Progeny gains Corporate Chartered status

Financial Planning and wealth management firm Progeny Wealth has been awarded Chartered firm status by the Chartered Insurance Institute.

Around 15% of UK financial advice firms currently hold corporate Chartered Financial Planner status from the Chartered Insurance Institute / Personal Finance Society.

Progeny said that Chartered status demonstrates that the firm puts customers’ interests first, invests in ongoing development of technical skills and knowledge and supports wider aims that benefit society and the growth of the profession.

Nick Onslow, Chartered Financial Planner at Progency, said: “I’m absolutely delighted that Progeny Wealth has achieved corporate Chartered status. As well as making a public commitment to professional standards and ethics, I truly believe that the qualities that the CII wants to promote within our industry – investing in people, giving back to society and developing the profession – are the cornerstones of the Progeny culture.”

Neil Moles, CEO of Progeny, said that Chartered status continues to raise professional standards in the Financial Planning industry.

He said: “It’s so important that the financial planning sector continues to raise professional standards and is always striving to improve. Corporate Chartered status is in my view the engine of professionalising the industry, with an absolute focus on putting the clients’ interests first.

“If we want to continue to raise the bar and attract the next generation of clients and advisers, we need to be intentional about it and commit to what we stand for in terms of professionalism, ethics and values.”

Progeny has made numerous acquisitions in recent years, including several Chartered Financial Planning firms in 2022. 

In July the Financial Planning firm acquired Edinburgh-based Chartered Financial Planners Balmoral Asset Management to expand its presence in Scotland.

In November the firm purchased three-office Chartered Financial Planning firm Lewis Brownlee Financial Services to expand in the South of England.

In June Progeny agreed to acquire The Fry Group for an undisclosed sum. In May it acquired Hampshire-based Financial Planning firm Coll Perkins and in February it acquired Chartered Financial Planning firm RU Group, adding £3bn in assets under management.

US-based private equity firm Further Global Capital Management acquired a majority stake in the five-year-old Progeny business in October, to accelerate the Financial Planning firm’s expansion.

Both management and Progeny’s existing capital partner, LSG Holdings, remain invested as significant shareholders in the company.