THE ROLE OF FIDUCIARY ACCOUNTANTS IN WEALTH MANAGEMENT
ABSTRACT
This study explores the role of fiduciary accountants in wealth management, focusing on asset preservation, tax optimization, and regulatory compliance. A survey design was employed to collect data from fiduciary accountants and wealth managers, offering insights into their practices and challenges. Using Taro Yamane's formula, the sample size was calculated to be 360 from a population of 6,500 fiduciary accountants in Lagos, ensuring statistical accuracy. Lagos was selected due to its significant wealth management activities and high concentration of high-net-worth individuals. The survey instrument achieved a reliability coefficient score of 0.88, indicating high reliability. Findings reveal that fiduciary accountants play a crucial role in wealth management by ensuring asset preservation and tax optimization, though they face challenges related to regulatory compliance and evolving client needs. The study recommends continuous professional development and collaboration with legal experts to enhance the effectiveness of wealth management services.
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