The wealth manager and legal adviser announced on Thursday it has bought Buckinghamshire-based Quest Financial Solutions and Juno Wealth Management, based in Sussex, as part of its self-styled ‘acquire to hire’ approach.
And on Monday the firm announced it had purchased Edinburgh-based Innovate Financial Planning, its first adviser acquisition in Scotland.
As part of the latest deal, management and staff from Quest and Juno will transfer to Progeny, it said in the announcement, while both firms’ clients now have access to Progeny’s asset management, wealth planning and private and corporate legal services.
Progeny managing director Neil Moles (pictured) said: “We look forward to welcoming Quest Financial Solutions and Juno Wealth Management to the Progeny family, and adding their skills to our transparent full-service offering, providing in-house wealth and legal advisory services.”
Hard to ignore Progeny’s progress
Quest Financial Solutions managing director John Francis said it has been hard to ignore Progeny’s progress over the past two years and its track record of delivering wealth management advice aligns with his firm’s own offering.
He added: “Something we are excited to add to our proposition is a full suite of legal services which we believe to be crucial when continuing to provide our clients with the holistic solutions they deserve.”
Juno Wealth Management principal adviser and director Tracey Evans said Progeny shared her firm’s “long-term approach of looking to the future, identifying the trends in the way our clients are living and thereby helping them safeguard their wealth”.
Moles first outlined Progeny’s ambitious expansion plans in January 2017, saying the firm wanted to take on the industry’s “big boys” that have high charges and poor service.
In March of that year, Progeny supported the management buyout of Quadrant, a firm of London-based independent financial advisers, and in October 2017 it took on Chestergate Financial Planning.
The latest acquisitions see Progeny’s national headcount double. Its assets under advice increased to more than £1bn with the acquisition of Evolve Financial Planning on 24 July last year.