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.”