Progeny
Multi-disciplinary wealth: advice + DFM + tax + law + HR.
Founded in 2016 by Neil Moles, Progeny has built one of the UK's most distinctive multi-disciplinary advice models. The group integrates financial planning, discretionary investment management, tax, property, HR and legal services. Revenues hit £83.9m in FY2024 (+55% YoY). PE-backed by HSBC Asset Management and others, with continued M&A momentum.
In short
Differentiated by integrating financial planning, investment management, tax services, property and legal counsel under one group. PE-backed.
01 · Charging Model
What it costs the client — and you.
Total client cost is what regulators care about — and what clients shop on. We unpick it across advice, platform and product.
Our take: Multi-service relationships often unbundled across legal, tax and advice teams.
02 · Investment Proposition
Where client money goes
In-house DFM (Progeny Asset Management) plus whole-of-market.
- In-house discretionary investment management
- Risk-graded model portfolios
- Direct equity & bond mandates for HNW
- Whole-of-market platform access
03 · Tech Stack
What you'll work with daily
- Intelliflo iO
- Bespoke client portal
- In-house DFM tech
- Microsoft 365
Our take: Solid mid-market stack with proprietary client portal differentiating the multi-service offer.
Strengths
Where it shines
- Genuinely differentiated multi-service offering
- Strong revenue growth trajectory
- Credible institutional backing (HSBC AM)
- International footprint for cross-border clients
- In-house DFM adds margin
Watch-outs
Where it stings
- Complex group structure — integration risk across disciplines
- Heavy investment phase compresses near-term margin
- Less suited to lone-wolf advisers
- Brand still building outside the trade
04 · Who owns it
Ownership
Most recent funding round October 2025. International footprint across UAE, Hong Kong, Singapore, Canada and Romania.
Currently: HSBC Asset Management + earlier PE rounds + management
05 · Day-to-day
Culture
Ambitious, professional, growth-oriented. Strong leadership voice.
06 · When you leave
Exit options
Equity participants crystallise on next funding event or eventual exit.
07 · Payout Economics
Employed model — base + bonus + equity for senior
Standard PE-backed acquirer terms — cash + equity + earn-out for principals.
08 · Real Voices
What advisers and clients actually say
A balanced selection of public reviews from Trustpilot, Glassdoor, the FT and trade press — both glowing and damning. We don't cherry-pick.
"The multi-disciplinary model is genuinely different. Advisers report meaningful cross-referrals between legal, tax and advice teams."
"Smart leadership team and a real strategy. Pace is fast but you grow with it."
"Having advice, tax and legal under one roof has saved enormous time. Coordination across teams has been seamless."
Fortis Connect Verdict
Best for
Advisers serving complex HNW clients who benefit from in-house tax, legal and investment integration.
Watch out for
Integration complexity across disciplines; near-term margin pressure during growth phase.
Considering Progeny? Get an unbiased second opinion before you sign.
Talk to us →09 · Regulatory & Corporate Timeline
What's happened, and when.
- 2025
Further funding round; international expansion continues
- 2024
Revenue +55% YoY to £83.9m
- 2016
Founded by Neil Moles