New RiverPeak Wealth targets non-private banking clients - Spear's Magazine

New RiverPeak Wealth targets non-private banking clients

Nick Parker, a private banker with more than 30 years of experience, has launched RiverPeak Wealth, a new wealth management firm that will focus on London and the South East.

Parker (pictured above), who was the head of private banking at Banque Havilland until May, and previously worked at Citi and Barclays private bank divisions, as well as at Merrill Lynch and Coutts, said the new firm will fill a gap in the market, offering private banking-style services to a broader client base.

‘It’s apparent that private banks are pushing for the wealthier clients. There is a 80:20 rule, where 20 per cent of a private bank’s clients will earn 80 per cent of its revenues,’ he told Spear’s.

‘We will target clients who don’t have access to private banks – because of the costs or because they can’t find the service they need.’

Parker added that RiverPeak will cover retirement planning and investing, as well as tax and inheritance planning but will rely on third parties if a client needs more sophisticated advice.

He set up the new firm with James Powell, who was also a director at Banque Havilland.

RiverPeak, which officially launched this week and expects to open its London office by the end of March, has already got a ‘quite substantial’ book of prospective clients, Parker added, although he didn’t say how many clients he expects to have in 2014.