True PotentialMar 30 2023

True Potential profits rise by 20% during 2022

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True Potential profits rise by 20% during 2022
True Potential chief executive Daniel Harrison

True Potential saw its profits rise by 20 per cent to £176mn during 2022 while its turnover increased by 17 per cent to £338mn.

The Newcastle-based company said this represented its 15th consecutive year of growth.

It claims a fifth of the UK's financial advisers are now either employed by True Potential or use its technology, with 284 advisers joining last year.

Assets on True Potential's in-house platform rose by more than £4bn to £24.5bn.

Daniel Harrison, True Potential's chief executive, said: "I'm incredibly proud of our response to the challenges of 2022, with an ongoing war in Ukraine, three UK prime ministers and a surge in interest rates, clients turned to us more than ever before for help with their finances.

"Our ImpulseSave technology has been of particular help to clients this year. In times of uncertainty, having access to their investments at the touch of a button has been invaluable.

"There is still a lot of work to do to close the financial advice gap but technology has helped immeasurably this year."

True Potential's ImpulseSave technology allows investors to open or top up their pensions and investments from as little as £1.

The company said £183mn was invested through this technology in 2022.

Last year Harrison said True Potential was exploring whether it could "gamify" its annual suitability reviews to encourage clients to provide its advisers with as much information as possible themselves.

damian.fantato@ft.com