True Potential  

True Potential on adviser hunt as profits jump

True Potential on adviser hunt as profits jump
 Daniel Harrison, chief executive of True Potential

True Potential has confirmed it is "actively seeking" to recruit advisers following a record year which saw a 36 per cent jump in profits at the business. 

In an update published today (May 12) the advice and technology support company confirmed 2019 was its "most profitable year on record", with group profits rising from £35m in 2018 to £48m last year. 

True Potential claimed it now employed or provided technology to a fifth of UK advisers and said it was on a recruitment drive as part of its 2020 growth plans. 

Annual turnover at the company climbed 20 per cent last year to £144.9m, up from £121m in 2018 and £99m in 2017.

Daniel Harrison, chief executive at True Potential, said 2019 had been followed by its "best ever" quarter in the first three months of this year, despite the emerging coronavirus crisis at the time. 

Mr Harrison said: "With all the disruption going on in business at the moment, that is an outstanding achievement."

Between January and March 2020 True Potential reported a turnover of £41.3m and profits of £14.9m, with £990m of written business.

Mr Harrison added: "Like all businesses, we found it necessary to react quickly and effectively to the Covid-19 pandemic.

"However unlike other financial services businesses, we are already hugely diversified, with a built-in resilience based on a completely digital, cloud-based philosophy at our heart.

"So it is relatively easy for us to have our staff work remotely, including some of the most sophisticated functions in the UK investment industry."

At the end of 2019 assets on the firm’s in-house investment platform stood at £11bn, an achievement True Potential has previously attributed to increased efficiencies since its system rebuild in March last year.

rachel.mortimer@ft.com 

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