The Progeny Group’s Managing Director Neil Moles has been interviewed in Citywire Wealth Manager.
This article was published in Citywire Wealth Manager, 2 February 2017. Read the full article here.
Profile: building the four pillars of Progeny Group
“‘He nearly fell off his chair laughing,’ recalls Neil Moles, describing his first meeting with Dominic Scoffield, the owner of Leeds-based financial advisory Lawrence Scoffield.
The then 24-year old Moles had told Scoffield that he would join his firm if he could buy it. His new boss was impressed by his front, both were true to their word and four years later, Moles went on to lead a buyout back in 2008.
Now rebranded as Progeny Group, the company has been completely overhauled. It has offices in Leeds and London and its proposition has been broadened from pure financial planning to include discretionary investment management, and private and corporate legal services – what Moles describes as the four pillars of the business…
…‘When we were dealing with wealth clients, they all had trusts and we found no client just needed wealth advisory – it wasn’t joined up. We also recognised that these high net worth clients own property and businesses, and have a whole raft of other legal needs,’ he says.
‘So we created Progeny in 2014. It was a case of do we evolve Lawrence Scoffield or do we start afresh. We chose Progeny and the brand is really important to us, it means child of or next generation.
‘Rebranding is very hard. You need to change the mindset of individuals and sell them your USP – I hate to use the word sell, but you have to when you’re launching a brand.’
The financial advisory core of Lawrence Scoffield was renamed Progeny Wealth and the first new pillar added was on the legal side with the company hiring in a team in Leeds to build Progeny Private Law in 2015. The company brought in a specialist corporate lawyer to create Progeny Corporate Law and recruited a team of six from Redmayne-Bentley to establish Progeny Asset Management last year.
With the four pillars now in place, Moles believes Progeny can offer the breadth of services to meet the needs of the most complex and demanding client, while being positioned for growth…”