The deal will see 36 employees, including seven chartered financial planners across three offices - Cambridge, Bury St Edmunds and Chelmsford - transfer over to the group.
Gibbs Denley Financial Planning is part of the Gibbs Denley Group, which also oversees two other companies covering investment management and pension trustees.
Managing director of the financial planning arm, Simon Rees, said becoming part of Progeny is “a quantum leap” in the services it provides to clients, with financial planning, investment management, legal and tax specialists in house.
“We can keep striving to achieve ever-higher standards for our clients and now offer them easy access to a range of additional professional services to meet all their legal and financial needs,” he added.
The financial planning arm was established over 30 years ago.
Back in 2019, the Gibbs Denley Group hit £500mn in assets under management. It is now gunning for £1bn.
Progeny did not confirm in its announcement today (March 3) what proportion of those assets are now leaving the group as part of the deal.
In November, Progeny bought financial planning firm Lewis Brownlee Financial Services for an undisclosed sum, taking its assets under management to nearly £7bn.
Last month, Progeny appointed Heather Ross to the new role of head of academy. The firm's adviser academy was launched in April 2019 and currently offers a three-year programme that targets chartered status.