Progeny CEO, Neil Moles, recently spoke to the Adviser Gap podcast in a wide-ranging interview covering the next generation of advisers and clients, coming together as an industry and what’s next for Progeny. Some of the key points from Neil’s interview can be found below. You can listen to the interview in full on Apple Podcasts, Spotify or visit the Adviser Gap website.
On bringing the industry together: “We are passionate about ensuring the industry comes together to share ideas, concepts and training. If as an industry we focus on attracting clients together there will be more clients for everyone. It’s time we removed the focus away from pinching each others’ clients and started focusing on the greater good.”
Advice for the next generation of advisers: “For those starting in the industry, I’d say reach out to people, ask questions – those who do that will do well. Be the best that you can possibly be at that time but also remember to be humble and understand you are not the finished article. Find a mentor who can provide guidance and advice. The rest will come with time and experience. Planners and clients will both teach you valuable lessons and skills.”
How to address the advice gap: “The financial crisis of 2008 led to a ten-year dip in people entering the industry. We are an ageing profession; the average age of an adviser in the UK is over 58 years old now. We have established an Adviser Academy to do our bit for nurturing a new generation of advisers. Again, firms need to work together and share resources to perhaps create one overarching academy for the industry. We need to be brave and think about clients first. We won’t fix the advice gap problem until we fix the industry.”
On what’s next for Progeny: “Progeny has strengthened its position in the marketplace by bringing all these professions under one roof, working together to deliver better outcomes for clients. The business now needs to grow, organically and by building the brand in a sustainable way to attract more clients and bring the industry together. We will continue to invest in new business, to make acquisitions where we can see talented individuals who want to join us. We want to become the best professional advisory practice in the UK and beyond.”
The full interview with Neil can be streamed from the Adviser Gap website.