Dear Wealth Manager,
Greetings from the Toon!
It’s believed to be the coldest major city in England, which isn’t surprising as we arrived to 12°C and non-stop rain. A bit of a shock having left London in a balmy 23°C. Newcastle is apparently one of the driest UK cities as it’s in the rain shadow of the North Pennines, but you could have fooled me!
Now, we knew there was lots of wealth management activity in the North of England but
we wanted to come and see it for ourselves.
Suzie took a slight detour on the journey up to meet Shelia Tindle, head of Sanlam Private Wealth’s Teesside office and Mark McMullan, senior portfolio manager.
They told her: ‘The further you get out of London, the more people like to look locally for wealth management. There is a strong local feeling in the North East.’
Meanwhile, Libby and Eleanor were seeing Stephen Black and Ian McElroy, managing directors at Tier One Capital. We heard about the fascinating projects being supported as part of their direct lending and EIS offering to clients.
Black told us: ‘Wherever we spot an opportunity to do something a bit better, we’ll not hesitate to build out our own capability from the concept up. In that sense, many of our team are almost best described as financial engineers; we are constantly evolving and refining.’
It’s an exciting time in their office!
Next we popped over to Rathbones, where we heard about their expansion into the North East. Nick Swales, regional director, explained: ‘We opened the office four years ago and are proud to have doubled the size of our team since then. We operate in a very forward looking and creative environment in this office.’
We’re off for dinner tonight with the New Model Adviser team, who are also here meeting Newcastle’s advisory community.
Bye for now,
The ‘On the Road’ Team
It’s still raining in Newcastle but that won’t stop us.
First stop, Brewin Dolphin. William Baker-Baker, head of office, kindly gave Libby and Suzie an office tour. He introduced them to some of the team, who explained more about their digital offerings and financial planning arm.
With this in mind, Baker-Baker said: ‘The concentration of our clients from this office is in the North East. A challenge we face at the moment is capturing the next generation and understanding what is most important to them – price or service?’
Also discussing local clients was Charles Nicholson, who set up his own business in 2016 - you might remember his profile piece last summer. He told Suzie and Eleanor: ‘About 50% of my business is in the North East and I’m keen to bring more work into the region. Not only is it good for me, but it’s good for the area.’
Nicholson was happy to tell us that ‘since setting up on my own last year, things have been fantastic.’ That’s what we like to hear!
Speak soon, The On the Road Team
P.s we also had lunch with Vertem Asset Management - read here
Great news - it stopped raining last night, hooray! Always eager to explore on our travels, we went for a jog around the quayside before walking to Jesmond for dinner with the team.
Today it’s back down to London, but Eleanor found enough time to pop by and see UBS Wealth before leaving the ‘Toon’.
Aidan Dunstan, executive director, told us that UBS was keen to have people on the ground locally.
He said: ‘UBS realised a while ago that it was beneficial to have a fully regional footprint. We opened the office in Newcastle in 2002 and are well established now. We have a loyal and growing client book in the North East.’
It’s encouraging to see so much going on in the wealth management world in Newcastle. Thankfully we’ll be back in the region for our Citywire North event in September.
Until then, thanks for having us!
The On the Road team