek professional advice on the sensitive issues of Wills and Trusts while planning their Estate.  Proper planning will ensure that the right tools are deployed, having considered unique individual and family circumstances.

The Meristem Wealth Management Private Breakfast Session is a quarterly gathering of professionals, industry leaders and entrepreneurs hosted by Meristem; to discuss various topical issues in the financial space, in a bid to demystify all myths and help individuals make better informed financial and investment decisions.

Meristem Wealth Management is a subsidiary of Meristem Group, the company offers stockbroking, wealth management, financial advisory, trust and probate management services. The company has been consistent in value creation and innovation within the capital market space for the past 16 years. The firm has remained a leading player in Nigeria’s competitive investment market with a solid reputation as a highly professional and client-centric firm.

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