Profits leapt by 77 per cent for True Potential last year to £2.3m from £1.3m in 2010.
The firm’s Wealth Platform, which launched in March 2011, has reached profitability in its first year, posting a profit of £3,520. The platform currently operates exclusively for True Potential members.
The company’s national proposition, Private Client Strategies, which launched in August last year, made a loss of £173.
Advisers who join PCS are called partners and are awarded shares in True Potential based on the amount of assets they place on the TP platform.
True Potential managing partner David Harrison says: “With the change in power from provider to client, it is important that IFAs and wealth managers can clearly state their value to the discerning client and we are pleased to be able to help.”
Yellowtail Financial Planning managing director Dennis Hall says: “Because of the way True Potential uses technology and its clear strategy, it is able to make profits where a lot of other firms have not.”