True Potential profits double as platform assets surge

True Potential profits double as platform assets surge

True Potential has increased turnover by 61 per cent and almost doubled profits, while the True Potential Investments division registered 184 per cent profit growth to £5.4m.

The firm registered annual turnover of £44.4m in the year ended 31 December 2014, up from £27.5m in 2013, as profits rose 98 per cent to £10.5m in the period.

The annual report also showed True Potential’s wealth platform now has £3bn assets under management, an increase of £1bn last year alone.

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Bosses suggested the results have been driven in part by the success of ImpulseSave, the online service that enables savers to add as little as £1 to be transferred directly into investments at the touch of a button.

The product was launched this time last year and facilitated the investment of more than £8m worth of funds, with over a third of transactions being less than £10.

The group continues to work with close to 20 per cent of all financial advisers and figures show that True Potential Adviser Services firms’ had £67bn worth of assets at the end of 2014.

Neil Johnson, senior partner at the group, said the results support his belief that technology holds the key to delivering modern wealth management to today’s clients.

He said: “With a cultural shift in the UK to self-reliance when it comes to saving for retirement, it is technology like ImpulseSave that can make the difference to people’s futures.

“With our own pension, Isa, wealth platform, distribution network and in-house technology, we have the capability to react at speed to market changes and develop truly unique offerings for advisers and clients.”

Last year the firm also added an auto-enrolment system, designed to help busy employers and accountants, while a new financial adviser sales process system also introduced to the wealth management partners division.

True Potential currently employs 137 staff across the group, with 47 of them partners in the business and seven new apprentices joining the company during the year.