Wealth Manager - the site for professional investment managers

Register free for our breaking news email alerts with analysis and cutting edge commentary from our award winning team. Registration only takes a minute.

Office Spotlight: Tilney, Newcastle-upon-Tyne

Office Spotlight: Tilney, Newcastle-upon-Tyne

Date office opened: Jan 2017

Assets under management: £318 million

Number in team:12

Clients: 600

Average portfolio size: £530,000

Top three fund picks:

Fundsmith Equity

Evenlode Income

Crux European Special Situations

Q&A with David Smith, partner, Tilney, Newcastle-upon-Tyne:

What is your typical client demographic?

The vast majority of our clients are directors of small and medium-sized enterprises who typically require tax planning for extracting capital from their business, funding for their retirement, protection for their business and their families upon death, and assistance when selling their business.

Most clients are also concerned about assisting with their children’s university fees and deposits to help them get on the property ladder.

We help put in place plans to reduce and/or mitigate inheritance tax, along with retaining sufficient capital to fund future long-term care costs. 

What differentiates your region?

The North East has the second largest percentage of public sector workers in the UK. This requires certain types of advice, specifically understanding pension benefits.

The population of the North East also seems to be lucky, as we have a high proportion of lottery winners in our region, and hopefully this trend will continue.

Our clients also tend to be hard workers and appreciate the wealth that they build up during their working lives, and seek to preserve these capital values for their families to inherit in the future.

What challenges are facing your area?

Unfortunately, the North East tends to appear at the wrong end of the economic statistics tables, with high unemployment levels (especially younger people) and low earnings growth compared to other regions. The average house price is significantly lower than the rest of the country.

The lack of government investment holds back growth; this is clearly illustrated by the fact that the campaign to dual the A1 north of Newcastle has been in place for 40 years, with no positive outcome as yet. There are also concerns about how the North East will be affected by Brexit and long term whether the likes of Nissan will choose to relocate to the eurozone, which would have a huge impact on the local economy.

What’s the best thing about living in your area?

The people are what makes it a special place to live and what really sets it apart. We are widely regarded as friendly people who welcome visitors and who retain a sense of pride in where we live.

We are also blessed to have some of the finest countryside in the UK, not to mention a beautiful coastline and fantastic places to visit, not least Hadrian’s Wall.

We remain proud to follow our local football teams, and can only dream that one day someone who shares our passion will invest in our local clubs.

What’s a typical regional saying?

‘Shy bairns get nowt’ which roughly translates as, those who don’t ask don’t get.

What is your office motto?

Your personal wealth, our personal responsibility.

Bullish or bearish?

As a financial planning team, we remain bullish about asset values at present. Although the UK might be experiencing a slowdown during Brexit negotiations, the rest of the world isn’t, and we see continued growth in the US, Europe, Asia and the Far East.

Leave a comment!

Please sign in or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Citywire Scotland: how wealth managers use new tech

Citywire Scotland: how wealth managers use new tech

We caught up with a few wealth managers at our annual event in Gleneagles to find out what technological innovations they are employing across their businesses.

1 Comment Play CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

CEO Tapes: Buxton to Gilbert - ‘my Glencore quandary’

Do not miss the first two minutes of this film as Richard Buxton shares how he has been challenged by a client for owning shares in a certain company.

Play CEO Tapes: the huge opportunities for asset managers

CEO Tapes: the huge opportunities for asset managers

From tech disruption, retirement and poaching, the CEO discuss the opportunities for their businesses in this episode.

Read More
Wealth Manager on Twitter