Secrets of the wealthy – The Standard

Paul Njoki, Head of Wealth Management, Standard Chartered [File]

For almost 20 years, Paul Njoki, the Head of Wealth Management at Standard Chartered, has advised and monitored the world’s rich.

He began as a corporate auditor at KPMG then moved to Bermuda, a playground for the super-rich. There, a client would send $5 million and direct him to invest.

He also audited hedge funds, mutual funds and audited funds for investment giant Franklin Templeton which has over $1.5 trillion assets under management (AuM).

Standard Chartered wealth unit, which serves a significant proportion of Kenya’s affluent, manages over Sh120 billion AuMs.

The rich have largely been cushioned from the pandemic owing to their liquidity and access to capital that provided them with an array of investment options ranging from global stocks, venture capitalism, real estate and mutual funds – and even giving them the ability to bag government tenders.

A recent report showed that there were some 1,755 individuals with a net worth of $5 million (Sh566.5 million) or more as of November last year with wealth totalling $37.1 billion (Sh4.2 trillion).

Kenya’s rich have diverse business interests spanning agriculture, transport, manufacturing, clothing and real estate.

In a sit-down interview with Enterprise, Paul shed light on how the wealthy invest, protect and grow their money.

Clear and decisive about their goals

Wealthy folk are clear and know what they want. This enables them to work towards their goals with a ruthless focus.

According to Paul, a sit down with High Net Worth Individuals (HNWIs) is always an enlightening moment.

“I go into a meeting room with them thinking I’m clear but I find they are even clearer,” chuckles Paul.

This sharp focus extends into even their habits and work ethics.

“They work hard really hard, most of them are also early birds,” he said.

Paul adds that they are quick decision-makers. After a pitch, they don’t sit for too long with a decision.

They seek advice

Most people lack an in-depth grasp of finance or even the time to seek out the best financial portfolio.

A financial advisor helps in finding the best rates, budgeting, investing, saving and tax planning. They simply help one plan your finances and align them with their goals.

HNWI are not limited when it comes to advise. Most of them have various wealth managers and financial advisors on call and are not afraid to seek a second opinion.

“There are some clients whereby I’m coming out from a meeting advising …….