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True Potential wins Tenet deal

Technology provider True Potential has sealed a deal with Tenet Support Services and given reassurances regarding the firm’s financial position.

The move will see True Potential become TSS’s preferred technology partner for its 1,700 advisers, offering access to a menu of services including two-way tracking, real-time valuations and daily commission updates.

True Potential’s results for the year ended 2007 revealed the company lost £1.8m and took on a £5.2m start-up loan that must be repaid by March 2010.

TP senior partner Daniel Harrison says the costs incurred in last year’s accounts were the usual development costs for a start-up business.

He says: “The Tenet news is very good news for us and very good news for Tenet. It has got nothing to do with a set of financials from a year ago. We had to put the infrastructure in place last year because we were without any income and needed to start up capital.

“We needed that money to pay for developers, systems and the like to establish the business. It is no different to any start-up loans.”

Before this deal, Positive Solutions, the company that used to be run by True Potential managing partner David Harrison, was the only major distribution firm to use True Potential which currently has over 6,000 users.

Tenet group distribution and development director Keith Richards says the company selected True Potential because it “impressed us above other solutions in the market for functionality and ease of use”.

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