We continue our series getting to know the constituents of 2021 PAM 50 Most Influential, an annual list of those at the forefront of shaping private client wealth management in the UK and Crown Dependencies.

This week we hear from Nick Tucker, chief executive of Waverton Investment Management.

Mr Tucker joined Waverton in February 2020 as chief executive having spent nearly 30 years building wealth management businesses in the UK and overseas.

Since joining Waverton, Mr Tucker has helped lead an adaption in the way Waverton staff operate, and the business continues to perform strongly for both clients and intermediaries. It also made a series of hires throughout 2020.

Investment in a new technology has meant that Waverton’s transition to remote working was seamless. And this is already creating new opportunities, not least deepening and broadening the relationship with existing clients.

Prior to Waverton, Mr Tucker was managing director and Head of UBS’s domestic wealth business in the UK. For the first 20 years of his career, he was with Merrill Lynch, latterly as head of private clients UK and Ireland.

He graduated from Exeter University with a degree in Political Studies.

What team or personal achievement over the past year are you most proud of?

Given everything we have been through over the last 12 months, I would expect most CEOs will say something similar, however I am extremely proud of the response of my colleagues at Waverton across all departments, to what has been, and continues to be, an extremely challenging situation.

During the course of a few weeks, we went from 100 percent office-based operations to all staff working seamlessly and securely from home and we continue to operate in a flexible and pragmatic manner.

What do you find most rewarding about your role?

Being able to create a vision for the business and develop the culture to support this, is something I am passionate about. I relish the opportunity to work with and support emerging talent across the business, helping the generation coming through to develop and realise our goals.

What most excites or interests you about the wealth management industry right now?

There is a tremendous amount of wealth being generated by entrepreneurial individuals in the UK, much of it outside of London. Developing our proposition to work with these types of individuals, encouraging them to see the value in engaging with a wealth manager ahead of any business exit is an exciting growth opportunity.

As an industry, we must continue to adapt to service the changing needs of our existing clients and rise to the challenge that new client segments offer, with greater client focus and more convenient and intuitive solutions to offer.

What challenges do you see your firm/clients facing in 2021? 

The pandemic has brought a shift in perspectives and preferences, as the world has become more unpredictable.

Some of these changes are short-term in nature, however the primary challenge for the firm is how we adapt to this evolving environment in order to help our clients prioritise and exceed their expectations in realising their investment objectives.

Additionally, the virtual environment that is now part of our working lives has also presented its own challenges but we must work to find solutions that allow us to combine office-based and remote working seamlessly and embrace both as part of our culture moving forward.

If you couldn’t work in wealth management/private banking, what other career appeals?

I take great pleasure in developing people, giving them confidence in their abilities, and helping them to reach their goals. To combine this with my passion for golf would be ideal, and so a golf coach would probably be a natural choice.

What was your student job?

I worked in the food halls at Harrods, where I especially enjoyed playing cricket with my colleagues and the unsold Easter eggs alike.

What’s a valued hobby or interest outside work and how did you get into it?

You would find me on a golf course most weekends. I have been playing since I was barely walking. I enjoy the contrast of being confined to an office during the week and being able to spend my leisure time in the fresh air, connecting with nature, socialising, along with improving my game.

Do you have a pet? What’s (s)he like?

Yes, I have Golden Retriever – Ivy. She’s very intelligent and eager to please with an extremely patient demeanour. All characteristics of her breed. She is a much-loved member of the Tucker family.