Independent Wealth Planners has rebranded its Welsh office from Maven Wealth to Nugenis Financial Planning to avoid pursuing "costly legal action" to keep the name.
The advice consolidator said it changed from Maven to Nugenis due to “a challenge” to the use of the Maven name from another firm in the broader financial sector.
A number of UK-based firms use the name Maven. These include private equity firm Maven Capital Partners, fellow financial planner and investment manager Maven Adviser, and trader technology provider Maven Securities.
IWP bought Maven Wealth, which took the Nugenis name at the beginning of this month, back in August 2019.
The new name, the owner said, is a combination of the words new, generation and lumis.
“Pursuing costly legal action to retain the Maven name would not have been in the best interests of our clients, so we instead decided to take the opportunity to create a new brand that is more representative of our strengths and who we are today,” said the Welsh arm's new permanent chief executive, Gareth Tregidon.
Nugenis confirmed the appointment of Tregidon as chief executive today (May 5). He was previously the firm’s financial planning head from April 2021, and later interim CEO in November 2021.
Prior to this, he was a certified financial planner at Stafford House Investments. He has also contributed to the work of the Chartered Institute for Securities & Investment, is a former examiner for the CFP licence, and is a former chairperson of the Institute of Financial Planning in South Wales.
Tregidon said: “Since our acquisition by IWP in August 2019, we have invested in our financial planning expertise. We take a holistic approach, focusing on our clients’ goals to develop a robust plan that will help them make the most of their wealth and reach their personal and financial objectives.
“At the same time, we have retained our traditional values and emphasis on excellent, personal service. Our new brand, Nugenis Financial Planning reflects all of this. Aside from the new name, clients will see no other changes and will continue to receive the excellent service they are used to from their usual contacts.”
Rob Allen, CEO of IWP, added that as one of the consolidator’s founding firms and its Welsh regional hub, newly-named Nugenis plays “a key” role in realising its growth ambitions.
“Gareth’s experience and commitment to the industry will be invaluable in expanding the reach of Nugenis while continuing to deliver excellent service to existing clients and driving the success of IWP as a whole,” said Allen.
ruby.hinchliffe@ft.com
