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True Potential launches D2C platform

True Potential has launched a direct-to-consumer platform supporting investments from as little as £50.

The True Potential Investor platform charges 40 basis points and launches with both Isa and general investment accounts.

Risk profiling is provided by Morningstar with investors guided into funds based on their risk score.

It offers a limited range of funds from Goldman Sachs, Allianz, Schroders, SEI, Close Brothers and Seven Investment Management. 

The platform soft-launched on 24 March with around 100 accounts and will now look to launch an advertising campaign in national newspapers. It will be a standalone proposition but includes an option to seek advice, linking clients to the national advice arm.

True Potential has developed the technology in-house which is available through web browsers on Apple and Android mobile devices. 

It includes the True Potential ImpulseSave service launched earlier this month, which allows clients to top-up fund holdings from £1 on a self-serve basis. 

The D2C platform aims to encourage goal-based investing by clients setting savings goals and keeping them through savings top-ups and based on the projected investment return. 

The software can link to retail bank accounts to give clients view-only details of their current account balance. 

Other assets and liabilities including property and loans can also be input into the software.

True Potential says it will give advisers the option to white-label the platform where clients want to self-transact for part of their portfolio.

True Potential managing partner David Harrison says: “Advisers will always play an important role in educating and transacting financial matters for clients. True Potential Investor will complement the existing advice market as the more frequently a client encounters a product, for example an Isa, the more confident they will become in exploring other more complex financial solutions that require professional advice.

“As a firm, we are driven to deliver tools that mirror the natural behaviour of the UK consumer. A large number of Britons – many of whom have never spoken to a financial adviser or have found themselves orphans of the RDR – are not saving or investing enough. True Potential Investor uses digital technology to empower more Britons to save for the future.

“We want to democratise savings and investments and True Potential Investor will bring a huge amount of investing power within reach of far more people.”

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. Nick Pilkington 26th March 2014 at 4:15 pm

    It looks as if TP are looking to mirror Hargreaves Lansdown & are moving away from the advisers who built up the value of TP by placing funds within its Platform.

  2. Anthony Badaloo 26th March 2014 at 4:18 pm

    Many congratulations to David Harrison and his team. This app will have as great an impact over time, as the recent Annuity market shake up announced by George Osborne in the recent budget, and may prove to encourage encourage savings in ways never conceived before. Technology and innovation has now enabled cost effective ways for micro savings, which is so badly needed. Hats off to True Potential for being a first mover in this space.

    Anthony Badaloo is Principal at Church Hill Finance http://www.church-hill.net who are Independent Financial Advisers.

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