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True Potential to invest in growth after record quarter

True Potential to invest in growth after record quarter

True Potential has said the first quarter of 2020 was its best-ever period and it is now investing in growing the business.

Daniel Harrison, True Potential's chief executive, said the company did "just shy" of £1bn in sales with turnover of £43.4m, adding the business "couldn't be doing better".

These figures reflect business before the coronavirus pandemic spread across Europe and led to a lockdown in the UK, forcing workers to stay at home.

Mr Harrison said True Potential was well-placed to do well despite the crisis.

He said: "Everybody has had a knock, people are having to work from home but where others are struggling we have innovated.

"In the past two weeks we have pushed through two innovations – we have digitised more post than ever. Some members of staff are still having to deal with adviser and provider post coming in but we have managed to chop down a lot of our outgoing post.

"We have also managed to fast track how we get client valuations and I think this is an interesting measure for companies. When things are up in the air strong companies, or ones that stick to their knitting, prosper."

Mr Harrison said True Potential is also looking to invest in its recruitment team, as well as different forms of marketing.

He said the current crisis could force advisers to think about the companies they do business with, and predicted those which relied on charging advisers a retention fee could be forced to increase them.

Mr Harrison said: "For some of these businesses they are making pennies, it is very low margin.

"The satisfaction levels are not great at a lot of these firms anyway. It then becomes time to think about where you are."

damian.fantato@ft.com