Top Recommended HNW Wealth Managers
Progeny’s ambitions show no sign of abating as managing director Neil Moles proudly announces four acquisitions in what he calls ‘a phenomenal year’.Its absorption of Evolve Financial Planning has taken the firm’s AuM past £1 billion, while acquiring Quest Financial Solutions and Juno Wealth Management has increased its reach to Sussex and Buckinghamshire. Progeny will also carry out operations in Scotland for the first time, through Innovate Financial Services.
Progeny is ‘unique’ in offering private and corporate legal advice on top of its financial planning and discretionary investment management services. An example of the complex cases Moles handles is that of an entrepreneur who was unhappy about the income tax he was paying. As the client already had a diversified portfolio and high tolerance for risk, Moles advised channelling an investment of £50,000 into a venture capital trust. This would generate a 30 per cent income tax relief of £15,000 if held for five years, while any income from the vehicle is distributed free of income tax.He is proud of his client-facing role, which he says helps him understand HNWs’ psyches and ‘steer the wider business in the right direction’.