Progeny has acquired Scotland-based Affinity financial planning practice for an unknown sum.
Established in 2008, Ayrshire-based Affinity provides financial planning services to a number of private clients and their families in Scotland and the UK.
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This deal allows Progeny to expand its multi-disciplinary professional services offering in the Scottish wealth space and adds five employees to its team.
The British wealth manager forayed into Scotland with the purchase of Edinburgh-based Innovate Financial Services in 2019.
Progeny CEO Neil Moles said: “We’re proud that Affinity have chosen to join the Progeny business. We share a similar mindset when it comes to looking after our clients and we are transparent and consistent in the rationale behind our business decisions.
“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,” Moles added.
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By GlobalDataCommenting on the deal, Affinity managing director Shona Barr 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.”
In February this year, Progeny acquired Leeds-based legal firm Watsons Law in a bid to add the provision of real estate conveyancing to its professional services proposition.
In 2019, Progeny acquired Buckinghamshire-based Quest Financial Solutions and Sussex-based Juno Wealth Management.
