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True Potential posts £2.3m pre-tax profit

True Potential has reported pre-tax profits of £2.3m for 2011, an increase of 77 per cent compared to £1.3m in 2010.

The support services firm increased its turnover by 31 per cent from £4.1m in 2010 to £5.8m the previous year.

The firm’s Wealth Platform, which launched in March 2011, posted a pre-tax profit of £3,520. The platform currently operates exclusively for True Potential members.

The firm’s national proposition, Private Client Strategies, which launched in August, made a loss of £173. Advisers who join PCS are known as partners and awarded shares in True Potential based on the amount of assets they place on the TP platform.

True Potential managing partner David Harrison (pictured) 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.”

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