National advice, investment and technology firm True Potential has increased assets on its in-house platform by another third over the last year, financial results for 2018 show.
The firm now has over £8bn on its platform, £2bn of which came over the last 12 months.
The firm’s True Potential Portfolios, launched in 2015, have now reached nearly £6bn in assets under management, making up three quarters of all assets held on the platform.
True Potential now has around 470 restricted advisers in its advice arm and offers support services to another 3,800.
Turnover increased to £121m in 2018, a 23 per cent increase on the year before. Profit, meanwhile, jumped 49 per cent to £35.4m.
The results read: “Our goal has always been to revolutionise the way wealth management is delivered to clients. We believe the best way to achieve this is by owning and excelling in every area of the client journey.
“By having ownership of the entire client journey, we integrate these areas to create an offering that is truly differentiated in the market. This creates a unique proposition, providing genuine value to clients.”
Chief executive Daniel Harrison writes that, in particular, taking control of platform building in house has allowed the firm to avoid “paying the heavy financial and delay costs that seem to be affecting our peers” and “innovate at speed and have complete control”.
The accounts show that True Potential took on 17 extra staff across management and administration in 2018, but reduced its wage bill from £3m to £2.7m.