True Potential  

True Potential sees growth in lockdown as assets hit £18bn

True Potential sees growth in lockdown as assets hit £18bn

True Potential has seen its assets reach £18.6bn as it continued to grow despite the Covid-19 pandemic.

Daniel Harrison, the company's chief executive, said the past year had seen its existing advisers become more productive.

He said the pandemic and lockdowns had also not put a halt to the growth of True Potential's membership.

Harrison said: "We had a record year in 2020 but every indicator says that unless we do something serious in the next four months it is going to be an even better year in 2021.

"A lot of our growth has been inspired by a lot of our current cohort of advisers. They have been really busy.

"We’ve also recruited 286 advisers into the group since this time last year. There’s another 68 in the pipeline."

True Potential's assets reached £17.3bn by the end of the first half of 2021. Since then they have grown to £18.6bn.

This compares to assets of £11.2bn at the end of the first half of 2020.

Meanwhile True Potential's revenues were up 47 per cent to £121m.

Harrison said the growth in True Potential's membership was driven in part by its investment in marketing but also because lockdown had convinced many advisers to change their current set-up.

He said: "During lockdown advisers had a lot more time to sit still and plan their own financial landscape and goals.

"There are a lot of organisations out there who are still using the pandemic as an excuse [for problems they have with technology]. Not just advisers but product providers as well. But it's not an excuse anymore, it just papers over the cracks for companies which aren't fit for purpose."

Harrison said next week True Potential would be releasing a tech upgrade which would give clients a "richer view" of their entire financial situation using Open Banking.

The upgrade to the client front end of True Potential's platform will also include a rewards scheme involving companies such as Just Eat and Laithwaites, where clients can opt to have savings invested into their Isas or pensions.

Harrison said: "It’s a great way of people topping up people’s products without them knowing."

damian.fantato@ft.com