Progeny has announced the acquisition of Affinity financial planning practice.
The deal will allow Progeny to continue to extend their multi-disciplinary professional services offering in Scotland. Progeny first expanded in Scotland back in 2019, and has established a strong presence there since.
Affinity specialise in providing comprehensive financial planning services to a select number of private clients and their families in Scotland and the UK. The team of five were established in 2008, and are based in Troon, Ayrshire.
Shona Barr, Managing Director, Affinity, 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.
“We invested a great deal of time and thought into the decision and weighed up a range of factors to ensure the right fit for our clients and team. Whilst change can be unsettling, I am certain that when it is done for the right reasons, it brings great long-term benefits for all parties.”
Neil Moles, CEO, Progeny, 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.
“We look forward to welcoming Affinity and their clients into the business and offering them the chance to benefit from a vast range of additional professional services to meet their legal and financial needs.”
A team from Progeny’s corporate legal department acted as legal adviser to Progeny on the transaction.
For more about recent merger and acquisition activity in the financial advice industry, see our dedicated news page.