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True Potential switches to support small companies

True Potential is turning itself into a support services firm in a bid to provide small IFAs with an affordable business platform.

The technology provider is expanding its offering to include technology infrastructure, full compliance plans, treating customers fairly modules and tools and a full training and competence regime.

True Potential managing partner David Harrison says: “We think there is a huge gap in what IFAs need and what they actually receive, especially the smaller IFAs out there.

“They simply cannot afford the best technology systems or to devise the compliance which best suits them.

“Instead, many are forced to buy in services from companies which are not integrated, for example, compliance from one company, technology from another. This means that nothing truly works together and there are no real efficiencies or economies of scale.”

Access to True Potential’s business platform will cost an adv- iser 4 per cent of their annual turnover.

True Potential claims that an adviser earning £100,000 a year will pay an average of £8,455, including FSA fees, Financial Services Compensation Scheme levy, professional indemnity insurance and the firm’s annual fee.

Threesixty partner Phil Young says: “Technology companies have historically come out and claimed a lot and do not have a great history of delivering the quality of service that IFAs are used to.”

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