True Potential  

True Potential eyes wider advice market with tech offering

True Potential eyes wider advice market with tech offering

True Potential is offering the entire advice market the opportunity to use its technology.

The Newcastle-based company is currently working with nearly 100 firms which are using some of its services.

Earl Glasgow, managing partner at True Potential, said: “What we did last year was we launched a new piece of technology to allow the entire marketplace to use some bits of True Potential without being contracted.

“We work with 20 per cent of the market but that means there is 80 per cent we don’t work with and they cannot have the funds or the technology such as ImpulseSave.

“We started towards the end of last year and we are getting a lot of people interested in dipping their toes in.”

Mr Glasgow said advisers could pick and choose which services they wanted to offer to their clients.

True Potential said the arrangement would work like any other provider, with clients paying initial and ongoing fees.

Earlier this month True Potential revealed there had been more than £1bn of net inflows into its funds during 2016.

It follows the launch of its 10 multi-asset and multi-manager portfolios in late 2015, which have seen with growth returns of up to 24 per cent to date.

Last year True Potential revealed it was one of the nine firms chosen by the Financial Conduct Authority to work with its advice unit.

The advice unit will focus on helping firms develop fully or partly automated online services and other models that use technology to deliver low cost advice.

Mr Glasgow said True Potential was aiming to provide “hybrid advice”.

He said: “In the 21st century when everything else is on the internet, we find it hard to work out how financial services are not more internet savvy.

“But I think clients need a lot of education. For me the ability to sit down with someone and sort out their affairs and explain what they need to do is important.”

damian.fantato@ft.com