We are pleased to announce that we are continuing our rapid expansion with the acquisitions of three new financial planning and wealth management firms across the country. The acquisition of Innovate Financial Services in Edinburgh marks our first expansion into Scotland, while the acquisitions of Quest Financial Solutions in Buckinghamshire and Juno Wealth Management in Sussex will strengthen our presence in the South East.
All three firms have built up enviable reputations in their respective areas. Their commitment to client service and technical excellence chimes with our ethos, which has been at the core of our rapid expansion in recent years.
Innovate’s, Quest’s and Juno’s clients will now be able to benefit from Progeny’s asset management, financial planning and private and corporate legal services, all offered with transparent costs.
In line with our ‘acquire to hire’ strategy, the management and staff of all three firms will join our team, doubling our national headcount to 125.
A team from Progeny Law led by Alistair Scott-Somers acted as our legal adviser on the transactions.
The news of our acquisition of Innovate broke on Monday morning (11th Feb) in The Scotsman, which published an exclusive feature on the front page of its business section. (Read it online here). The piece discusses Progeny’s “rapid growth across the UK in recent years” and highlights “more potential deals” north of the border.
Managing Director, Neil Moles, told The Scotsman: “We feel that Scotland is a very important market for us”. He added that further Scottish growth will come via a combination of organic growth and acquisitions, with law firms among potential targets. “It’s a very exciting time”, he said.
Citywire Wealth Manager published the news of our second and third acquisitions on Thursday morning (14th Feb). (Read the piece online here). Managing Director, Neil Moles, added to his previous comments, telling Wealth Manager that the firm is already in talks with other businesses both in Scotland and the rest of the country, and that more deals will be announced as the year progresses. “It is not about location but about the firm”, he said. “We are not consolidators building a network – our acquisitions are fully integrated”.
Progeny surpassed £1bn in assets under advice with our acquisition of Evolve Financial Planning in July 2018. Moles told Wealth Manager that the new acquisitions have increased assets significantly and that, if the right firms come along, the £2 billion milestone will be reached relatively quickly. “The important part for us going forward is to become the best planning business in the UK”, he added.
The Innovate announcement was covered in publications including:
- The Scotsman: Wealth manager makes Scots debut with acquisition
- Citywire Wealth Manager: Wealth firm triggers buy spree with key Edinburgh deal
- Financial Advisor: Wealth manager expands into Scotland
- TheWealthNet.com: Progeny Acquisition Marks Move into Scotland
- Financial Planning Today: Expanding Progeny buys Scottish Financial Planner
- Yorkshire Post: Progeny expands into Scotland in new takeover
- Wealth Adviser: Progeny expands into Scotland
- Private Banker International: Progeny enters Scotland with Innovate Financial Services acquisition
- MarketLine: Progeny enters Scotland with Innovate Financial Services acquisition
- Scottish Financial News: Financial adviser expands into Scotland with new acquisition
- BDaily: Leeds legal firm expands into Scotland with new acquisition
- International Adviser: Wealth manager makes first foray into Scotland
- Citywire New Model Adviser: Progeny buys Edinburgh-based advice business
- Insider Media: Progeny Group expands with Scottish acquisition
- Business Link: Progeny Group expands into Scotland with latest acquisition
- Invest Edinburgh: Progeny Group Expands Into Edinburgh
The Quest and Juno announcement has since been covered in further publications, including:
- Citywire Wealth Manager: Wealth firm expands into south east with double acquisition
- Citywire New Model Adviser: Progeny continues advice acquisition spree with 2 more deals
- Financial Adviser: Progeny buys two more advice firms
- Portfolio Adviser: Serial acquirer splashes out on three adviser firms
- International Adviser: Wealth manager makes third acquisition in a week
- Global Banking News: Progeny Group makes two acquisitions
- Financial Planning Today: Progeny buys 2 more Financial Planning firms
- Wealth Adviser: Progeny acquires wealth firms in Buckinghamshire and Sussex
- BDaily: Leeds financial consultancy increases its wealth firms in Buckinghamshire and Sussex
- TheWealthNet.com: Wealth manager announces three acquisitions in as many days
- Private Banker International: Progeny continues buying spree with purchase of two advisory firms
- Insider Media: Double acquisition for Progeny Group
Commenting on the Innovate acquisition, Neil Moles, Managing Director of Progeny, said:
“We are not pausing in the development of Progeny. Edinburgh is a burgeoning commercial and financial centre and serves clients all over Scotland and northern England.
“Innovate’s clients will now have access to the Progeny formula of wealth planning and management as well as legal advice in one place, offered with a transparent fee tariff.”
Chris Donald, Managing Director of Innovate Financial Services, added:
“We are delighted to become to part of Progeny and their first expansion into Scotland. Progeny will provide our clients with a superior service and investment proposition as well as enhanced career opportunities for our employees.”
On the Quest and Juno acquisitions, Neil Moles added:
“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.”
John Francis, Managing Director at Quest Financial Solutions, commented:
“Progeny’s progress over the last two years has been hard to ignore, its track record of advising business owners, family wealth and individuals with complex wealth management needs aligns with our offering. 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”
Tracey Evans, Principal Adviser and Director of Juno Wealth Management, added:
“Our existing service delivers lifetime financial planning and advice at the highest level of professionalism. Progeny has a similar 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.”