Parmenion’s founder and chief executive Richard Mein has died, following a short battle with cancer.
This morning (21 January) the firm confirmed the 52-year-old, who is survived by a wife and two children, passed away at the weekend.
A statement read: “His vision was to harness new technology, supporting the widest possible choice of professional investment proposition, to make life simpler and business more efficient for financial advisers.
“His drive for the next horizon led him to launch the UK’s first online regulated advice system in July 2014.”
Mr Mein was an entrepreneur, establishing a business that did not fall within the usual boxes of either platform, technology or investment management, but instead vertically integrated all three functions.
“Richard’s inspirational integrity and determination to ‘do the right thing’ means in his memory, management will continue to take his vision forward,” added the statement. “Parmenion will continue to flourish and provide a bespoke service without compromise within the larger Aberdeen group.”
He started up the business in 2007 with a small team, several of whom still work for the firm.
Rennie Miller, executive chairman of Parmenion, said: “Richard’s fundamental belief was that financial services should be bought and not sold and he was mindful that the world over, people are looking for more modern and efficient means of buying products and services.”
Jeffrey Charles, managing director at Two Six Financial, called him a person of great integrity, who thoroughly deserved the respect of his peers and the wider financial services industry.
“For my part, I first met Richard at the beginning of the Parmenion story when you could barely put out a five a side team. But despite being brand new and unknown he persuaded me to be an early adopter of what was, with his drive and enthusiasm, to become a fantastic company.”
Jim Aitkenhead, a chartered financial planner at Hunter Aitkenhead & Walker, also said Mr Mein was one of the reasons his firm came on board with Parmenion.
He said: “I felt that here was someone who was trustworthy, had business acumen and a fresh approach and yet did not seem to be unduly focused on money-making from clients; the emphasis was money-making for clients and the achievement of successful investment solutions, which was to everyone’s benefit.”
Donations can be made to Dorothy House Hospice Care.