The Progeny Group’s Managing Director Neil Moles discusses the need to ‘give advice not options’ and Progeny’s rapid growth in Legal Futures.

Give advice not options, ABS chief tells lawyers

Lawyers must be prepared to give their clients advice rather than a range of options, the managing director of a fast-growing wealth management and legal services firm has said.

Neil Moles said the Progeny Group, based in Leeds and London, had doubled in size in the past year to 70 staff, including 15 lawyers, and aimed to grow just as quickly this year.

The group is made up of Progeny Private Law and Progeny Corporate Law, alternative business structures licensed last year by the Solicitors Regulation Authority, with Progeny Wealth, a wealth management firm, and Progeny Asset Management, both regulated by the Financial Conduct Authority.

Progeny Asset Management is the latest addition, joining the group in October last year.

“Sometimes lawyers just take instructions rather than giving actual advice,” Mr Moles said. “Clients of ours have gone to lawyers and been given three or four options, but they haven’t had advice on the best one.

“I’ve had the same experience. I’ve said to lawyers: ‘Tell me which option to go for, and tell me why. What would you do?’ Clients are looking for something a bit different nowadays, and they need to be guided more than ever in such a complex world.”

Read the full article here.