Bringing you live news and features since 2006 

Progeny Group is on the growth path

RELATED TOPICS​

Fast growing Progeny Group is bucking the trend for consolidation in the wealth management industry by building its business as fast as it can. Managing director Neil Moles is driven by the belief that financial services should be a profession, offering professional services. He did a management buy-out of his previous firm Lawrence Scoffield back in 2008, driven by a need to see change.

“I had a vision for what financial services should look like and it wasn’t being delivered in the right way,” Moles says.

April last year saw him establish Progeny Group. “I wanted to move that business along. I was proud of it in terms of wealth management and wanted to go to the next stage but we were lacking integrated services for high net worth individuals.”

The result is Progeny Group which encompasses four parts: Progeny Wealth, originally Lawrence Scoffield; Progeny Private Law; Progeny Corporate Law and Progeny Asset Management.

The new firm is not publishing its assets under management yet and has clients around the country and offices in Leeds and London. The client base is 50/50 split between the north and the south.

“We sought a lot of feedback from clients before we started on what their experiences have been of professional services. Many were disappointed at the lack of joined-up advice between legal and wealth management sectors. Our unique offering is that we are delivering complex legal and wealth management advice under one group.”

Progeny is also trying to achieve transparency on fees. “We have got to be there helping clients and managing the cost,” he says. He doesn’t publish fees but he says they are very clear on what they will charge. Legal fees are not on a per hour basis, but on a project basis.

“Our perfect client is someone who is high net worth, who needs complex advice, because they have been a business owner or have had a wealth creation event.”

It was the Alternative Business Structure that allowed non-lawyers to own law firms that lies behind the foundation of Progeny.
In terms of corporate law, the firm advises on general business activity such as purchases or restructuring and commercial and residential real estate law is undertaken in the corporate team as well.

Moles says his group is quite acquisitive and about to close on the purchase of another London-based wealth management business in quarter one of this year.
“If it’s a good time to consolidate it becomes expensive but we are trying to bring in like-minded people. It’s an exciting time for financial services,” Moles says. “When I sat down 15 years ago and thought what should a financial services firm look like, I felt it should become a profession and the governing bodies are doing a good job of improving the levels of qualifications and standing in the industry. Over the next few years we can give better confidence to the consumer that wealth management is a profession.”
 
 
 

Latest News

Morningstar has published a review of the European ETF market for the first quarter 2024, which finds that it gathered..
ETF data consultant ETFGI reports that assets invested in the global ETF industry reached a new record of USD12.71 trillion..
Calastone has published an ETF white paper which examines several of the processes that take place across the lifecycle of..
Adapting product lines to fit into changing methodologies and meet shifting demand is essential to remaining relevant in the industry..

Related Articles

Kristen Mierzwa, FTSE Russell
Index Investments Group (IIG), a division within index provider FTSE Russell, has extended its range of indices through two new...
ETFs
US ETF issuers of active ETFs are facing an increase in fees from the big custodian firms, such as Charles...
Taylor Krystkowiak, Themes ETFs
Themes ETFs opened its doors in December 2023, with an introductory suite of 11 ETFs – seven thematic and four...
Konrad Sippel, Solactive
At the end of March, financial index specialist, Solactive, published its 2024 annual report on future trends.  ...
Subscribe to the ETF Express newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by