Expanding Financial Planning firm Progeny has acquired Ayrshire-based Financial Planner Affinity as it extends its offering in Scotland.

Affinity, established in 2008, specialises in comprehensive Financial Planning to private clients and their families in Scotland and the rest of the UK.

A team of five, they are based in Troon, Ayrshire.    

Shona Barr, managing director of Affinity, said Progeny’s client-focused attitude and access to multi-disciplinary services is what attracted Affinity.

She said: “Affinity was established from my desire to create an honest, plain-talking, Financial Planning business, without the typical constraints of the corporate world. Our approach has always been broader than that of a traditional firm, with our key aim of making a positive difference to peoples' personal and financial lives and to inspire them to live life as they desire.

“It’s our continued commitment to this approach that has informed our decision to become part of Progeny. It’s clear they have a very similar client-focused attitude and a more extensive service will be possible thanks to the addition of investment management, tax and legal services.”

Progeny acquired Leeds-based legal firm Watsons Law for an undisclosed sum in February. The move added property conveyancing to Progeny’s services which include Financial Planning, asset management, tax, HR and private and corporate legal advice and support. 

Neil Moles, CEO of Progeny, said that while some of the M&A activity in the Financial Planning sector seems to be driven purely by profits, Progeny plans to always put clients first in the acquisition process.

He said: “We are seeing more and more deals announced in the financial advice sector where what’s good for clients seems to be a secondary concern for the parties involved, and where profits and shareholders are prioritised. This is not our aim and never will be. We have a clear philosophy for growth, and clients – existing and future – will always be at the heart of this.”

Progeny recruited 29 new staff in 2020 and saw a 28% rise in revenue. The company attracted £180m of new business (new assets) in the first half, up 75% on the 2019 H1 new business figure. Eight advisers have graduated from the firm’s Adviser Academy since its launch in 2019.

Progeny has acquired a number of Financial Planning firms in recent years including Chestergate, Evolve and Addidi and has eight offices across the UK, including London, Leeds, Edinburgh and Bucks. The firm’s 150 staff now work mostly remotely. Progeny’s services include Financial Planning, asset management, tax, HR and private and corporate legal advice and support.