View more on these topics

True Potential to launch wrap platform

IFA services provider True Potential is launching a wrap platform, which could be operating as early as the first quarter of next year.

This week’s Money Marketing reveals the firm has been developing the platform over the last 12 months, with funding from business profits and private investment from partners and senior partners.

Senior partner Daniel Harrison (pictured) would not reveal how much has been invested in the platform or its total projected cost. He says the company wanted to build the platform itself and retain full control rather than white-label an existing platform.

He says: “One driving factor for building it ourselves was that if we had to outsource to a technology provider, we would be at its mercy when it comes to things like development cycles. That would put our IFAs and their clients at the mercy of a third party as well.”

Harrison admits people may question the need to build a platform when the market is overcrowded. But he says: “All the current providers compete with each other in the same space. They all bash against each other on cost, range of assets and funds available but very little else. We think we can differentiate ourselves in the whole platform experience and how IFAs can best adopt a platform on behalf of their clients.”

Concept Financial Planning managing director Paul Richardson says: “We have seen many providers who launch, talk about what they will offer but then not deliver. True Potential should make sure its platform is robust and adds value to clients and IFAs.”

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 8 comments at the moment, we would love to hear your opinion too.

  1. I am sure that their Wrap will be as fantastic as their back office system, if you haven’t had a look at it, you are missing a trick!

  2. Agree Paul, the back office is fantastic and keeps evolving, the recent version 5 is once again an improvement, so I suspect the Wrap will offer something special and of course will be dovetailed nicely in harmony with the back office system.

  3. Interesting development – we use TP and didn’t see that one coming. Cautious optimism – but will have to be good to compete with the likes of Transact.

  4. Granted, the back office is a pretty powerful piece of software. However, a friend of mine who uses it says that an awful lot of companies don’t provide real time valuations via this system – if they don’t correct this, and quickly, it will be dead in the water.

  5. I would have prefered that their time and resources had been spent on improving their poor letter writing process before a wrap.

  6. I think TP are doing the right thing developing it themselves, it can be very frustrating when your technology provider does not co-operate with development issues.
    Its a bit like the problem we seem to have sometimes trying to get TP to improve the version that PS have to use, contract issues, delays and cost!

  7. In response to John’s comments, as I understand it TP can access RTVs from over 100 different providers and platforms/wraps including almost every one we use as a medium size provincial firm. Indeed we use the list as part of our periodic due diligence & review procedures when choosing companies to work with.

  8. True Potential is a software I like but they really should improve their traing and support before confusing their package anymore with a wrap. Their ticketing system is good but they do not listen to clients. The suitability letter package if you have compliance is extremely poor to use in my opinion. I just trust they will sort it out. please!

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