Progeny intends to use a multidisciplinary structure as a way of providing trainee advisers with a broader education in professional services, through secondments with its private and corporate legal teams and its tax department.

The Academy was designed to help junior team members become qualified financial advisers with a structured path and mentoring programme.

Progency says that its expansion of the Academy will give its graduates an advantage due to their combined professional services expertise.

Gemma Schofield, training and competency manager, said: “The Academy allows trainee advisers to develop a deeper understanding of how the financial planning profession works, helping them to understand regulatory requirements while providing exposure to a whole range of additional skills and experiences essential in client-facing roles.

“By allowing them to rotate through a number of departments in the business, ones which complement financial advice, the aim is to foster a new generation of advisers with a more comprehensive knowledge of professional services. This is good for their own professional development and their future careers and, ultimately, will deliver a better service to their clients.”

Ten advisers have enrolled in the Academy since its launch in 2019.

One of the inaugural members of the Academy, Rob Appleby, said: “The Academy is one of the reasons I joined Progeny. It offers all the tools needed for bridging the gap between a technical role and a financial planning role and represents a great opportunity for the next generation to step up. Given that the average age for a financial adviser is in the mid-50s, this is incredibly important.”

Neil Moles, Progeny CEO, said: “We are in the unique position of being able to give our Academy students access to a wider range of skills and experience than any other academy out there. We are using this opportunity to help create a new type of financial adviser, with a broader understanding of how financial advice fits with the bigger picture.

“It’s not about creating an army of identikit sales machines; we want to give our young team members all the support and guidance they need to develop into fully-rounded professionals. This way, we can help them to develop into the advisers of the future, with the skills to anticipate the ever-evolving needs of clients and the confidence to lead the way for the industry.”

Progeny also has plans to provide training contracts to legal graduates.