True Potential wants 200 advisers by end of 2012

True Potential is looking to increase its national IFA proposition from 15 advisers to 200 by the end of the year.

True Potential Private Client Strategies began recruiting this week and the firm says it has seen significant interest from True Potential support service members.

The company was originally set up as EWG Financial Services in April 2009 to help registered individuals who want to join True Potential to move to become directly authorised.

It was renamed Private Client Strategies and made permanent last August following adviser demand.

Advisers who join the firm will be known as partners and awarded shares in the firm based on the amount of assets they place on the True Potential Wealth Platform.

True Potential senior partner Daniel Harrison says he expects the majority of assets brought in by Private Client Strategies to be placed on the platform.

He adds that many of the new partners could come from wealth divisions of banks.

He says: “We are seeing quite a lot of advisers from a bank background showing interest in this proposition.

“A lot of them have got good client banks and because they are used to working within a particular type of proposition, they are interesting to us.”

PMI Independent Financial Advisers director John Stewart says: “Many independent advisers would shy away from becoming members of a national proposition such as this because they would rather be totally in charge but maybe some guys from the bancassurance background would be comfortable in the True Potential model.”