'Tweed Wealth Management is a highly acquisitive firm'

Chris Tweed, who formed the firm with wife Ali, emphasises the importance of recruiting people with skills that complement your own, and the power of delegation when growing a business.

What is your business called?

Tweed Wealth Management and Behavioural Finance.

Where is it based?

Edinburgh headquartered with satellite offices in Glasgow and Inverness.

What does it produce/ do?

We operate on two key fronts. Tweed Wealth Management offers comprehensive financial planning and wealth management advice to families across Scotland and London. Across Behavioural Finance, we specialise in automation and AI, developing automated processes that streamline the production of regulatory documents necessary in the financial advice process.

To whom does it sell?

Tweed Wealth Management caters to entire generations of families — from individuals just starting their financial journeys, like first-time property buyers, to grandparents looking to manage and pass on their wealth in a tax-efficient way. With Behavioural Finance, our primary clients include major players in the financial sector, including  FTSE 100 companies.

What are your financial projections?

With Tweed Wealth Management, our financial projections focus on the growth of assets under management and the expansion of our client base. We currently oversee more than £550 million in assets under management for around 3,000 clients across Scotland and London, and we anticipate doubling that figure within the next twelve months due to planned acquisitions.

In Behavioural Finance, our automated compliance software has supported over £350m in inflows for the firms using it in just the last six months; and we're on track to manage over £1 billion in funds through our software by the end of this year.

How many employees?

We have a team of 30 in the Tweed Wealth Management arm of the business, and 15 people in Behavioural Finance.

Why did you take the plunge?

The decision was driven by both a challenge and an opportunity. My wife Ali and I founded Tweed Wealth Management after I had spent several years growing a team in London for another firm. I wanted to see if we could take that experience and build something of our own.

While I knew I was skilled in growing teams, running a business required a whole new set of skills, and that challenge motivated me to take the next step.

Ali also brought her expertise in consultancy advising businesses, making it a natural shift for her to join the venture. Together, we wanted to see if we could grow and evolve, taking on the challenge of building something from the ground up.

What were you doing before?

Working as financial advisor for a Glasgow based financial planning firm with a large presence in London.

What do you least enjoy?

I least enjoy people management or at least I feel this is where I derive the least energy, on the other hand I am definitely at my happiest working on long-term strategy or ideating new products or propositions or working on turning that strategy into day-to-day operations. Fortunately, we have a strong management team covering a spectrum of strengths and specialisations so hopefully we don’t have to spend too long engaging in areas that we are poorly suited to.

What are your ambitions for the firm?

Tweed Wealth Management is a highly acquisitive firm, having completed six acquisitions in the last decade; and so, we're currently working on acquisitions that will double our funds under management over the next year. Our goal is reaching a ten-year EBITDA valuation of more than £100m.

Through Behavioural Finance, we've rapidly become the largest supplier of automated regulatory documents for our clients, and we’re experiencing triple-digit growth. We're on a trajectory where we expect to double, then double again, all within the same year. Our focus is on continuing to deliver a high quality product in the capacity our clients demand, thus allowing us to continue to drive these very high rates of growth.

What single thing would help most?

More hours in the day.

What is the most valuable lesson have you learned?

The most valuable lessons I’ve learned are, first, the importance of recruiting a team with skills that complement your own, and second, the power of delegation. Being willing to relinquish control and trust the team you've selected to manage their own work streams is crucial. These lessons have been essential for driving growth and success. 

Where do you find yourself most at ease?

I’d say when I’m on my bike, cycling through the hills. I particularly enjoy routes around the Pentlands and throughout West Lothian, heading towards the borders.

If you weren't in your current role, what job would you most fancy?

I’d probably fancy something completely different - like my romantic impression of a farmer. Having grown up in an agricultural village in Northern Ireland, I’m not really a city person at heart – which is ironic given that I spend all my time working in office in the city. However, being outdoors in the countryside holds a lot of appeal to me.

What phrase or quotation has inspired you the most?

“I’d rather be optimistic and wrong then pessimistic and right.”

What is the best book you have ever read? Why is it the best?

It’s hard to pick just one! On the fiction side, I’d say something like Surface Detail by Iain M. Banks. I’m a big fan of sci-fi, and his books paint a fascinating picture of a world that feels increasingly relevant, especially as we move forward into an AI-driven future.

On the non-fiction side, I’d highlight Principles for Navigating Big Debt Crises by Ray Dalio or World Order by Henry Kissinger. Both offer incredible insights into how we try to navigate complex global issues. Alternatively, and completely different, A New Kind of Science by Stephen Wolfram and his new physics project is totally mesmerising.

What has been your most challenging moment in life or business?

For me it was navigating the Covid-19 pandemic. We had just acquired a practice the same size as our own, six weeks before lockdown, which turned out to be incredibly tough timing. We were preparing to bring everyone into our office, only to find ourselves moving everyone to remote work instead. Coupled with the financial crisis affecting our clients, it was a busy and difficult period for us. However, despite the challenges, it was also a time of intense activity and growth for the firm.

What do you now know that you wish you had known when starting out in your career?

Looking back, at the start of my career I wish I had been more focused on the team rather than just my own performance. At the time, I was very narrowly focused on my individual achievements, and I think being humbler and more invested in the success of the team would have made a big difference. I also worked for a visionary Glaswegian business leader at my previous firm, and while I learned a lot, I now realise I could have gained even more by being more team-oriented and less focused on myself.