Building Generational Wealth in Africa: The Legacy Haus Story

Olufunke Olumide is the Managing Partner of The Legacy Haus, a first-of-its-kind multifamily office focused on Africa. The Legacy Haus helps African families build wealth that lasts for generations and preserve their legacies. They go beyond just managing money by offering a wide range of services, including legal and financial advice, as well as help with personal affairs. Their goal is to change the way Africans think about wealth by helping them not only build it but also pass it down to future generations while keeping the family’s values strong.

Olumide has over ten years of experience in advising businesses and families on how to structure themselves and manage their wealth. She is an expert in helping families transfer wealth and businesses to the next generation while making sure everything is run well and ethically. One of her biggest accomplishments is creating a system to smoothly transfer wealth and family traditions to future generations. She has also been instrumental in growing The Legacy Haus’s client base across three continents in just a year and a half.

The Legacy Haus wants to be a major player in the African family office industry, and they have a plan to get there. They aim to capture a significant portion of the Nigerian market by 2026. To do this, they plan to expand to more cities and offer services to not just the super-wealthy but also to those who are on their way to becoming very wealthy. They want to partner with these families to help them achieve their financial goals and build a lasting legacy.

The Legacy Haus is different because they act as a central control center for everything a family needs, from planning their children’s education to managing their investments and even paying their bills. They focus on more than just finances; they consider the whole picture to make sure families’ wealth lasts for generations. This is a unique area of the professional services world, and The Legacy Haus stands out by offering a wide range of services across many different industries. They combine long-term planning with everyday support to handle every aspect of their clients’ lives.

One of the challenges The Legacy Haus faces is that many people in Africa, especially Nigeria, are not familiar with the concept of a family office. They need to educate the market about the benefits of using a family office. Another challenge is finding highly skilled people to work for them because they need expertise in many different areas. There is also some mistrust of financial advisors in Nigeria, so some people are hesitant to use their services.

Despite these challenges, The Legacy Haus is seeing a growing interest in their services, especially among younger families. More and more families are realizing the value of getting help with everything from managing their money to planning for their children’s education. This trend is good for The Legacy Haus because it allows them to grow their business and continue helping families build wealth that lasts for generations.

The future looks bright for the family office industry in Nigeria. In the next few years, there will likely be a bigger demand for financial planning services as the economy becomes more uncertain. Family offices will also start to use more technology to improve how they deliver their services. In the medium term, family offices are expected to offer more specialized services, and there will likely be more competition in the market. But the number of wealthy families is also expected to grow, so there will be plenty of business to go around. In the long run, the family office industry is expected to become more established, with clearer rules and higher standards. Family offices may also start working together more across borders and there will likely be a bigger focus on investing in ways that are good for the environment and society. Overall, the family office industry in Nigeria is on the rise, and The Legacy Haus is well-positioned to be a leader in this growing market.

So, who is Olufunke Olumide, the woman behind the vision? A 33-year-old lawyer, wife, and mother of two. When she’s not strategizing on how to build wealth, you might find her engrossed in singing melodious songs just for fun, and exploring her passion for interior design and fitting. Olumide’s dedication to her family reflects the core value of The Legacy Haus: a commitment to building long-term relationships with their clients, becoming trusted advisors who are there to guide you through every chapter of your success story.