Your IndustryMar 16 2021

True Potential says 2020 was ‘best year on record’

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True Potential says 2020 was ‘best year on record’
Daniel Harrison, chief executive of True Potential

Financial advice technology provider True Potential said 2020 was its “best year on record”, with turnover and profit up year-on-year.

In its annual report published today (March 16), the group reported an annual turnover of £184.9m in the year ended December 31, 2020, up by £40m in the previous year.

Profits also rose to £74m during the year, an increase of 59 per cent on 2019’s figure of £46.6m.

True Potential's assets under management rose by 33 per cent to £4.2bn while £12.5bn in assets was in True Potential funds.

Daniel Harrison, chief executive of True Potential (pictured), said: “Whilst never wishing for a pandemic, it has however proven that the True Potential model and our diversified approach is the right way to run a financial services business.”

According to the group, 93,000 clients had access to its ‘hybrid advice’ model, which combines financial advice with client-led technology and which it attributed to driving turnover to “new highs”.

The group also said its strong financial year had continued into 2021, having recorded its “best ever” quarter for sales.

Harrison said: “I am full of optimism for the year ahead. The business has just enjoyed its most profitable month to date and third best on record for new investments.”

According to the group, a fifth of UK financial advisers are employed by True Potential or use its technology, with a further 260 having joined in 2020.

Last year the company confirmed it was actively seeking to recruit advisers following a record 2019 that saw a jump in profits at the business.

The firm also recruited 60 members of staff at its Newcastle head office, with no-one furloughed.

chloe.cheung@ft.com

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