Article published in TheWealthNet, 28 August 2025.
The opportunity for Mark Goddard to take on the Chief Executive role at Lombard Odier UK came at a “really interesting time” given the bank’s ambitions to grow and develop its UK offering.
Speaking to TheWealthNet after his first six months in post, Mr Goddard acknowledged his new role is “very different” to his previous one at UBS, where he was head of UK high net worth.
There is a significant difference between working at a very large, global listed bank and a privately owned business. Having undergone this transition, Mr Goddard believes Lombard Odier is ideally placed between boutiques and full-service banks. He also believes this positioning resonates well with Lombard Odier’s clients, who are the firm’s sole focus. “Being a pure play private bank and wealth manager is very important for clients,” he says.
Lombard Odier is ideally placed between boutiques and full-service banks
Partly this is due to improved access and communication. Being smaller allows for “much greater connectivity to senior management” for both staff and clients alike, he explains, meaning the management team are aware of and invested in the client service being delivered. In fact, all of the leadership team, including Mr Goddard, maintain client relationships and spend time every week with clients.
Entrepreneurs and families at the core
In terms of what this client base looks like, Lombard Odier’s UK business has a diverse range of clients, coming from multiple channels. Clients tend to have at least GBP 5 million of investible wealth, as it is at this point that they can receive full value from the services the bank offers.
However, one cohort of clients the firm is looking to develop is entrepreneurs. Lombard Odier wants to “bring entrepreneurs much more to the front of our strategy,” Mark Goddard says.
Lombard Odier has a “clear and targeted client strategy” to attract entrepreneurs and capitalise on the opportunity it sees. Part of this strategy involves creating a UK entrepreneur network
The firm believes it is ideally placed to serve entrepreneurs due to its own business model as a privately owned bank. As such, the management team is able to relate to the challenges business owners face.
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learn more Mark Goddard stresses that Lombard Odier has a “clear and targeted client strategy” to attract entrepreneurs and capitalise on the opportunity it sees. Part of this strategy involves creating a UK entrepreneur network which, he believes, “can be really quite valuable.”
Being an entrepreneur can be a lonely experience – for many, it can be difficult to find others who can relate to the challenges they face. The UK entrepreneur network is designed to combat this by creating an environment where entrepreneurs can discuss common issues and pain points openly, as well as opportunities they are seeing. They can support each other through the different stages of their businesses and the challenges each stage brings.
Read also: How to avoid cashflow pitfalls when selling your business
There are benefits for Lombard Odier in doing this, too. It gives the bank the opportunity to “put ourselves really at the forefront” of the conversation, Mr Goddard notes, as subject matter experts and trusted advisors, particularly as entrepreneurs move towards a business sale.
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learn more Focus on the NextGen
Another client segment Lombard Odier is looking to support is the next generation (NextGen).
With this in mind, the key consideration for the firm’s advisors is, “how do we embrace the family as a whole?” It is no longer enough to focus only on the primary wealth holder; all family members need to be considered. For Lombard Odier, this is not just about retaining clients after a transfer of wealth, but also a matter of protecting and growing client wealth for generations to come.
For the NextGen specifically, the firm has a programme – ‘LO Generations’ – through which it works closely with families to facilitate conversations around the transfer of wealth, and helps prepare the NextGen for the responsibility that comes with taking on the leadership of family businesses or wealth.
Read also: From geopolitics to AI – entrepreneurs and family businesses rethink a changing world at LO Generations 2024
However, preparation is also essential for the incumbent generation, Mark Goddard acknowledges. If the primary wealth holder is not equipped to plan for the succession and transfer of wealth, then the NextGen is very unlikely to be able to manage the transition successfully. “A big part of our role is helping to educate them,” Mr Goddard says, noting that this applies to both the NextGen and the primary wealth holder.
This area will continue to be a focus for the firm as it looks to support clients throughout all stages of their wealth journey.
If the primary wealth holder is not equipped to plan for the succession and transfer of wealth, then the NextGen is very unlikely to be able to manage the transition successfully
Sustainable growth with clear direction
Already, Lombard Odier is actively growing in the UK, Mr Goddard stresses, with the asset base doubling since 2018.
Read also: Lombard Odier wins two Euromoney Private Banking Awards for its UK offering
Looking forward, the firm wants to continue this growth and will hire where necessary to support this. However, growing the headcount will never be the primary aim – instead, Lombard Odier is interested in bringing in people that can really add value.
While growth is clearly a focus, “We are not setting ourselves spurious targets,” Mr Goddard stresses. Rather, “It is the trajectory and direction of travel that is important.”
This approach appears to be working, with client assets doubling in the past seven years. The plan is to “meaningfully grow in the next couple of years,” Mr Goddard concludes.
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