True Potential adds £2bn to in-house platform in just 12 months

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.

Analysis: Is True Potential going to be the biggest sale of 2019?

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.”

True Potential’s company structure, as detailed in its accounts

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.

Recommended

2

How a little known change to top-slicing relief could affect clients

When it comes to clients with investment bonds, advisers have several techniques up their sleeves to avoid unnecessary taxation and charging. But one of these tactics has become slightly less productive for offshore bonds in certain situations thanks to a little known change to top-slicing relief by HM Revenue & Customs which went under the […]

2

How to become a financial adviser: diplomas, degrees and workplaces

Information on how to become a financial adviser is sparse. Money Marketing speaks to advisers about what the requirements really are and how best to meet them. Speaking to financial advisers and planners today, each will have a unique and varied story about how they entered the profession. There are more than a handful of pathways […]

2

DB transfer standard launched by PFS

A taskforce set up by the Personal Finance Society has published a code of good practice for advisers who specialise in defined benefit transfers. The adviser code is based on nine principles underpinning good practice when giving pension transfer advice. These nine principles include helping clients understand when advice is appropriate and ensuring it supports […]

The Downsizing Delusion: Why relying exclusively on your home to fund your retirement may end in tears

By Steve Webb, director of policy The British obsession with homeownership can have dangerous consequences. A recent survey by Barings¹ found that up to three million people of working age were planning to rely wholly on the value of their home to fund their retirement. We are not talking about people investing in buy-to-let or […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment

    Close

    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm

    Email: customerservices@moneymarketing.com