True Potential platform passes 400 advisers and £2bn assets

True Potential has cited success in bringing wealth management ‘partners’ onto its wealth platform, with the number of advisers using the service breaking through the 400 barrier in 2013 and assets held topping £1.9bn.

In April 2013, True Potential rolled out version six of the platform launched in 2011, which brought together with the back-office system and client servicing tools also offered to True Potential Adviser Services member firms.

The firm said there are now 416 wealth management partners using the service, up by 255 per cent on the 2012 figure, which it argued reflected “the changing needs of a marketplace that was hugely shaken up by RDR”.

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Overall, the group recorded a 112 per cent jump in turnover to £27.5m and net profit of £5.3m in 2013, with earnings up by 47 per cent compared with 2012.

This is on the back of a 57 per cent increase in pre-tax profit in 2012 compared to the previous twelve months, when the company reported profits of £3.6m for the year. Last year the firm similarly cited growth as the wealth unit as the primary performance driver.

In the last year, assets held increased by £1bn and it is expected to break £2bn in the next month or so.

Neil Johnson, senior partner at True Potential, said: “Our Wealth management and investment businesses continued to be our main growth areas in 2013 and our success reflects the changing needs of a marketplace that was hugely shaken up by RDR.

“The FCA wants to see well-organised firms with a clear value propositions for clients. Our technology offers a solution to advisers that enables them to achieve this whilst still working efficiently and profitably.”

The group added that the launch of version six of the platform underpinned its commitment to develop innovative ways to work with advisers and and “this is increasing all the time”.

He said: “We’ve also added 30 new head office staff to meet the demands of our partners and directly authorised client firms.”

Mr Johnson added that while True Potential Adviser Services had “also performed strongly”, the firm had not “recruited into this area in 2013”.

He said: “The firms have been performing very well, the number of firms working with us has remained constant and growing this area of the business is something that we are looking to prioritise in 2014.”

Last year True Potential reported an increase in membership in its adviser support services unit to more than 800 firms.